Peregrine Reports 7.47 Million Carat Inferred Resource For The Top 250 Metres Of The CH-6 Kimberlite And Tonnage Estimates For CH-7 And CH-44

7 May 2014

Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to announce estimates for a maiden independent Canadian National Instrument ("NI") 43-101-compliant Inferred Mineral Resource for the top 250 metres of the CH-6 kimberlite pipe and additional tonnage as a target for further exploration. Key elements of the CH-6 estimates are:

• An Inferred Mineral Resource of 7.47 million carats of diamonds in 2.89 million tonnes of kimberlite to a depth of 250 metres
• Grade of 2.58 carats per tonne
• An average diamond price of US$213 per carat and a modelled price range between US$163 and US$236 per carat as determined by WWW International Diamond Consultants in February 2014
• An estimate of 2.60 to 3.47 million tonnes of kimberlite classified as a target for further exploration
• The kimberlite is open at depth

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