Patrician Diamonds Inc.

Patrician Diamonds Inc.

December 21, 2006 15:10 ET

Patrician Diamonds Inc.: Issue Increased to $300,000

OTTAWA, ONTARIO--(CCNMatthews - Dec. 21, 2006) - Patrician Diamonds Inc. ("Patrician" or the "Company") (TSX VENTURE:PXC) announces, further to its press release #06-19 dated 07 December 2006 the Company has increased the size of the issue and placed 3,000,000 Units ("Units") at $0.10 per Unit, for total proceeds of $300,000. Each Unit will be comprised of one common share and one common share warrant, exercisable at $0.15 to 15 December 2008.

Pursuant to the placement, Firebird Global Master Fund Ltd. ("Firebird") has purchased 2,500,000 Units. Post placement, Firebird will own 9,399,500 common shares and 3,500,000 warrants exercisable at $0.15. This represents 19.7% of basic common shares outstanding, and 25.2% on a diluted basis if only Firebird's warrants are included.

Firebird Funds Ltd. is a Cayman Islands based, New York NY managed hedge fund with US$2.75 billion in eight funds dedicated to equity investment in emerging markets, and resource situations, of which the Global Master Fund is one of the eight. The Global Master Fund is managed by James Passin.

At the Annual General and Special meeting of Patrician, held on 20 May 2005, the shareholders passed a resolution approving the acquisition by Firebird Global Master Fund Limited of additional shares of the Company through the exercise of 5,000,000 warrants then owned by Firebird (but since expired), which acquisitions would take Firebird's shareholdings in the Corporation to more than 20% of the outstanding shares. As the previous 5,000,000 warrants approved for exercise by this resolution have expired, and additional shares have been issued by Patrician in the interim period, Patrician management believe that this resolution by the shareholders continues to cover the current issue, which essentially leaves Firebird in the same position as before.

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."

Contact Information