Convertible Debenture Converted

August 17, 2006 PDF version
August 18, 2006, Vancouver, BC - Peregrine Diamonds Ltd (“Peregrine”) today announced that BHP Billiton Diamonds Inc. has elected to convert a CDN $340,000 convertible debenture maturing August 1, 2008 it holds with Peregrine. The conversion resulted in the issuance of 40,476 common shares of Peregrine at a deemed value of CDN $8.40/share. The debenture would have automatically converted at maturity at a deemed value of CDN $9.40/share.

Peregrine is a well funded Canadian diamond exploration/development company that is managed by experienced geoscientists. The company is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. The company trades on the TSX-V Exchange under the symbol “PGD”.

Peregrine Diamonds Ltd.

Eric Friedland, President and CEO
Alan Carter, COO

For further information, please contact Roberta Voyer, Corporate Administrator, at 604-408-8880.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this release.

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