Peregrine Amends June 24, 2014 News Release

June 26, 2014 PDF version
On June 24, 2014, Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) issued a news release that provided an activity update on its 100 percent-owned Chidliak diamond project (“Chidliak”). The release contained three errors in the diamond results table. The news release reported 55 diamonds in the +0.425 to 0.600 mm sieve size for the CH-46 kimberlite when the actual number is eight diamonds. For the CH-7 kimberlite, 187 diamonds in the +0.150 to 0.212 mm sieve size were reported, but the actual number is 188. An amended independent 43-101 Technical Report will be filed that includes these corrections. Also for the CH-7 kimberlite, the total carat weight for +0.850 mm diamonds was reported as 0.827 carats, which is the total carat weight for the entire sample. The correct total carat weight for the +0.850 mm diamonds is 0.568 carats, which was correctly reported in the June 19, 2014 Technical Report.

Corrections will also be made to diamond counts from Batch C of the 2013 CH-6 kimberlite bulk sample reported in the June 19, 2014 Technical Report. A discrepancy of three diamonds out of a total of 5724 diamonds in the +0.85 and +1.18 mm sieve sizes has been identified. The original press release of January 16, 2014 announcing these results was correct.

Brooke Clements, Peregrine’s President stated, “As the person accountable for the Company’s technical public disclosure, I take full responsibility for these errors. Peregrine prides itself in the quality and completeness of all its disclosure and in this case the necessary checks to verify data integrity were not completed. I will review our disclosure protocols to ensure that mistakes like this are not allowed to happen again. I would like to thank Will Purcell, from Stockwatch, for his diligence in reviewing our public disclosure and highlighting the CH-46 reporting error.”

Eric Friedland, Peregrine’s Chairman and CEO stated, “I apologize on behalf of the Peregrine team. The reporting errors that have been made in no way affect the economic potential of CH-6, CH-7 or CH-46. I am confident that we will make the necessary changes to ensure that these type of errors are never repeated. Our plans to progress Chidliak are on track and we look forward to a productive summer field season.”

An amended diamond results table for CH-46, CH-1, CH-7 and CH-44 is included below. The remainder of the technical and operational information contained in the June 24, 2014 release remains the same.

REVISED DIAMOND RESULTS FROM THE CH-46, CH-1, CH-7 AND CH-44 KIMBERLITES

Kimberlite Sample Weight (kg) Numbers of Diamonds According to Sieve Size Fraction (mm) Total Diamonds Carats
(+0.850
mm size)
+0.106
-0.150
+0.150
-0.212
+0.212
-0.300
+0.300
-0.425
+0.425
-0.600
+0.600
-0.850
+0.850
-1.180
+1.180
-1.700
+1.700
-2.360
+2.360
-3.350
CH-46 80 142 63 20 11 8 2 0 0 0 0 246 0
CH-1 351.68 160 87 74