February 12, 2015
Peregrine Diamonds Ltd. (“Peregrine Diamonds” or “the Company”)
(TSX:PGD) is pleased to announce changes to its corporate structure and
senior management team.
A recently completed review of Peregrine Diamonds’ assets has provided a
clear roadmap for the Company. The changes Peregrine is announcing
today ensures that the Company maintains its focus on advancing Chidliak
towards becoming Baffin Island’s first diamond mine while capturing
maximum value from Peregrine’s non-Chidliak assets, including the Lac
des Gras project and extensive diamond exploration databases.
Peregrine Diamonds has formed a new, wholly owned subsidiary, Peregrine
Exploration Ltd. (“Peregrine Exploration”). This new entity will
identify and, as warranted, acquire for exploration and development
diamond properties utilizing the Company’s extensive proprietary
databases and expert technical staff. In addition Peregrine Exploration
will manage all Canadian non-Chidliak assets of the Company. Peregrine
Diamonds will remain the legal owner of its existing assets.
Peregrine Diamonds will continue to focus on completing the Diamond
Resource Development Program at Chidliak and advancing the project
towards production. The Company’s ongoing 2015 work program, which
includes the collection of bulk samples from priority kimberlites by
large diameter reverse circulation (“RC”) drilling, is designed to prove
up a resource base that would be the foundation of a preliminary
economic assessment to be completed in 2016.
To align the Company’s leadership with these focus areas, the Company is
pleased to announce the following management changes which are
- Mr. Eric Friedland has been appointed Executive Chairman of both
Peregrine Diamonds and Peregrine Exploration and has resigned as Chief
Executive Officer of Peregrine Diamonds.
- Mr. Tom Peregoodoff, currently Executive Vice President, Business
Development, has been appointed President and Chief Executive Officer of
- Mr. Brooke Clements has been appointed President and Chief Executive
Officer of Peregrine Exploration and has resigned as President of
- Dr. Herman Grütter, currently Program Manager, Chidliak Exploration,
has been appointed Vice President, Technical Services of Peregrine
Mr. Friedland established Peregrine Diamonds as a private entity in
2003, taking the company public in 2006. He was Chief Executive
Officer and Chairman of Peregrine Metals Ltd., a public copper
exploration company which was spun out of Peregrine Diamonds, taken
public in 2010, and sold to Stillwater Mining Company in a transaction
that was valued at US$487 million in July, 2011. Mr. Friedland will
continue to play a key role in the growth of the Company and Peregrine
Exploration as Executive Chairman of both companies.
Tom Peregoodoff, Peregrine Diamonds’ new President and CEO, who has over
25 years of mining and petroleum industry experience, joined the
Company in 2012 as Executive Vice President, New Business Development.
He was previously with BHP Billiton for 18 years, most recently as Vice
President, Exploration, based in Singapore. In this role he was
responsible for global exploration activities managed out of regional
offices located in Moscow, Beijing, Vancouver, Santiago, Johannesburg
and Perth and was responsible for a team that included over 100
employees and contractors.
Brooke Clements, newly appointed President and CEO of Peregrine
Exploration, has over 30 years of diamond exploration and project
evaluation experience. He joined Peregrine Diamonds in 2007 as
President, and led the Company through the discovery and evaluation of
Chidliak. Prior to joining Peregrine Diamonds, Mr. Clements had been
Vice President, Exploration for Ashton Mining of Canada Inc., where he
led the team that discovered the Renard cluster of economic kimberlites
in Quebec which are scheduled to go into commercial production in 2017.
Dr. Grütter, Peregrine’s newly appointed Vice President, Technical
Services, joined Peregrine Diamonds in January 2014 as Program Manager,
Chidliak Exploration. He spent the first twelve years of his career
with De Beers based in South