Federal and Nunavut Governments to Fund Construction of Iqaluit Marine Port

31 July 2015

Peregrine Diamonds Ltd. ("Peregrine" or the "Company") (TSX:PGD) is pleased to report that funding for the construction of a Marine Port and Sea Lift Facility in Iqaluit, the capital of Nunavut, has been approved by the Government of Canada and the Government of Nunavut. The announcement was made on July 30, 2015 in Iqaluit by the Honourable Leona Aglukkaq, Minister of the Canadian Northern Development Agency and Member of Parliament for Nunavut. The estimated budget for the project is $84.9 million with the federal government funding up to $63.7 million and the Government of Nunavut the remainder. The new facility will significantly reduce the time required to offload cargo, improve safety for workers and recreational boaters, and be a potential base for military ships, commercial fisherman and search and rescue operations.