Patrician Diamonds Inc.

Patrician Diamonds Inc.

May 16, 2008 15:07 ET

Patrician Diamonds Inc. Completes Private Placement

Financing With the MineralFields Group

OTTAWA, ONTARIO--(Marketwire - May 16, 2008) - Patrician Diamonds Inc. (TSX VENTURE:PXC) ("Patrician" or the "Company") is pleased to announce the completion of a private placement of $800,000 through the issuance of 8,000,000 flow-through units (the "FT Units") at $0.10 per FT Unit to the MineralFields Group. 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 $0.15 on or before May 16, 2010. The common shares and warrants are subject to hold periods expiring on September 17, 2008. The Company paid a finder's fee consisting of 480,000 non-flow-through units and compensation options entitling the holder to purchase 800,000 non-flow-through units on or before May 16, 2010.

"We are very pleased to be entering into this 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 primarily to fund the diamond drilling program on the Company's Doctor Lake (Sahtu) project. Six to eight holes comprising a total of 1,000 metres of drilling will be completed during the program. The Doctor Lake project is located approximately 60 kilometres northeast of Norman Wells in the Northwest Territories.

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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