Peregrine Diamonds Ltd. ("Peregrine") is a diamond exploration and development company focused on Canada's North. At its 100 percent-owned Chidliak project ("Chidliak"), located 120 kilometres from Iqaluit, the capital of Nunavut, 71 kimberlites have been discovered to date. The average price determined in an independent diamond valuation of a 1013.5 carat diamond parcel collected from the CH-6 kimberlite in 2013 was US $213 per carat. The modelled price ranged from a minimum of US $162 per carat to a high of US $236 per carat. In May 2014 the Company announced a maiden Canadian National Instrument ("NI") 43-101-compliant Inferred Mineral Resource for CH-6 of 7.47 million carats of diamonds in 2.89 million tonnes of kimberlite to a depth of 250 metres at a grade of 2.58 carats per tonne. The 2015 work program planned for Chidliak is designed to confirm diamond resources in the CH-7 and CH-44 kimberlites and increase the size of the CH-6 diamond resource.