Peregrine Raises $1 Million At $2.00 Per Share

September 1, 2004
Peregrine Diamonds Ltd. is pleased to announce that it has closed a 500,000 share (net $1 million) non-brokered and non-flow through private placement with BHP Billiton Diamonds Inc. as previously outlined in the July 19, 2004 merger announcement between Peregrine and Dunsmuir. Pursuant to the merger agreement, Peregrine and Dunsmuir have raised a total of $5.36 million. The combined treasury of both companies today is approximately $14 million.

The company intends to use these funds to continue its exploration programs in the Americas and for general working capital.

Correction

Further to the joint Peregrine-Dunsmuir news release of August 18, 2004 the $3.36 million flow through share financing consisted of flow-through common shares and not special warrants as reported.

For further information about both companies please contact Eric Friedland at 604-408-8880 and Art Ettlinger at 604-681-6311 or visit each company’s web site at: www.peregrinediamonds.com and www.dunsmuirventures.com.


On Behalf of Peregrine Diamonds Ltd.
“Eric Friedland”
Eric Friedland, President
Email: eric@pdiam.com

On Behalf of Dunsmuir Ventures Ltd.
“Art Ettlinger”
Art Ettlinger, President
Email: aettlinger@dunsmuirventures.com


The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

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