Peregrine Announces $2 Million Exploration Programme And An Adjournment Of Arbitration At Nanuq North, Nunavut, Canada

April 30, 2010 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to announce that Peregrine and Indicator Minerals Inc. (“Indicator”) have agreed to immediately conduct a $2.0 million exploration programme this year at the Nanuq North project (“Nanuq North”), Nunavut, located approximately 275 km north of the community of Rankin Inlet. Peregrine and Indicator have also reached an agreement to adjourn arbitration hearings that had been scheduled to commence on May 7, 2010 so that a formal joint venture agreement can be completed. Nanuq North is located immediately to the north of, and is distinct from, Peregrine’s 100% owned Nanuq project (“Nanuq”), where the Company announced on April 28, 2010 that it is conducting a $3.5 million 2010 diamond exploration program (see release here). To view a map of the properties, click on the following link here.

2010 Nanuq North Program
Indicator and Peregrine have agreed to equally fund the exploration programme at Nanuq North. The primary goal will be the evaluation of the NQN-001 kimberlite, which was discovered in 2008. Five holes totalling approximately 1,000 metres will be drilled into this kimberlite to provide an estimate of its size, the number of phases (types) of kimberlite present, and to obtain an initial understanding of the distribution of diamonds in the different kimberlite phases.

Drilling is scheduled to commence in the first half of May. Indicator is the Operator at Nanuq North and will use equipment, infrastructure and personnel from Peregrine’s Nanuq project.

Nanuq North Background Information
The NQN-001 body is currently interpreted as having a surface area of 4.5 hectares with two phases of kimberlite having distinctly different diamond contents. In 2009, a total of 206 diamonds larger than 0.075 mm was recovered from a 152.75 kg sample of the kimberlite. The largest stone measured 0.98 mm x 0.72 mm x 0.70 mm. The majority of the diamonds described are characterized as white/colorless with no inclusions. The diamond results for the NQN-001 kimberlite, released on February 10, 2009, are presented in the table below.

2009 NQN-001 Caustic Fusion Diamond Results

Sample
Interval

Interval
Length

Sample
Weight

Square Mesh Screen Size (in mm)

Number of
Diamonds

Number of
Diamonds
per kg

0.075

0.106

0.150

0.212

0.300

0.425

0.600

8.8m - 72.8m

64.0m

125.75 kg

39

37

18

15

1

0

2

112

0.89

72.8m - 86.5m

13.7m

27.00 kg

38

33