Kimberlite Intersected at Pellatt Lake; Program Update on Lac De Gras Exploration Projects, NWT, Canada

April 24, 2006 PDF version
April 24, 2006, Vancouver, B.C. - Peregrine Diamonds Ltd. (“Peregrine”) (TSX-V: PGD) is pleased to announce that kimberlite has been intersected in current drilling at Pellatt Lake, NWT, Canada. In addition, Peregrine is providing a mid-winter/spring 2006 program update on exploration activity on the various diamond exploration projects in the Lac de Gras area, NWT, Canada. Peregrine has one of the largest land holding in the Lac de Gras area outside of the Ekati™ and Diavik™ Diamond Mine properties.

Pellatt Lake Project

The Pellatt Lake Property, which currently hosts one known kimberlite, comprises twenty-five mineral claims (64,562.5 acres) and 3 claims that are in the process of being taken to lease (7747.5 acres), located 42 km to the northeast of, and immediately adjacent to the Ekatitm Mine at Lac de Gras. Fifteen of the claims are 100% owned by Peregrine and the others are being explored in joint venture with DHK Diamonds Inc. and Dentonia Resources Ltd. Ground geophysical surveys began at the Pellatt Lake project on March 2, and drilling commenced on April 1, 2006. Hole PL06-05 intersected three kimberlite horizons, the thickest of which is a multiphase 10m band. This hole was drilled approximately 150m west of the known kimberlite (PL01) and micro-diamond analyses on the recovered core are planned. Previous micro-diamond analyses have been conducted on this body confirming that it is diamondiferous; additional testing is warranted due to its complex, multiphase nature. Furthermore, the geophysical structure which hosts this kimberlite can be traced for more than 1 kilometer along strike and is open to the west. Additional work is planned along this structure to be completed in the summer of 2006.

Lac de Gras West Project

The Lac de Gras West property, which currently hosts one known kimberlite, consists of 40 mineral claims (84,588 acres) located 15 kilometers southwest of the Ekatitm Mine and 15 to 50 kilometers west of the Diavik™ Mine. Peregrine is earning a 100% interest in 18 of the claims from a private prospecting syndicate and 65% in the other 22 claims from Thelon Ventures Ltd. (“Thelon”). Ground geophysical surveys began on March 22nd and have now been completed in advance of drilling. A drill and crew have been mobilized to the property and drilling will commence shortly. Priority targets have been chosen for drill testing and the known kimberlite, DI-02, will also be re-examined during this program.

Lac de Gras East/WO Diamond Project

The Lac de Gras East property comprises 70 mineral claims (168,389.59 acres) surrounding the WO Diamond Project. Peregrine has the option to earn a 100% interest in 46 of these claims from a private prospecting syndicate and an option from Thelon to earn a 65% interest on the remaining 24 claims. Ground geophysical surveys are currently underway and targets will be chosen from these for drill testing. Drilling will commence immediately after completion of the Lac de Gras West Project.

Peregrine’s diamond exploration programs are conducted under the direction of Dr. Jennifer Pell, Vice President Exploration, P. Geo., (BC), P. Geo. (NT/NU), a qualified person under NI 43-101.

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

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine’s projects, pre-feasibility studies, and other statements that are not historical facts. When used in this document, the words such as “could,” “confident,” “plan,” “estimate,” “expect,” “anticipated,” “intend,” “may,” “potential,” “should,” “scheduled,” “significant,” and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause ac