May 11, 2006
May 11, 2006, Vancouver, B.C. - Peregrine Diamonds Ltd. (“Peregrine”)
(TSX-V: PGD) today announced that large diameter RC (“LDRC”) drilling on
the lake-ice at DO-27 has been completed for this year. LDRC drilling
on the land-based portion of DO-27 (Northeast Lobe) is scheduled to
begin in August, 2006. LDRC drilling of the DO-18 kimberlite is
scheduled to begin October, 2006.
A total of eighteen LDRC holes totaling 3202 meters have been completed
to date at DO-27 by Peregrine including twelve holes totaling 2424
meters completed this winter.
Approximately 566 tonnes of kimberlite were extracted during the winter
2006 bulk sampling program for a total of over 717 tonnes of kimberlite
extracted from DO-27 to date by Peregrine through LDRC drilling. The
2006 program recovered material from vertical depths of up to 403 meters
as compared to 209 meters in the 2005 program.
This year’s bulk sample consisting of 444 samples have been delivered to
the Ekati™ Diamond Mine for diamond recovery processing which is
scheduled for June/July, 2006.
A total of twenty-four NQ and HQ core holes totaling 5233 meters have
been completed to date at DO-27 by Peregrine including twelve holes
totaling 2929 meters this winter. Core drilling is currently continuing
with the following objectives:
- Delineation drilling of DO-27, particularly the Northeast Lobe which is land based.
- Geotechnical drilling at DO-27.
- Exploration drilling in the area between DO-27 and DO-18 where
previous core drilling intersected kimberlite and where geophysical
gravity data suggests that DO-27 and DO-18 may be connected at depth.
WO Diamond Project is a joint venture with Peregrine holding a 54.475%
interest plus Operatorship. The other partners’ project interests are as
follows: Archon Minerals Ltd 13.275%, Aber Diamond Corp. 7.35%, DHK
Diamonds Inc. 20% (1/3 controlled by each of Dentonia Resources Ltd.,
Horseshoe Gold Mining Inc., and Kettle River Resources Ltd.), and
SouthernEra Diamonds Inc. 4.9%.
Peregrine’s diamond exploration programs are conducted under the
direction of Dr. Jennifer Pell, Vice President Exploration, P. Geo.,
(BC), P. Geo. (NT/NU), a qualified person under NI 43-101.
Peregrine is a well funded Canadian diamond exploration/development
company that is managed by experienced geoscientists. The company is
taking the plus 9 hectare DO-27 diamondiferous kimberlite into
pre-feasibility, and is exploring for other diamondiferous kimberlites
on its extensive land holdings in Canada. The company trades on the
TSX-V Exchange under the symbol “PGD”.
Peregrine Diamonds Ltd.
Eric Friedland, President and CEO
Alan Carter, COO
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,” “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
under the heading “Risk Factors” and elsewhere in the corporation’s
periodic filings with Canadian regulators.
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