Peregrine Diamonds Ltd. 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, 67 kimberlites have been discovered to date, and Peregrine collected a bulk sample weighing 404.2 dry tonnes from the CH-6 kimberlite in 2013. The grade for the sample was 2.78 carats per tonne for commercial-size diamonds larger than the 0.85 mm sieve size and 2.58 carats per tonne for diamonds larger than the 1.18 mm sieve size. A significant population of gem diamonds was noted. An independent diamond valuation on a 1013.5 carat parcel was completed in February 2014. The diamond valuation was undertaken in Antwerp, Belgium by WWW International Diamond Consultants ("WWW"). The average price was US $213 per carat. The modelled price ranged from minimum of US $162 per carat to a high of US $236 per carat. Peregrine will utilize the diamond grade and value information from the bulk sample and information from core drill programs completed in 2009, 2010 and 2011 to establish a preliminary revenue model and declare an initial resource for CH-6 in the second quarter of 2014. This work is the first important step towards establishing economic viability for the Chidliak project. The nine hectare DO-27 kimberlite located on Peregrine's 72 percent-owned WO project in the Northwest Territories, 27 kilometres from the Diavik Diamond Mine, hosts a NI 43-101 compliant mineral resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne. This resource, 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 approximately three million square kilometres in size.