DIAMOND EXPLORATION: Six more kimberlites identified at Chidliak

NUNAVUT - Vancouver-based Peregrine Diamonds has identified six new kimberlites at it Chidliak project on Baffin Island. The new find brings the total number of known kimberlites on the property to 38 (22 of which have been discovered in 2010). The company says 17 of the kimberlites were identified by core drilling and 21 by prospecting.

An exploration summary showing the new kimberlite discoveries is available at http://www.PDiam.com/i/pdf/chidliak838.pdf.

BHP Billiton has exercised its earn-in rights for the Chidliak project. BHP will incur a total of $22.3 million in exploration expenses to earn a 51% interest. BHP funded the $9.2-million program in 2009. This year's budget is $15.3 million.