Significant Interest in Current Placement Sees Issue Being Raised to $600,000 to Fund Further Work on Baffin Island
Friday June 2, 3:57 pm ET
OTTAWA, ONTARIO--(CCNMatthews - June 2, 2006) - Patrician Diamonds Inc. (TSX VENTURE:PXC - News; "PXC") announced today that due to significant interest in the current placement, the issue is being increased to $600,000 from $400,000. Subject to the approval of the TSX-Venture Exchange, Patrician plans to issue up to 6,000,000 non-brokered units at a price of $0.10 per unit. Each unit comprised of one flow through share and one common share purchase warrant, exercisable at $0.15 into one common share or one flow through common share to 1 June 2008. Proceeds from the increase will be used to fund further work on Borden Peninsula property/Baffin Island.
Northern Baffin Island has been the focus of diamond exploration since the mid-1990s. Patrician recently received the final results from the airborne magnetic survey conducted by McPhar Geosurveys Ltd. over the Borden Peninsula property (220,000 acres) on northern Baffin Island. Prospecting, till sampling and reconnaissance stream sediment sampling have resulted in the discovery of eight kimberlites in outcrop and an additional five areas with kimberlite rubble in glacial till. A 0.31 carat diamond was recovered from a small angular sample of kimberlite float collected from a stream bed in the northern part of the claims. The bedrock source is believed to be less than a few hundred metres upslope of the sample site.
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 Diamonds is a development stage junior mining company engaged in the 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.
Contact:
Robin B. Dow
Patrician Diamonds Inc.
CEO
1-888-834-7708
robin@dowgroup.ca
Source: Patrician Diamonds Inc. |
