Patrician Diamonds Inc.

Patrician Diamonds Inc.

September 10, 2008 10:03 ET

Patrician Diamonds Inc. Completes Private Placement Financing With the MineralFields Group

OTTAWA, ONTARIO--(Marketwire - Sept. 10, 2008) - Patrician Diamonds Inc. (TSX VENTURE:PXC) ("Patrician" or the "Company") is pleased to announce the completion of a private placement of $362,100 through the issuance of 6,035,000 flow-through units (the "FT Units") at $0.06 per FT Unit to the MineralFields Group and one other subscriber. The FT Units are comprised of one flow-through common share and one share purchase warrant for a non-flow-through common share. Each warrant is exercisable at $0.10 on or before August 29, 2010. The common shares and warrants are subject to hold periods expiring on December 30, 2008 and January 10, 2009. The Company paid a finder's fee in respect of the FT Units sold to the MineralFields Group consisting of 260,000 non-flow-through units and compensation options entitling the holder to purchase 520,000 non-flow-through units on or before August 29, 2010. Each non-flow-through unit is comprised of one non-flow-through common share and one-half share purchase warrant with each whole warrant having the same terms as above.

"We are pleased to be continuing our relationship with MineralFields Group and look forward to working with MineralFields Group as we further explore our property holdings" said Robin Dow, Chairman and CEO of Patrician.

Patrician intends to use the proceeds of this offering to fund ongoing exploration programs at the Company's Doctor Lake (Sahtu) project and at its Baffin Island, Borden project.

About MineralFields, Pathway and First Canadian Securities ®

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at First Canadian Securities®, a division of Limited Market Dealer Inc., is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, with investors both within, and outside of MineralFields Group.

"The statements in this Press Release may contain forward looking statements that involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections. The TSX Venture Exchange has not approved or disapproved of the information contained in this Press Release."

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