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Patricia achieves commercial production at Island

Friday, November 2nd, 2007

Patricia Mining Corp. has learned that during the third quarter of 2007, the mill at the Island gold project processed 44,977 tonnes of development ore, and a total of 7,202 ounces of gold were sold at an average price of $643 (U.S.) per ounce. The $5.1-million in proceeds from these gold sales were applied against the development charges on the property in accordance with applicable accounting standards. The Island gold mine is a joint venture between Richmont Mines Inc. (55 per cent) and Patricia Mining (45 per cent).
Preproduction operations at the Island gold mine during the third quarter included the development, drilling and ore recovery from the initial stope. In addition to development ore, approximately 13,700 tonnes of ore from the initial stope were processed at the onsite mill in the third quarter at a rate of approximately 500 to 525 tonnes per day. The mill is expected to be fully operational in the first quarter of 2008 and have the capacity to process approximately 675 tonnes of ore per day with a targeted 95-per-cent gold recovery rate.
Ore from the second stope was also extracted in the third quarter and processed through the mill in October, 2007. The stope-sequencing plan calls for the development and drilling of five additional stopes in the fourth quarter of 2007 in order to advance production, build ore inventory for processing and achieve the designed mill capacity in the first quarter of 2008.
Commercial production commenced on Oct. 1, 2007. Richmont Mines, the project operator, forecasts that the fourth quarter will be a transition period with a gradual increase in the tonnage of ore processed with a plan to meet designed capacity at the beginning of 2008.
During the nine-month period ended Sept. 30, 2007, 124,161 tonnes of development ore were processed, and a total of 23,031 ounces of gold were sold at an average price of $662 (U.S.) per ounce, for proceeds of $16,774,926 which were applied against development charges on the property in accordance with applicable accounting standards.
The Island gold proven and probable reserves have been assessed at 1,013,854 tonnes of ore at an average diluted grade of 8.55 grams per tonne, for a total of 278,711 ounces of gold at the project, representing more than four years of production. In addition to the reserves, a total of 454,705 tonnes at an average grade of 10.26 g/t, or 149,972 ounces of gold, were categorized as measured and indicated resources, while inferred resources were evaluated at 610,728 tonnes at a grade of 9.96 g/t, or 195,549 ounces of gold. The results of the reserve calculation were completed by the independent firm Genivar and a technical report prepared according to the requirements of NI 43-101 was filed on SEDAR.

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