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Peregrine Diamonds Obtains 1.15 Carat Diamond at CH-31 kimberlite in Chidliak Project

Peregrine Diamonds Ltd. (TSX:PGD) has reported the recovery of a 1.15 carat diamond from an 840 kilogram microdiamond sample collected from the estimated five hectare CH-31 kimberlite on the 9,800 square kilometre Chidliak project.

Chidliak is located on south Baffin Island, approximately 120 kilometres from Iqaluit, the capital of Nunavut, Canada. The 840 kilogram sample yielded a total of 233 diamonds larger than the 0.106 mm sieve size, including five diamonds larger than the 0.850 mm sieve size which weigh a total of 1.39 carats. The CH-31 kimberlite is located approximately four kilometres southeast of the CH-7 kimberlite and approximately five kilometres southeast of the CH-1 kimberlite.

Mr. Eric Friedland, CEO of Peregrine, stated, "These diamond results are very significant because CH-31, at five hectares, is the largest kimberlite discovered at Chidliak to date and the fifth kimberlite with economic potential in arctic settings. CH-31 is located less than 5 kilometres from CH-1 and CH-7, two of the other kimberlites with economic potential at Chidliak. More exploration work at CH-31, which could include a mini-bulk sample, is being considered for next year."

The 840 kilogram sample consisted of four distinct sub-samples. Samples CH-31A and CH-31B consisted of surface material collected from the interpreted south and north edges of the kimberlite, respectively. Samples CH-31C and CH-31D were comprised of drill core collected from an angle hole drilled to a depth of 417 metres, from depths of six metres to 328 metres and 328 metres to 416 metres, respectively. CH-31 is comprised of volcaniclastic kimberlite with varying amounts of Paleozoic carbonate and basement xenoliths. Occasional mantle xenoliths were recognized including peridotites and eclogites. On preliminary inspection, CH-31 appears to be a uniform kimberlite body and distinct kimberlite phases are not recognizable.

Of the five commercial-size diamonds larger than the 0.850 mm sieve size, one was classified by the SRC as being white/colourless, one was off-white and three were grey. The largest diamond is a 1.15 carat off-white tetrahexahedron that was recovered from the CH-31D sample.

The discovery of the CH-31 kimberlite by prospecting was announced on August 4, 2010. It was discovered when kimberlite boulders and cobbles were found within a subtle magnetic low anomaly that is associated with an electromagnetic anomaly. As announced on September 16, 2010, a 410 metre kimberlite intersection was drilled in a core hole inclined at a 45 degree angle, which equates to an estimated horizontal width of at least 290 metres.

Peregrine expects to receive the mini-bulk sample results from the CH-6 and CH-7 kimberlites, as well as microdiamond results from additional kimberlites discovered in 2010, this quarter. All the samples are being processed by the SRC. The SRC is an independent laboratory that is accredited by the Standards Council of Canada to the ISO/IEC Guide 25 standard for diamond recovery by caustic fusion. The kimberlite samples were collected, sealed in secure containers and shipped to the SRC under strict chain of custody protocols supervised by senior Peregrine personnel.

Chidliak is a joint venture between Peregrine (49%) and BHP Billiton (51%). BHP Billiton has a Second Option to earn an additional seven percent interest in the Project by electing to fund the Project to completion of a Bankable Feasibility Study. Peregrine expects to be advised regarding the Second Option election in November, 2010.

Mr. Peter Holmes, P. Geo., Peregrine's Vice President, Exploration, is a Qualified Person under NI 43-101 and is responsible for the design and conduct of the programs carried out by the Company on the Chidliak property. Mr. Holmes has reviewed this release and approves of its contents.

Source: Peregrine Diamonds Ltd.

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