DIAMOND STUDY – Peregrine outlines 18.2M carats

NORTHWEST TERRITORIES - PEREGRINE DIAMONDS of Vancouver now has a NI 43-101-compliant indicated resource number for its DO-27 kimberlite, part of the WO property 27 km southeast of the Diavik diamond mine. The report estimates 18.2 million ct in 19.5 tonnes of kimberlite for an estimate grade of 94 ct per hundred tonnes (cpht). An additional 6.5 million to 8.5 million tonnes of kimberlite below the indicated resources was classified as a potential mineral deposit, and DO-27 remains open at depth.

The resource report was prepared by AMEC AMERICAS, which also completed a preliminary technical assessment of DO-27. Both a "stand-alone" and a "scrub-only" options were examined, with the latter being the more economic.

Although Peregrine management has concluded that the development of the DO-27 project is currently not economically justifiable, both the company and AMEC believe that there is a reasonable chance that DO-27 could support a mining operation in the future.

Maps, 3-D models, and cross-sections from the WO property are available at www.PDiam.com.