Falcon(TM) Airborne Gravity Gradiometer Survey Completed at Pellatt Lake

October 13, 2004
Peregrine Diamonds Ltd. (the “Company”) is pleased to announce that it has completed a 3,878 line kilometre Falcon(tm) Airborne Gravity Gradiometer survey on the Pellatt Lake property (the “Property”). Pellatt Lake is located approximately 40 km to the northeast of the Ekati diamond mine at Lac de Gras and immediately adjacent to the Ekati mine block and De Beers Hardy Lake leases. The property is the subject of two option agreements dated May 23, 2003 between the Company and Dentonia Resources Ltd., and the Company and DHK Diamonds Inc. DHK Diamonds Inc. is a consortium consisting of Dentonia Resources Ltd., Horseshoe Gold Mining Inc. and Kettle River Resources Ltd. Under these agreements, Peregrine has the option to earn up to a 75% interest in the Property by completing a Falcon(tm) gravity gradiometer survey, paying for all additional exploration and arranging financing to bring any discovery into production.

At least one diamondiferous kimberlite is known to exist on the Pellatt Lake Property. Analytical results from the Falcon(tm) survey will be available later this year at which time they will be jointly analyzed with existing geochemical and geophysical data to identify targets for drilling in 2005.

For further information about both companies please contact Eric Friedland at 604-408-8880 and Art Ettlinger at 604-681-6311 or visit each company’s web site at: www.peregrinediamonds.com and www.dunsmuirventures.com.

On Behalf of Peregrine Diamonds
“Eric Friedland”

Eric Friedland, President
Email: eric@pdiam.com

On Behalf of Dunsmuir Ventures

“Art Ettlinger”

Art Ettlinger, President
Email: aettlinger@dunsmuirventures.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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