Peregrine Diamonds Announces Corporate Reorganization and Management Changes

February 12, 2015 PDF version
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 effective immediately:
  • 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 Peregrine Diamonds.
  • Mr. Brooke Clements has been appointed President and Chief Executive Officer of Peregrine Exploration and has resigned as President of Peregrine Diamonds.
  • Dr. Herman Grütter, currently Program Manager, Chidliak Exploration, has been appointed Vice President, Technical Services of Peregrine Diamonds.
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 Africa and Canada, and from 2005 to 2012 held the position of Commodity Specialist (Diamonds) for BHP Billiton. In his role with BHP Billiton, Dr. Grütter was the technical representative on the Chidliak Joint Venture Management Committee from 2007 to 2012. Dr. Grütter is recognised as a leading expert on diamond exploration and development and is the first author of several industry-leading publications that relate kimberlitic indicator minerals to diamonds.

Eric Friedland, Executive Chairman of both Peregrine Diamonds and Peregrine Exploration said “Th