Peregrine To Drill High Priority Kimberlite-Type Geophysical Anomalies In Manitoba

February 14, 2008 PDF version
Mr. Brooke Clements, President and Mr. Eric Friedland, Chief Executive Officer of Peregrine Diamonds Ltd. (“Peregrine” or “the Company”) are pleased to report that the Company is planning to drill four to six high priority kimberlite-type magnetic anomalies in northern Manitoba, Canada, in March and April, 2008. The anomalies, which vary between four and 15 hectares in size, are situated up-ice of known kimberlite indicator mineral occurrences on two separate properties, Crosswell River and Weir River. These properties are located approximately 100 and 200 kilometres south of Churchill, Manitoba respectively.

Drill permit applications have been submitted to the Manitoba government and a core drill has been secured to mobilize to northern Manitoba in early March, 2008. A minimum of two anomalies are scheduled for drilling on each of the Crosswell River and Weir River properties.

Background Information
Northern Manitoba has seen a significant amount of diamond exploration over the last 20 years. Most of the exploration consisted of till sampling programs conducted by diamond exploration companies and government agencies. The recovery of abundant kimberlitic indicator minerals including G10 pyrope garnets and eclogitic garnets is well-documented. G10 and eclogitic garnets have geochemical signatures strongly suggesting an association with diamonds. Despite the presence of abundant indicator minerals, no kimberlite source has yet been discovered in this region. The Crosswell River and Weir River properties are situated up-ice of most of Manitoba’s known kimberlitic indicator mineral occurrences and therefore are potential source areas.

Work completed by Peregrine to date on the 130,000 hectare Crosswell River property includes a 10,600 line kilometer fixed-wing airborne magnetic survey in 2006 and follow-up ground magnetic surveys over six anomalies in 2007. A 2,700 line kilometer fixed-wing airborne magnetic survey was completed over the 31,000 hectare Weir River property in March, 2007 and follow-up ground magnetic surveys were completed over 10 anomalies later in the year.

A map showing Peregrine’s land position in Manitoba and images of two of the anomalies scheduled for drilling is available here.

Peregrine has an option to earn a 90% interest in each of the Crosswell River and Weir River properties by making certain cash payments to the vendor and incurring minimum assessment requirements on the properties.

Mr. Peter Holmes, Professional Geologist and Peregrine’s Vice President, Exploration, is a Qualified Person under NI 43-101 and is responsible for the design and conduct of the programs carried out by the Company in Manitoba.

For further information, please contact Brooke Clements, President, Eric Friedland, CEO, or Peregrine Diamonds Investor Relations, at 604-408-8880 or at investorrelations@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 Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in