February 14, 2008
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.
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
For further information, please contact Brooke Clements, President, Eric
Friedland, CEO, or Peregrine Diamonds Investor Relations, at
604-408-8880 or at email@example.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
the corporation’s periodic filings with Canadian regulators.