Peregrine Announces Ch-6 Independent Diamond Valuation Results - Average Price Is US$213 Per Carat

26 February 2014

• Average Price Is US$213 Per Carat 
• 8.87 Carat Diamond Valued At US$4,076 Per Carat

Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to announce the results of an independent diamond valuation for a 1,013.5 carat parcel of commercial-size diamonds recovered from the CH-6 kimberlite pipe. The average price was US$213 per carat and the entire parcel was valued at US$215,605. The modelled price ranged from a minimum of US$162 per carat to a high of US$236 per carat with a base case modelled price of US$188 per carat. The grade of the 404.2 tonne bulk sample that yielded the 1,013.5 carat parcel was 2.58 carats per tonne ("CPT") for diamonds larger than the 1.18 mm square mesh sieve size. Within the parcel, the four largest diamonds weighing 8.87, 5.83, 4.62 and 4.11 carats had per carat market values of US$4,076, US$3,455, US$2,900 and US$2,633 respectively. The CH-6 kimberlite is located on Peregrine's 100 percent-owned Chidliak diamond project ("Chidliak" or "the Project"), on Baffin Island, 120 kilometers from Iqaluit, the capital of Nunavut, Canada.

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