12 January 2016
(January 12, 2016) Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to report that a 814.0 dry tonne bulk sample from the CH-7 kimberlite pipe on Peregrine's 100 percent owned Chidliak Diamond Project ("Chidliak" or "the Project") in Nunavut, Canada, returned an overall diamond grade of 0.88 carats per tonne ("cpt"). A total of 717.65 carats of commercial-size (+1.18 mm) diamonds was recovered, including 53 diamonds one carat or larger and 183 diamonds over 0.50 carat in size. The largest gem quality diamond recovered was a 5.33 carat white/colourless octahedron with no inclusions. Significant diamond breakage was observed, as more fully described below, including a gem quality diamond that may have originally been larger than six carats. A substantial portion of the parcel is gem quality diamonds and a population of colored stones is present. Processing of the entire bulk sample was performed by the Saskatchewan Research Council ("the SRC"). An independent diamond valuation of the 717.65 carat parcel will be completed this quarter in Antwerp, Belgium by WWW International Diamond Consultants Ltd ("WWW").
Diamonds of special note described by the SRC include the following:
• A 5.33 carat white-colourless transparent octahedron with no inclusions
• A 5.02 carat off-white transparent octahedron with minor inclusions
• A 4.40 carat off-white transparent macle with minor inclusions
• A 2.01 ct white-colourless, transparent octahedron with no inclusions
• Two yellow transparent octahedra, one at 0.52 carat, the other at 0.5 carat
Photos of representative diamonds from the bulk sample are available at http://www.pdiam.com/s/PG_2015-CH-7-bulk.asp.