Patricia’s $500,000 convertible debenture

Patricia Mining Corp. announces the issuance of a $500,000 convertible debenture. The convertible debenture bears interest at a rate of 9% per annum and is due March 31, 2009. At the option of the holder, and after six months the debenture becomes convertible into common shares at a rate of $0.52 per share which is equal to a conversion rate of 1,923 shares per $1,000 principal.

During the first six months the Company may redeem the debenture at 102% of the principal plus accrued interest. After six months the Company may prepay any portion of the principal amount without penalty provided conversion has not occurred. This transaction is subject to regulatory approval.

Patricia’s main asset is a 45% interest in the operating Island Gold Mine located near Wawa, Ontario. As of December 31, 2007 the mine had Proven and Probable Reserves estimated to be 1,058,881 tonnes of ore at a grade of 8.39 g/t for 285,536 ounces of gold. In addition the mine had Measured and Indicated Resources totalling 192,422 ounces of gold and Inferred Resources estimated at 193,350 ounces of gold.

National Instrument 43-101 The reserve and resource calculation of the Island Gold property as of December 31, 2007 was performed by Ms. Nicole Rioux, Geo., of Genivar, a qualified person under the terms of NI 43-101 and was supervised by Mr. Jules Riopel, M.Sc. P. Geo., MBA, Director Geology and Exploration, an employee of Richmont Mines Inc.