5 May 2016
15.62 Million Carats Now Classified as Inferred Mineral Resource at Chidliak
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to announce a maiden Inferred Mineral Resource estimate for the CH-7 kimberlite pipe at the Company’s 100 percent owned Chidliak Diamond Project, Nunavut, Canada. Key elements of the announcement are:
• An Inferred Mineral Resource of 4.23 million carats of diamonds in 4.99 million tonnes of CH-7 kimberlite, to a depth of 240 metres
• Overall average grade of 0.85 carats per tonne
• A base model average diamond price of US$114 per carat with a modelled price range between US$94 and US$155 per carat as determined by WWW International Diamond Consultants (“WWW”) in February 2016