April 24, 2006
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
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
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,̶