March 22, 2006
March 22, 2006 - Vancouver, Canada - Peregrine Diamonds Ltd.
(“Peregrine”) (TSX-V: PGD) has been notified by the Joint Venture
Management Committee for the Tibbitt to Contwoyto Winter Road that the
winter ice road servicing the mines and exploration projects north of
Yellowknife, including the WO Diamond Project, has been closed
indefinitely due to unseasonably warm weather and deteriorating ice
conditions over the southern part of the road (see attached press
release). While the return of cold weather may allow the road to reopen
for certain critical loads, it is very likely the road may be closed
for the season.
The Tibbitt to Contwoyto Winter Road opened on 8th February 2006 and was
open for a period of 42 days in 2006 compared with a total of 70 days
during the 2005 season.
As a result of careful logistical planning by Peregrine, the bulk
sampling and diamond drilling program of the DO-27 kimberlite at the WO
Diamond Project, NWT, Canada will continue for the duration of the
winter/spring season. Peregrine has secured a number of Hercules flights
operated by First Air which will allow the transport of sufficient fuel
to allow for the continuation of drilling. Peregrine has maintained an
ice thickness on the DO-27 lake which is in excess of 80 inches.
Drilling is expected to continue until such time as this ice thickness
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
Investor Relations: Tel: (604) 408-8880 Facsimile: (604) 408-8881
Tibbitt To Contwoyto Winter Road Update
(Yellowknife, March 22, 2006) The Joint Venture Management Committee
(the JVMC) for the Tibbitt to Contwoyto Winter Road Joint Venture has
indefinitely suspended ice road operations. This decision has been made
in consultation with EBA Engineering which provides ice engineering
services and Nuna Logistics which constructs and operates the winter
road for the JVMC.
This past winter has been unseasonably warm and despite many efforts to
halt the thinning ice, the road is no longer able to safely support
loaded trucks. Attempts to find alternate ice routes or methods to
extend ice life have been examined but have not proven viable. Due to
unsafe ice conditions, the JVMC recommends the public refrain from using
the ice road.
The JVMC has notified the Federal Government and is notifying commercial third party users of the winter road suspension.
If the weather turns cold and ice conditions improve before March 25,
the JVMC may consider reopening the road under such conditions as it
determines are appropriate to operate the road in a safe and
environmentally sound manner. However, the five day weather forecast is
for continued unseasonably warm weather.
The Tibbitt to Contwoyto Winter Road is managed by a Joint Venture
Management Committee currently comprising Diavik Diamond Mines Inc. and
BHP Billiton Diamonds Inc. The JVMC is committed to constructing,
operating and maintaining the winter road in a safe and environmentally
For more information on the status of the winter road, contact Tom
Hoefer, Manager of External & Internal Affairs at Diavik Diamond
Mines Inc., Tel: 867-669-6518.
Diavik Diamond Mines Inc., P.O. Box 2498, 5007 - 50th Avenue, Yellowknife, NT, X1A 2P8, 867-669-6500, fax 867-669-6575
BHP Billiton Diamonds Inc. 1102, 4920, 52nd Street, Yellowknife, NT X1A 3T1, 867-669-9292, fax 867-669-9293
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