Peregrine Reports 15% Increase In CH-6 Kimberlite Inferred Diamond Resource To 8.57 Million Carats And Significant Kimberlite Tonnage Estimate Increases For Ch-6, Ch-7 And Ch-44

January 26, 2015 PDF version
Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) (TSX:PGD) is pleased to report a 15 percent increase in the Inferred Mineral Resource estimate for the upper 250 metres of the CH-6 kimberlite pipe, and a 23 to 26 percent increase in the estimate of additional kimberlite tonnage at CH-6. The tonnage estimates for the CH-7 and CH-44 kimberlite pipes have also significantly increased by 35 to 51 percent and 10 to 56 percent respectively. The Canadian National Instrument (“NI”) 43-101-compliant Inferred Mineral Resource and tonnage estimate expansions are a result of drill programs completed by the Company in 2014. The CH-6, CH-7 and CH-44 kimberlite pipes are located on Peregrine’s 100 percent-owned Chidliak project (“Chidliak”) on Baffin Island, 120 kilometres from Iqaluit, the capital of Nunavut, Canada.

The updated CH-6 Inferred Mineral Resource and tonnage estimate ranges for CH-6, CH-7 and CH-44 are presented in the following tables. On May 7, 2014, Peregrine reported the initial, or “maiden” Inferred Mineral Resource and an additional kimberlite tonnage estimate for CH-6, and maiden kimberlite tonnage estimates for CH-7 and CH-44. The objective of Peregrine’s ongoing resource development program is to further expand the Inferred Mineral Resource at CH-6 and convert the tonnage estimates at CH-7 and CH-44 to Inferred Mineral Resources.

Kimberlite Tonnes (millions) Updated Tonnes (millions) Maiden Carats (millions) Updated Carats (millions)
Grade (carats per tonne) Tonnage

CH-6 3.32 2.89 8.57 7.47 2.58 15

Kimberlite Tonnes (millions) Updated Tonnes (millions) Maiden Maximum Depth (m) Tonnage

CH-6* 3.20 to 4.38 2.60 to 3.47 380 23 to 26
CH-7 3.72 to 6.01 2.75 to 3.97 290 35 to 51
CH-44 1.27 to 3.19 1.16 to 2.05 250 10 to 56
Total 8.19 to 13.58 6.51 to 9.49 - 26 to 43
*The CH-6 tonnage estimate is in addition to the 3.32 million tonne Inferred Mineral Resource.

Mr. Brooke Clements, Peregrine’s President said “The Peregrine team, including its contractors and local employees, delivered once again in 2014, efficiently and safely. It is very satisfying to see that our drill programs resulted in significant increases of the diamond resource at CH-6 and tonnage estimates at CH-6, CH-7 and CH-44. It is important to note that all of the resource expansion at CH-6 was near surface, above 120 metres depth. We are confident that more core drilling and the collection of bulk samples in 2015 will allow us to continue to grow the Chidliak diamond resource and complete a Preliminary Economic Assessment in 2016.”

The kimberlite tonnage estimates that have been identified at CH-6, CH-7 and CH-44 are currently classified as targets for further exploration and are conceptual in nature. There has currently been insufficient explorati