Press Releases

August 29, 2008

Peregrine To Raise $3.0 Million

Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) today announced a non-brokered private placement of 5,700,000 common shares at a price of $0.53 per share for gross proceeds of $3,021,000. All of the common shares under the private placement will be issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and purchased by institutional purchasers.

A finder's fee of 5% in cash may be paid on the private placement. Proceeds from the private placement will be used for Peregrine's mineral exploration projects in Canada.

For further information, please contact Brooke Clements, President, Eric Friedland, CEO, or Peregrine Diamonds Investor Relations, at 604-408-8880 or at investorrelations@pdiam.com.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine's projects and other statements that are not historical facts. When used in this document, the words such as "could," "commonly," "confident," "plan," "encouraging," "estimate," "expect," "anticipated," "intend," "imply," "likely," "may," "potential," "should," "scheduled," "significant," "suggest", and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the corporation's periodic filings with Canadian regulators.