Patrician Diamonds Inc.

Patrician Diamonds Inc.

October 24, 2006 16:00 ET

Patrician Diamonds Inc.: Sahtu Samples Confirm Kimberlite

OTTAWA, ONTARIO--(CCNMatthews - Oct. 24, 2006) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC) announces that it has received results from Barnett Geological Consulting Inc. of London, ON for microprobe analyses of picroilmenite grains from the Hillside Diatreme. These grains have enhanced chromium oxide (Cr2O3) and high titanium (TiO2) and magnesium (MgO) oxides. A plot of magnesium (MgO) versus titanium (TiO2) shows that the grains fall within the kimberlite field for picroilmenites as defined by B.A. Wyatt et al in Lithos 77 (2004) 819-840 and confirm that Hillside is a kimberlite.

Management believes that this is the first discovery of kimberlite in the Sahtu Region which covers several thousand square kilometers in the western part of the Northwest Territories. The results provide strong support for Patrician's exploration efforts in this area. To date, the Company has focused on testing specific diamond-prospective targets, rather than on regional evaluations, and has been rewarded with encouragement at a relatively early stage of exploration. Kimberlites generally occur as multiple intrusions within a field and often only one or two bodies will be significantly diamondiferous. The other magnetic anomalies in the vicinity of the Hillside Kimberlite will be a priority for evaluation in our next phase of drilling.

The company is moving forward with the permitting process to obtain land use permits for a core drilling program that is anticipated to begin early in 2007. When permits are in place, the company will use a large drill rig to collect core samples from bedrock beneath the very 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.

Patrician has also received results from the SRC Geoanalytical Laboratories in Saskatoon on caustic fusion tests from a 25.95 kilogram sample of weathered kimberlite from the Hillside Diatreme. The tests support preliminary results received in August from a smaller 6.1 kilogram sample. Neither of the samples contained diamonds. Magnetic data over the area of the Hillside Diatreme show that it is a circular feature with an estimated size of seven hectares. The samples consisted of weathered bedrock collected from near the center of the diatreme beneath about two metres of till. The results from caustic fusion suggest that the central phase of this particular diatreme has low diamond potential.

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 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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