Patrician Diamonds Inc.

Patrician Diamonds Inc.

August 18, 2008 08:00 ET

Patrician Discovers Diamonds at Doctor Lake

OTTAWA, ONTARIO--(Marketwire - Aug. 18, 2008) - Patrician Diamonds Inc. ("Patrician")(TSX VENTURE:PXC) is pleased to announce that micro diamonds have been recovered from small core samples from the first hole diamond drilled to test the Hillside Kimberlite on the Doctor Lake Project, NT.

Patrician's management is very encouraged with results. They confirm that Hillside is diamond bearing and suggest that other kimberlite targets in the project area may have good diamond potential. Hillside is the first reported diamond-bearing kimberlite discovered in the region west of Great Bear Lake.

Work was conducted over the last few years immediately to the north of Doctor Lake, in which several companies incurred tens of millions of dollars of exploration, only to recover stream source diamonds and indicator minerals, but no diamondiferous kimberlitic sources. This suggests that perhaps the up-ice source could be at Doctor Lake, and thereby gives encouragement to managements' original concept that Doctor Lake kimberlites may be the main source of the indicators found to date on the east side of the Mackenzie River.

The core was processed by caustic fusion at the SRC Analytical Laboratories in Saskatoon, SK. Six microdiamonds in the 0.106 mm to 0.150 mm size range were recovered from samples 001 to 005 collected from the upper part of the kimberlite. These samples had a total weight of 111.5 kilograms and were obtained from samples taken from the first 70m of core. Samples 006 to 008 from lower in the hole near the edge of the kimberlite had an aggregate weight of 61.1 kilograms and contained no diamonds.

The Hillside Kimberlite is outlined by a seven hectare magnetic anomaly located in the central part of the Doctor Lake Project Area. Hole DL-08-004 was spotted in the south-central part of the anomaly close to its assumed edge.

The vertical hole collared in bedrock at 6 metres was drilled to a depth of 130 metres. Kimberlite was intersected from the bedrock surface to 110 metres. The kimberlite is massive, medium to dark grey, with less than 10 per cent unaltered limestone xenoliths. It is interpreted to be tuffisitic kimberlite breccia. The hole terminated in massive, light grey limestone.

Patrician's technical team is currently evaluating data from this phase of drilling and other geophysical targets in the project area are being prioritized. Follow-up drilling this fall is being considered to evaluate these other targets and to test other parts of the Hillside Kimberlite.

Mr. C. Stewart Wallis, P. Geo., the qualified person for Patrician under National Policy 43-101, has reviewed the technical information in this release.

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"The statements in 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."

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