Patrician Diamonds Inc.

Patrician Diamonds Inc.

March 29, 2006 10:33 ET

Patrician Diamonds Inc.: High Priority Magnetic Targets Indicate Possible New Kimberlite Discoveries, Borden Project, Nunavut

OTTAWA, ONTARIO--(CCNMatthews - March 29, 2006) - Patrician Diamonds Inc. (TSX VENTURE:PXC) announced today that it has received final results from the airborne magnetic survey conducted by McPhar Geosurveys Ltd. over the Borden Peninsula property on northern Baffin Island. The Property was acquired by Patrician in 2004 and comprises approximately 220,000 acres in mineral claims. Prospecting, till sampling and reconnaissance stream sediment sampling have resulted in the discovery of eight kimberlites in outcrop and an additional five areas with kimberlite rubble in glacial till where bedrock sources have not yet been found. Samples from several of the outcropping bodies, which form a cluster of dykes and small diatremes in the central part of the property, returned only a few microdiamonds, and are not now part of the focus for PXC. However, a 0.31 carat diamond was recovered from a small angular sample of kimberlite float collected from a stream bed in the northern part of the claims. The bedrock source is believed to be less than a few hundred metres upslope of the sample site. These results indicate that some of the kimberlites on the property have potential for significant diamond grades.

Data from the airborne survey show a number of prospective magnetic anomalies that are circular to oval in shape and range in size from a few hectares to over ten hectares. They occur as clusters of three or more discrete targets located in the central, western and northwestern parts of the property. Interpretation of the magnetic data by Patrician's consultants suggests that the anomalies are caused by bedrock features with significant depth extent and could be kimberlites. Most of the anomalies are located away from the known kimberlites, demonstrating that there is good potential for the discovery of several new kimberlite clusters on the property. These new targets correspond more closely with positive kimberlitic indicator mineral samples previously taken.

Eric Craigie, President of Patrician Diamonds, said, "We are very encouraged by these recent geophysical results. The Borden Project is shaping up to be one of our priorities for the 2006 field season." The company is planning a follow-up program of prospecting and sampling to assess these new targets as well as to collect larger samples of some of the known kimberlites in order to better evaluate their diamond potential.

Northern Baffin Island has been the focus of diamond exploration since the mid-1990s. The region has a geologic setting that is believed to be highly prospective for diamonds. The western edge of Baffin Island coincides with the hinge line between the Foxe Basin and structural uplands of Archean gneisses and Proterozoic metasediments that are cut by an extensive swarm of diabase dykes. Geophysical studies indicate that a deep, cool, mantle root underlies the northern part of the Island. Additionally, bedrock is only partly covered by a thin veneer of glacial sediments and extensive outcrops allow for easy prospecting. To the northwest of Patrician's ground, a cluster of diamond-bearing kimberlites is being assessed by Diamondex, in joint venture with Kennecott, and a separate cluster is being explored by Twin Mining. De Beers and Indicator Minerals Inc. are active in the area to the east and south of Patrician's ground.

Paul Pitman, P.Geo., is Vice President of Exploration for Patrician Diamonds Inc. and is a Qualified Person as defined by National Instrument 43-101.

Patrician has also granted 1,050,000 stock options, exercisable at $0.12 to 1 April 2011 to certain directors, officers and contractors.

Patrician Diamonds is a development stage junior mining company engaged in the identification, acquisition and evaluation of diamond-prospective mineral properties in Canada.

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

"The statements in this Press Release may contain forward looking statements that may 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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