April 19, 2005
Mr. Eric Friedland, President of Peregrine Diamonds Ltd., today reported
that approximately 150 tonnes of kimberlite of the 200 tonne bulk
sample have been extracted using a 14” diameter, RC drill rig operated
by Midnight Sun Drilling. A total of six holes were completed to
varying depths and the kimberlite extracted has been shipped to BHP
Billiton’s Ekati(tm) Diamond Mine for processing through their test
plant, including x-ray and grease table concentration, to be followed by
hand sorting of diamonds. All processing and sorting is expected to be
finalized by the end of May 2005, at which time more information
including, but not limited to, total carats recovered will be provided.
Peregrine is confident that sufficient information will be obtained from
this sample to make sound decisions regarding the future testing of
Peregrine, Midnight Sun and BHP Billiton have come to agreement whereby
Midnight Sun’s large diameter RC drill rig will be stored at Ekati(tm)
until next winter. This advance planning will allow Peregrine, in
anticipation of positive results from this current program, to commence
next year’s bulk sample program in early January, 2006, and could add as
much as sixty extra drilling days to the winter drill season, rather
than waiting for the opening of the main Tibbitt to Contwoyto ice road.
A program of NQ sized core drilling of the DO-27 pipe is scheduled to
begin by the end of this week. The first core hole is planned to be
drilled to 600 meters of depth into the perceived center of the pipe. A
total of six core holes, drilled in close proximity to the previous 6
RC holes, are scheduled as long as safe lake-ice conditions exist. The
core drilling is intended to provide additional geological and
geotechnical information on DO-27.
Unless otherwise negotiated, upon completion of a 200 tonne sampling
program, Peregrine’s interest in the project will increase from 38.475%
to 54.475% plus operatorship. The other partners’ project interests will
be: Archon 13.275%, Aber Diamonds 7.35%, DHK Diamonds Inc. 20%, (DHK
Diamonds is 1/3 owned by each of Dentonia Resources Ltd., Horseshoe Gold
Mining Inc. and Kettle River Resources Ltd.), and SouthernEra 4.9%.
All interests are subject to a 1.3% Royalty.
On Behalf of the Board
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