12 February 2015
Peregrine Diamonds Ltd. ("Peregrine Diamonds" or "the Company") (TSX:PGD) is pleased to announce changes to its corporate structure and senior management team.
A recently completed review of Peregrine Diamonds' assets has provided a clear roadmap for the Company. The changes Peregrine is announcing today ensures that the Company maintains its focus on advancing Chidliak towards becoming Baffin Island's first diamond mine while capturing maximum value from Peregrine's non-Chidliak assets, including the Lac des Gras project and extensive diamond exploration databases.
Peregrine Diamonds has formed a new, wholly owned subsidiary, Peregrine Exploration Ltd. ("Peregrine Exploration"). This new entity will identify and, as warranted, acquire for exploration and development diamond properties utilizing the Company's extensive proprietary databases and expert technical staff. In addition Peregrine Exploration will manage all Canadian non-Chidliak assets of the Company. Peregrine Diamonds will remain the legal owner of its existing assets.