Patrician Diamonds Inc.
TSX VENTURE : PXC

Patrician Diamonds Inc.

August 24, 2006 09:30 ET

Patrician Diamonds Inc./Preliminary Testing of Sahtu Magnetic Anomalies Completed; More Samples Sent for Microdiamond Analysis

OTTAWA, ONTARIO--(CCNMatthews - Aug. 24, 2006) - Patrician Diamonds Inc. ("Patrician")(TSX VENTURE:PXC) announces that field work was completed on the Sahtu Project in mid-August. A total of twelve magnetic targets were tested with a small helicopter-portable auger drill under contract from Geochem Surveys of Edmonton, Alberta. Results from this work are as follows:

A small sample from the Hillside Diatreme, the first target tested (see press release 06-12 dated July 17, 2006), consisting of 6.1 kilograms of altered and weathered bedrock, was processed by the SRC Geoanalytical Laboratories in Saskatoon. The sample contained abundant picroilmenite grains but no other kimberlite indicator minerals (KIMs) and no diamonds. A larger sample of the diatreme has been sent to the SRC to be processed for KIMs and microdiamonds, and the picroilmenites from the first sample have been sent for microprobe analysis. The Hillside magnetic anomaly is interpreted to be caused by an ultramafic intrusive breccia of possible kimberlitic origin, with an area of approximately seven hectares.

Of the other anomalies that were evaluated, the six largest and more magnetic occur in areas of relatively thick glacial till, ranging from in excess of ten metres to more than 33 metres, and the small drill did not penetrate to bedrock. These anomalies will be priorities for the next phase of field work. Four shallower and magnetically weaker targets were tested. These were located in the southern part of the Sahtu Property. Till thickness ranged from 2.0 metres to 5.0 metres and bedrock comprised semi-consolidated mudstones. The mudstones are interpreted by Patrician's consultants to be pre-glacial and possibly Cretaceous in age. Samples of the mudstones have been sent to the SRC for microdiamond and KIM analyses. At one other site, limestone bedrock was reached at a depth of three metres and the source of the magnetic anomaly was not explained.

Patrician's Sahtu Property is located east of the Mackenzie River about 50 kilometres north of Norman Wells. It lies west of Great Bear Lake and adjoins ground that is being explored by Pure Gold Resources under an option from De Beers. Pure Gold reported that De Beers recovered a population of peridotitic and eclogitic garnets with minor kelyphitic textures from stream sediments and tills on ground that is located down-ice of PXC's property. Diamondex Resources is active in the area farther to the north and has reported recovering abundant kimberlite indicator minerals, many with diamond stability field chemistry, as well as diamonds, from stream sediments. Patrician's recent discovery confirms the presence of potentially diamond-bearing bedrock sources within this region of the Northwest Territories.

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 is an exploration stage junior mining company focused on 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 at www.patriciandiamonds.com.

"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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