Patrician Diamonds Inc.

Patrician Diamonds Inc.

October 25, 2006 09:44 ET

Patrician Diamonds Inc.: Funding for Sahtu Drilling

OTTAWA, ONTARIO--(CCNMatthews - Oct. 25, 2006) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC) announces the Company plans to raise up to a maximum of $480,000 through the issuance of a combination of flow through shares ("FT Shares") and/or common share units ("Units") of up to 4,000,000 FT Shares or Units. The FT Shares and Units will be priced at $0.12. The Units will be comprised of one common share and one common share warrant, exercisable at $0.20 to 1 November 2008.

The funds will be used for the Sahtu drilling program in early 2007. Patrician plans to use a large drill rig to collect core samples from bedrock beneath the large magnetic anomalies on the property. Drilling will focus on testing at least six targets that lie along structural corridors east and southwest of the Hillside Kimberlite.

Management is quite encouraged in that the first key step in diamond exploration is always to find kimberlite, as they come in clusters. It is always the case that only a few of the kimberlite bodies in the cluster contain diamonds, so Patrician has a very real opportunity for diamond discovery developing at Sahtu with so many more large targets.

Patrician is an exploration stage junior mining company focused on identification, acquisition and evaluation of diamond- prospective mineral properties in Canada. Dr. J. M. Franklin, P. Geo, FRSC, is a director of the Company and is a Qualified Person as defined by National Instrument 43-101.

For maps and additional information about property location and technical details, please visit Patrician's web site at

"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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