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Peregrine Diamonds Ltd.: De Beers Elects to Not Exercise Chidliak Option

Peregrine Diamonds Ltd.: De Beers Elects to Not Exercise Chidliak Option 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 10/11/13 -- Peregrine
Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) has been
verbally notified by De Beers Canada Inc. ("De Beers") that De Beers
will not exercise its right to enter into an earn-in and joint
venture agreement with Peregrine on the Chidliak diamond project
("Chidliak" or "the Project"), located in Nunavut, Canada. The terms
of the Company's option agreement with De Beers were announced on
September 5, 2012. 
As announced on September 9, 2013, the processing of approximately
250 wet tonnes of the 508 tonne bulk sample collected from the CH-6
kimberlite by Peregrine commenced in late September. Approximately
150 tonnes of the sample have been processed to date. De Beers is
funding this processing and the subsequent diamond recovery at the
Saskatchewan Research Council. Final results, including independent
diamond valuations, are expected in the first quarter of 2014.
Peregrine's objective is to utilize these results, together with
geologic and diamond content information acquired from core drill
programs in 2009, 2010 and 2011, to develop a preliminary revenue
model and establish an intial resource for CH-6.  
More detailed information on the De Beers decision and the Company's
plans for Chidliak will be provided as it becomes available. 
ABOUT PEREGRINE DIAMONDS 
Peregrine is a diamond exploration and development company focused on
Canada's North. The Company has discovered two new diamond districts
in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 100
percent-owned Chidliak project, located 120 kilometres from Iqaluit,
the capital of Nunavut, 64 kimberlites have been discovered to date.
Peregrine collected a bulk sample weighing 508 wet tonnes from the
CH-6 kimberlite in 2013 and approximately 250 of those tonnes are now
being processed for commercial diamond recovery. A 14.11 tonne sample
of drill core acquired from CH-6 in 2010 returned a grade of 2.84
carats per tonne. At its 72 percent-owned, nine hectare DO-27
kimberlite in the Northwest Territories, located 27 kilometres from
the Diavik Diamond Mine, a NI 43-101 compliant mineral resource of
18.2 million carats of diamonds in 19.5 million tonnes of kimber
lite
at a grade of 0.94 carats per tonne, which is open at depth, was
confirmed in 2008. Peregrine also continues to evaluate earlier stage
diamond exploration projects it controls in Nunavut and the Northwest
Territories and through comprehensive evaluation of its extensive and
proprietary diamond exploration databases, is working towards
discovering new diamond districts in North America. A key asset being
utilized in Peregrine's search for a new Canadian diamond district is
a proprietary database acquired from BHP Billiton that contains data
from approximately 38,000 kimberlite indicator mineral samples
covering an area of Canada of approximately three million square
kilometres.  
Forward-Looking Statements: This news release contains
forward-looking statements. All statements, other than statements of
historical fact, that address activities, events or developments that
the Company believes, expects or anticipates will or may occur in the
future, including, without limitation, statements relating to the
decision by DeBeers not to exercise the option to joint venture, the
proposed exploration program, funding availability, anticipated
exploration results, resource estimates and future exploration and
operating plans are forward-looking statements. These forward-looking
statements reflect the current expectations or beliefs of the Company
based on information currently available to the Company.
Forward-looking statements are subject to a number of risks and
uncertainties that may cause the actual results of the Company to
differ materially from those discussed in the forward-looking
statements and, even if such actual results are realized or
substantially realized, there can be no assurance that they will have
the expected consequences to, or effects on, the Company. Factors
that could cause actual results or events to differ materially from
current expectations include, among other things, uncertainties
relating to the decision of DeBeers not to exercise the option to
joint venture, availability and cost of funds, timing and content of
work programs, results of exploration activities, interpretation of
drilling results and other geological data, world diamond markets,
future diamond prices, reliability of mineral property titles,
changes to regulations affecting the Company's activities, delays in
obtaining or failure to obtain required project approvals,
operational and infrastructure risk and other risks involved in the
diamond exploration business. Any forward-looking statement speaks
only as of the date on which it is made and, except as may be
required by applicable securities laws, the Company disclaims any
intent or obligation to update any forward-looking statement, whether
as a result of new information, future events or results or
otherwise. Although the Company believes that the assumptions
inherent in the forward-looking statements are reasonable,
forward-looking statements are not guarantees of future performance
and accordingly undue reliance should not be put on such statements
due to their inherent uncertainty.
Contacts:
Peregrine Diamonds Ltd.
Mr. Eric Friedland
CEO
604-408-8880 
Peregrine Diamonds Ltd.
Mr. Brooke Clements
President
604-408-8880 
Peregrine Diamonds Ltd.
Mr. Tom Peregoodoff
Executive VP, Business Development
604-408-8880 
Peregrine Diamonds Ltd.
Investor Relations
604-408-8880
investorrelations@pdiam.com
www.pdiam.com