Press Releases

September 09, 2008

Peregrine Diamonds Announces Closing of Private Placement

Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) is pleased to announce that it has completed a non-brokered private placement of common shares for gross proceeds of approximately $2.8 million. A total of 5,306,407 common shares at a price of $0.53 per share were sold under the private placement on a "flow-through" basis pursuant to the Income Tax Act (Canada). The shares issued under the private placement were purchased by two institutional investors and are subject to a hold period in Canada until January 9, 2009. The 5,306,407 common shares represented the maximum number of shares approved for issuance to these institutions by the Toronto Stock Exchange.

Peregrine paid a finder's fee of 5% cash to Dundee Securities Corporation in connection with the private placement.

Proceeds from the private placement will be used for Peregrine's mineral exploration projects in Canada.

The private placement is subject to final acceptance by the Toronto Stock Exchange.

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

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