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Peregrine Diamonds Provides Update on Activities at Chidliak Project

Peregrine Diamonds Ltd. is pleased to provide an update on activities at its 100 percent-owned Chidliak project, located on Baffin Island, 120 kilometres from Iqaluit, the capital of Nunavut, Canada.

As reported on April 23 and June 3, 2013, a kimberlite sample weighing approximately 508 wet tonnes was collected from the CH-6 kimberlite by Peregrine in April. The entire sample has now been processed to a heavy mineral concentrate by dense media separation ("DMS"). Diamond recovery from approximately 1.1 tonnes of concentrate recovered from approximately 262 wet tonnes of kimberlite is underway at the Saskatchewan Research Council ("SRC") facility in Saskatoon. The diamond grade results from this portion of the bulk sample are expected by mid-December. An independent valuation of the resulting diamond parcel will be completed in early 2014. The DMS concentrate, weighing approximately 850 kilograms, from the remainder of the original 508 wet tonnes bulk sample is now in secure storage at the SRC and diamond recovery from this concentrate is scheduled to commence in the first quarter of 2014.

In addition, the Company is pleased to announce the discovery of three new kimberlite bodies during the summer exploration program. These three kimberlites together with the three announced on September 9, 2013, bring the number of kimberlites discovered at Chidliak in 2013 to six and the total on the Project to 67. In addition to the six new kimberlite bodies discovered in 2013, the sources of seven new occurrences of kimberlite float identified this year are yet to be confirmed.

The three new kimberlite discoveries announced today are CH-65 through CH-67. At CH-65, abundant kimberlite float was found associated with a linear geophysical anomaly that represents a kimberlite dyke. At CH-66, abundant kimberlite float was found associated with a circular magnetic high anomaly with an estimated surface expression of 0.5 hectares as determined by ground geophysics. At CH-67, abundant kimberlite float was found associated with a circular magnetic high anomaly with an estimated surface expression of one hectare as determined by ground and airborne geophysics. In addition to these six new kimberlite discoveries, prospecting crews discovered kimberlite dykes associated with four known kimberlite pipes: CH-2, CH-5, CH-9 and CH-21.

During the summer program, prospecting crews discovered seven new occurrences of kimberlite float (pebbles, cobbles and boulders) for which a definite kimberlite pipe or dyke source has yet to be confirmed. In previous programs, Peregrine discovered 12 localities with unexplained kimberlite float. At each kimberlite float locality, pieces of kimberlite were found by field crews that were evaluating priority kimberlite-type geophysical anomalies and/or unexplained kimberlite indicator mineral ("KIM") anomalies. At one float locality named Area B, located approximately 15 kilometres east of the CH-6 kimberlite, kimberlite boulders and cobbles with abundant kimberlite indicator minerals were found over an area measuring approximately 1,000 by 600 metres. Finding a source or sources for the Area B kimberlite float and other important unexplained float occurrences on the Project will be a high priority in future exploration programs.

Ground gravity and ground electromagnetic (Max-Min) orientation surveys completed over select kimberlites proved effective at defining the kimberlite bodies. Peregrine plans to use these two geophysical methods in tandem to complement ground magnetic surveys that have been completed in priority areas with unexplained kimberlite float and KIM anomalies, such as Area B. Peregrine will also consider conducting an airborne gravity survey if modelling of the existing gravity data suggests it could be successful in identifying new kimberlites in priority areas.

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