Patrician Diamonds Inc.
TSX VENTURE : PXC

Patrician Diamonds Inc.

August 25, 2005 14:20 ET

Patrician Diamonds Inc.: Uranium & Diamond Claims JV Final Coppermine River District, Nunavut

ORLEANS, ONTARIO--(CCNMatthews - Aug. 25, 2005) - Patrician Diamonds Inc. ("Patrician") (TSX VENTURE:PXC) today has announced that Ur-Energy Inc.'s ("Ur-Energy") board of directors has received an internal fairness opinion from Roscoe Postle Associates Inc. confirming that the proposed agreement between Patrician and Ur-Energy Inc., announced on 20 May 2005 (PR# 05-04), is indeed fair. The agreement can now close.

Patrician entered into the agreement with Ur-Energy, a private uranium exploration company. Under the terms of the agreement, Ur-Energy can earn an 80% interest in uranium rights on Patrician's 18,000 acres at Dismal Lake, Nunavut, by paying to Patrician $50,000 to cover staking costs, issuing 400,000 shares of Ur-Energy (100,000 in the first year) and spending $1 million in exploration over three years.

The Patrician claims are located between Ur-Energy's Dismal Lake East and West blocks. Historical work has located several thousand radioactive boulders on Ur-Energy's claim groups and the potential source for some of these boulders appears to lie on Patrician's ground. Ur-Energy has flown a Geotem airborne electromagnetic-magnetic survey over all three claim blocks and results should be available soon.

Also, under the agreement, Patrician can earn an 80% interest in the diamond rights on Ur-Energy's 130,000 acre Dismal Lake claims by spending $1 million in exploration over three years.

The Dismal Lake East and West Blocks are described in a 43-101 report prepared for Ur-Energy by J. D. Charlton, P. Geo.

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

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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