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Peregrine Diamonds Encounters Coarse Diamond Size Distribution from Sampling at Chidliak Project

Peregrine Diamonds Ltd. (TSX:PGD) has reported a coarse diamond size distribution for a 312.2 kilogram sample of reverse circulation drill cuttings collected from the CH-44 kimberlite on the 9,800 square kilometre Chidliak project on Baffin Island, Nunavut, Canada.

The sample yielded 910 diamonds larger than the 0.106 mm sieve size, including nine diamonds larger than the 0.850 mm sieve size which weigh a total of 0.45 carats. The CH-44 pipe is the sixth kimberlite at the Project with economic potential in Arctic settings.

In addition to CH-44, the Company has also received caustic fusion results demonstrating that five more kimberlites at Chidliak, CH-19, 21, 23, 35 and 38, are diamondiferous. To date, Peregrine has discovered 50 kimberlites at Chidliak, with 34 of those being discovered in 2010. Microdiamond results have been reported for 24 of the 50 kimberlites, and 23 are diamondiferous. Microdiamond results for additional kimberlites discovered in 2010 are expected by year end.

The analyses were performed at the Saskatchewan Research Council Geoanalytical Laboratories ("the SRC").

Of the nine diamonds larger than the 0.850 mm sieve size, two were classified by the SRC as being white/colourless, five were off-white and two were brown. The largest diamond was a 0.325 carat off-white, transparent octahedron.

Brooke Clements, President of Peregrine stated, "We are very encouraged by these results from CH-44, yet another kimberlite at Chidliak with a strong coarse diamond size distribution and economic potential in Arctic settings. This kimberlite clearly requires more work in 2011, including core drilling and mini-bulk sampling. The CH-44 pipe is located in what we now refer to as the "Southern Focus Area", an area with an eight kilometre radius that currently hosts five kimberlites with economic potential: CH-1, CH-6, CH-7, CH-31 and CH-44."

The discovery of the CH-44 kimberlite by RC drilling was announced on September 16, 2010. The CH-44 pipe is located one kilometre west of CH-31 and 2.5 kilometres south of CH-7. One vertical hole was drilled into a magnetic high geophysical anomaly with an estimated surface expression of 0.9 hectares and kimberlite was intersected from two to 35 metres, with the hole being terminated in kimberlite. Dry RC cuttings of kimberlite were collected directly into 20 litre pails without screening and were security-sealed prior to shipment to the SRC. The CH-44 pipe is described as an olivine macrocrystic kimberlite (macrocrysts to 1.4 cm) with abundant fresh kimberlite indicator minerals including garnet, chrome-diopside and ilmenite. Paleozoic carbonate rock fragments and basement xenoliths were observed in the drill cuttings.


Caustic fusion results for the CH-19, 21, 23, 35 and 38 kimberlites show that all five are diamondiferous.

As reported on July 19, 2010, CH-19, CH-21 and CH-23 were discovered by prospecting, and in all three cases abundant magmatic kimberlite boulders and cobbles were found at surface associated with kimberlite-type geophysical anomalies. The discovery of CH-35 and CH-38 by prospecting and core drilling, respectively, was reported on August 23, 2010. At CH-35, abundant magmatic kimberlite boulders and cobbles were found associated with a magnetic high geophysical anomaly. At CH-38, volcaniclastic kimberlite was encountered in two inclined holes drilled into a magnetic high geophysical anomaly with an estimated surface expression of one hectare.

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 this month.

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.


Peregrine Diamonds Ltd.

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