21 July 2015
Peregrine Diamonds Ltd. ("Peregrine" or the "Company") (TSX:PGD) is pleased to provide an update on its 100 percent-owned Chidliak diamond project ("Chidliak" or the "Project"). Chidliak is located 120 kilometres northeast of Iqaluit, the capital of Nunavut, Canada. Peregrine's 2015 field work program is focused on continued expansion of the Chidliak diamond resource. A recently completed independent review by Mineral Services Canada Inc., the Company's external Qualified Person, has highlighted an approximate one million tonne resource expansion opportunity for the CH-6 kimberlite. Both the resource expansion at CH-6 and the scale of the maiden resource declaration at CH-7 are contingent on the implementation of limited key additional exploration and evaluation work, which is underway and results of the 2015 CH-7 bulk sample. Existing drillcore from CH-6 and CH-7 is currently being sampled to improve geological and microdiamond characterization of certain kimberlite units, and similar sampling will occur throughout approximately 1,200 m of new core to be drilled at CH-6 and CH-7 during the summer 2015 work program. Successful integration of the core sampling results with the 2015 bulk sample results will enable the Company to maximize the Inferred Resource estimates for both CH-6 and CH-7. The revised Inferred Resource base will be included in a planned Preliminary Economic Assessment on a potential Phase 1 diamond mine development at Chidliak, expected in the second quarter of 2016.