Peregrine Discovers New Diamondiferous Kimberlite Lithologies at DO-27

September 24, 2007 PDF version
Vancouver, British Columbia, Canada - Monday, September 24, 2007 - Peregrine Diamonds Ltd. (TSX:PGD) (“Peregrine”) today announced that caustic fusion results of drill core from two, newly discovered kimberlite lithologies at the nine hectare DO-27 kimberlite pipe, WO Diamond Project, NT, Canada, are diamondiferous.

The new lithologies were intersected in two horizons in a vertical, NQ (47 mm diameter), core hole (DO-27-06-32) drilled into the Northeast Lobe of DO-27 to test the extent of various kimberlite lithologies below the main diamond bearing pyroclastic kimberlite (PK) unit of the Northeast Lobe, which grades over 0.78 carat per tonne. Underlying the PK in the Northeast Lobe is a complex volcaniclastic kimberlite unit and what was interpreted as hypabyssal kimberlite, which was considered to be the base of the Northeast Lobe stratigraphy (see press release dated March 16, 2006). Core hole DO-27-06-32 has encountered these new additional kimberlite lithologies beneath the previously interpreted hypabyssal unit.

The first new lithology, described as a resedimented volcaniclastic kimberlite and designated RFW (A), was intersected from 204.7 meters to 256.4 meters of depth. The second new lithology, described as a possible magmatic kimberlite breccia and designated RFW (B), was intersected from 302.1 meters to the bottom of the hole at 343.6 meters of depth. This discovery could have positive implications to the overall size of the kimberlite at DO-27 as the area below 204 meters of depth in this location was previously expected to be principally granitic host rock.

Caustic fusion results of these new kimberlite lithologies, shown below, prove that they are diamond bearing:

Unit RFW (A) RFW (B)
Sample Weight 71.4 kg 28.1 kg
Sieve Size # of Stones # of Stones
+ 1.70 mm 0 0
+ 1.18 mm 0 0
+ 0.85 mm 0 0
+ 0.60 mm 2 1
+ 0.425 mm 2 2
+ 0.30 mm 8 1
+ 0.212 mm 17 4
+ 0.150 mm 18 10
+ 0.106 mm 39 13
+ 0.075 mm 55 37

The recovery of significant numbers of micro-diamonds from such small samples is highly encouraging. A plan to further test these new lithologies is being prepared by Peregrine.

Dr. Jennifer Pell, P.Geo., Chief Geoscientist for Peregrine Diamonds Ltd., is the Qualified Person under NI 43-101 in regards to Peregrine’s Canadian diamond exploration projects.

Peregrine is a Canadian diamond exploration/development company that is managed by geoscientists with extensive experience in the diamond industry. In addition to completing a Preliminary Technical Assessment of the DO-27 kimberlite, Peregrine is also exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. Peregrine trades on the Toronto Stock Exchange under the symbol “PGD”.

For further information, please contact Jim Crawford, Manager — Investor Relations, at 604-408-8880 or at jim@pdiam.com.

Forward-Looking Statements: 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,” “anticipated,” “intend,” “likely,” “may,” “potential,” “should,” “scheduled,” “significant,” and similar expressions are forward-looking statements. Although Pere