Peregrine Diamond Says Report Overstated Gem Numbers

Peregrine Diamonds Ltd. (PGD), a company trying to develop the Chidliak diamond deposit in the Canadian Arctic, said it published a report earlier this week that overstated the number of gems in a rock sample.

Eight diamonds were recovered from the sample using a sieve size of 0.425 millimeters (0.017 inches) to 0.6 millimeters, Peregrine said yesterday in a statement, and not 55 gems as reported on June 24.

Another sample had 188 diamonds, not 187, and the weight was overstated. Vancouver-based Peregrine also said it found a small mistake in the diamond count from a sample reported June 19.

Peregrine Chairman and Chief Executive Officer Eric Friedland apologized for the errors and said in the statement they don’t affect Chidliak’s potential.

To contact the reporter on this story: Simon Casey in New York at scasey4@bloomberg.net

To contact the editors responsible for this story: Simon Casey at scasey4@bloomberg.net Tina Davis, Jim Efstathiou Jr.

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.