Dunsmuir and Peregrine Continue with Implementation of New Integrated Relationship

February 2, 2005
Dunsmuir Ventures Ltd. (“Dunsmuir”) and Peregrine Diamonds Ltd. (“Peregrine”) are pleased to provide an update on the continuing implementation of their new integrated relationship first announced on December 20, 2004.

Effective immediately, Dr. Alan Carter, in addition to his duties as Chief Operating Officer of Peregrine, will become acting President of Dunsmuir and will join Dunsmuir’s Board of Directors. Dr. Art Ettlinger has resigned as President and Chief Executive Officer of Dunsmuir and will remain as a Director and consultant to the Company where he will continue to assist the Company in business development opportunities.

Dr. Jennifer Pell, in addition to her duties as Vice President of Exploration for Dunsmuir, will become Vice President of Exploration-Diamonds for Peregrine. Mr. Derrick Strickland, Geologic Consultant to Dunsmuir, will also become Project Geologist for Peregrine. Mr. Gordon Keep, Director of Dunsmuir, will also join the Board of Peregrine. This restructuring of the relationship will significantly reduce Dunsmuir’s overhead costs.

Dr. Carter has a B.Sc. Degree in Geology from the University of Nottingham, U.K. and a Ph.D. from the University of Southampton, U.K. and has 20 years of experience in the minerals exploration industry. Dr. Carter spent seven years working for Rio Tinto Corp. in South America and the U.K. before resigning in 1996 to join Balaclava Mines as President and CEO. He joined Billiton plc in 1998 and moved from Peru to Vancouver in 2000 where he was instrumental in the development of an aggressive strategy aimed at developing partnerships with junior exploration companies. Following Billiton’s merger with BHP, Dr. Carter assumed the role of Manager Business Development for BHP Billiton Diamonds where he was responsible for the commercial aspects of BHP Billiton’s global portfolio of nickel and diamond exploration properties. In 2004, Dr. Carter joined Peregrine Diamonds Ltd. as that company’s Chief Operating Officer.

In conjunction with these changes the Company has granted 1,500,000 options to directors, employees and consultants @ $.20 per share expiring on February 2, 2010 (subject to regulatory approval) and 493,500 options have been cancelled, effectively immediately.

Negotiations on various uranium projects for Dunsmuir continue. An update will be provided when and if definitive agreements are reached.


BY ORDER OF THE BOARD OF DIRECTORS OF

DUNSMUIR VENTURES LTD.


Per: “Gordon Keep”

Gordon Keep
Director

For further information about both companies please contact Eric Friedland or Alan Carter at 604-408-8880 or visit each company’s web site at: www.dunsmuirventures.com and www.peregrinediamonds.com.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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