Press Releases

April 27, 2010

Peregrine Announces Closing Of $6 Million Private Placement

Vancouver, British Columbia, Canada - Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to announce that it has completed its non-brokered private placement as previously announced on April 19, 2010 by issuing a total of 2,000,000 common shares at a price of $3.00 per share for gross proceeds of $6 million. All of the common shares issued under the private placement were sold on a "flow-through" basis pursuant to the Income Tax Act (Canada) and purchased by two institutional investors whose common investment manager is an insider of the Company.

Proceeds from the private placement will be used for Peregrine's mineral exploration projects in Canada. The TSX has conditionally approved this private placement.

For further information, please contact Mike Westerlund, Vice President Investor Relations, at 604-408-8880 or at investorrelations@pdiam.com.