Patrician Diamonds Inc.: Detailed High Resolution Aeromagnetic Survey : Sahtu Project, NT

OTTAWA, ONTARIO--(CCNMatthews - March 2, 2006) - Patrician Diamonds Inc. ("PXC") (TSX VENTURE:PXC) announces that it has contracted McPhar Geosurveys Ltd. of Newmarket, Ontario to carry out a detailed, high-resolution aeromagnetic survey over selected parts of its Sahtu Property in the Northwest Territories. The survey will consist of approximately 6,500 line kilometres of high resolution magnetics at 50 metre line spacing and is expected to commence prior to mid-March.

In 2005, McPhar conducted an aeromagnetic survey that outlined two, sub-parallel structural corridors within the eastern part of the Sahtu Property. Over a dozen magnetic anomalies occur along the corridors. Interpretation of the magnetic data by Patrician's consultants suggests that the anomalies are caused by bedrock features with significant depth extent. The anomalies are circular, oval and elongate in shape and range in size from a few hectares to over 20 hectares. Given the location of the property and the absence of mafic intrusions, other than kimberlites, into the stratigraphic units of the northern Interior Plains, it is strongly believed that the anomalies could be caused by kimberlites. The two corridors extend for over 40 kilometres with the magnetic anomalies occurring intermittently along them. It is expected that the detailed survey will delineate the sizes and shapes of the anomalies, providing sufficient definition for drill evaluation later in the first half of 2006.

The Property is located east of the Mackenzie River about 75 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. Diamondex Resources and Sanantana Diamonds are also active in the area. This region forms part of the Interior Platform Geologic Province, a vast basin of sedimentary rocks almost 2,000 metres thick that is underlain by Precambrian crystalline and metasedimentary units. For the past three years, the region has been the focus of intense exploration for diamonds, since the acquisition by Diamondex, in 2003, of their Lena West ground covering more than 5 million acres.

In February 2005, Patrician Diamonds acquired the Sahtu Property based on subtle but anomalous magnetic features that had been delineated by a Geological Survey of Canada regional airborne magnetic survey. Patrician's consultants believe that these features could be caused by kimberlites since De Beers/Pure Gold reported finding a population of peridotitic and eclogitic garnets with minor kelyphitic textures in stream sediments and tills on ground that is located directly down-ice of the Property. The 2005 survey by McPhar confirmed the regional magnetic anomalies, showing that they were near-surface, bedrock-related targets with excellent potential to be kimberlites.

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.

"The statements in 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."