Patricia Mining Corp. Reports Results of Operations at the Island Gold Mine for the 2nd Quarter of 2008

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES.


Patricia Mining Corp. ("Patricia") (TSX VENTURE:PAT) is reporting results for
the Island Gold Mine for the 2nd quarter, ended June 30, 2008. The Island Gold
Mine commenced commercial operations on October 1, 2007 after an 11 month
preproduction period. The 2nd quarter of 2008 is the mine's third quarter of
commercial operations. Patricia has a 45% interest in the Island Gold Mine and
Richmont Mines Inc. ("Richmont Mines") has the remaining 55% interest and is the
project operator.

 
In the second quarter of 2008, the operations at the Island Gold Mine continued
to be below budgeted expectations. In particular, the mine has not produced ore
at the planned rate with 39,818 tonnes of ore processed in the second quarter.
The Operator claims production shortfalls are due to a shortage of skilled
labour in the mining industry, lower than forecast productivity from the long
hole contractor and delays in stope sequencing. In addition, the mill head grade
has been below the reserve grade. The average recovered grade has decreased by
4.2% to 6.57 g/t compared to the first quarter at 6.86 g/t. As a result of these
issues, the cash cost was relatively high at US$777 (CAN$782) per ounce. Gold
sales in the second quarter were 8,409 ounces of gold at an average price of
US$895 (CAN$901) per ounce. The mine and mill had a loss of $241,388 for the 2nd
quarter as compared to a loss of $109,520 in the first quarter.


During the first six months of 2008, 71,506 tonnes of ore was processed at an
average grade of 6.70 g/t. During this period, 15,401 ounces of gold were sold
at an average price of US$910 (CAN$917) per ounce and the cash cost of
production was US$790 (CAN$795) as the mill operated at approximately 60% of its
capacity.


Under the provisions of the Island Gold Project Operating and Joint Venture
Agreement, Patricia entered into a loan agreement with Richmont Mines for a loan
facility of up to $4,500,000 for the purposes of financing Patricia's
proportionate share of development expenditures relating to the Island Gold
Project. Due to significant budget overruns and commercial production delays,
Patricia used the entire $4,500,000 loan facility. As at June 30, 2008, the loan
balance was $2,625,000 plus accrued interest. The loan bears interest at prime
plus 3% and is secured by the Company's interest in the Island Gold Project.
Repayment is required in 36 equal monthly instalments plus interest and
commenced on April 1, 2007. Security for the loan consists of the Company's 45%
interest in the Island Gold Project.


As a consequence of the Island Gold Mine's poor performance, continued operating
losses for each of the first three quarters of commercial production after a
substantial test mining and pre-operating period, and the Operator's failure to
achieve budgeted production levels, Patricia has not made any principal and
interest payments subsequent to June 30, 2008. The Company has, and intends to
continue to demand operational changes at the Island Gold Mine in order to
significantly increase production rates to profitable budgeted levels prior to
making any further payments to the operator. Patricia is contesting the validity
of prior joint venture cash calls and maintains that the Operator's failure to
meet budgets and poor operating performance has deprived Patricia of sufficient
operating funds and/or the opportunity to service the loan agreement. Patricia
received notice from Richmont Mines on August 21, 2008 demanding payment of the
aforementioned loan of $2,625,000 and interest of $29,049 by August 28, 2008,
failing which Richmont Mines intends to reduce Patricia's interest in the Island
Gold Project by 1.0% for each $166,666 outstanding. Patricia will vigorously
defend any attempts by Richmont Mines to dilute Patricia's interest in the
Island Gold Project.


Chris Chadder, Patricia's CEO stated "The results of this second quarter of 2008
resulted in both tonnage and grade falling below expectations, and change is
needed. Management of Patricia is not satisfied with status quo at the Island
Gold Mine and is pressing the Operator for managerial and operational changes in
order to realize profitable operations."


Patricia's main asset is a 45% interest in the Island Gold Mine located
approximately 50 km northeast of Wawa, Ontario. The 650 tonne-per-day
carbon-in-pulp mill was restarted in September 2006 and the first gold was
poured in November 2006. Richmont Mines Inc. is the project operator.


Some statements contained in this release are forward-looking and, therefore,
involve uncertainties or risks that could cause actual results to differ
materially. Such forward-looking statements include comments regarding mining
and milling operations, mineral resource statements and exploration program
performance. Factors that could cause actual results to differ materially
include metal price volatility, economic and political events affecting metal
supply and demand, fluctuations in mineralization grade, geological, technical,
mining or processing problems, exploration programs and future results of
exploration programs at the Island Gold Project, future profitability and
production.


The securities referred to herein have not been registered under the US
Securities Act of 1933 and may not be offered or sold in the United States or to
a US person absent registration or an applicable exemption from registration.
Patterson Metals (TSXV:PAT)
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