Peregrine Diamonds Ltd. ("Peregrine" or "the Company") is focused on diamond exploration and development in Canada. Since 2007, the Company has discovered two new Canadian diamond districts, Chidliak on southern Baffin Island and Nanuq in the eastern Arctic region, 250 kilometres north of Rankin Inlet. Both of these districts have great potential to add value to the company through further exploration. At Chidliak, Peregrine has discovered 16 kimberlites, after only one season of drilling, fifteen of which are diamondiferous. Three kimberlites at Chidliak, CH-1, CH-6 and CH-7, display characteristics consistent with economic potential in arctic settings. An additional four kimberlites, CH-2, CH-3, CH-10 and CH-12 have promising coarse diamond size distributions and warrant further work. A budget of $13.5 million has been approved for the 2010 Chidliak exploration programme. Scheduled work will include: drilling, mini-bulk sampling, airborne and ground geophysics and prospecting. At Nanuq, diamondiferous kimberlites were discovered at each of the three anomalies drilled in 2007. The Company anticipates mounting a comprehensive exploration program for Nanuq in 2010 that will include the drilling of additional geophysical anomalies. On the WO property in the Northwest Territories, Peregrine has established a NI 43-101 compliant indicated mineral resource of 18.2 million carats at its nine hectare DO-27 kimberlite pipe located only 27 kilometers from the Diavik^TM diamond mine. An additional 6.5-8.5 million tonnes of "potential mineral deposit" that could be converted into a resource with further drilling has also been identified at DO-27. The company also has additional early stage diamond exploration projects in the Northwest Territories, Nunavut and Manitoba.