Agoracom: Small Cap Investment - Peregrine Diamonds Ltd. - Acquisition of 1.3 Million Hectares of Prospecting Permits, Baffin Island, Nunav

Diamond Development & Exploration

Baffin Island, Nunavut ♦ Manitoba ♦ Northwest Territories

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Clavis

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Acquisition of 1.3 Million Hectares of Prospecting Permits, Baffin Island, Nunav

posted on Feb 17, 2009 04:34AM

February 17, 2009

Peregrine Announces Acquisition of 1.3 Million Hectares of Prospecting Permits Bordering the Chidliak Project, Baffin Island, Nunavut

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 17, 2009) - Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to announce that on February 2, 2009, the Nunavut Mining Recorder approved the Company's application for 86 prospecting permits bordering Peregrine's 980,000 hectare Chidliak project ("Chidliak") on Baffin Island, Nunavut, Canada. The recently approved permits total approximately 1.3 million hectares (13,000 square km). The Company has named the new permits the Qilaq project ("Qilaq") which means "sky" in the south Baffin Island dialect of Inuktitut, the language spoken by the indigenous people of Nunavut.

Qilaq adjoins Chidliak to the north, east and south. A map showing Qilaq and Peregrine's other prospecting permits on southern Baffin Island is available at http://www.pdiam.com/i/pdf/Qilaq.pdf. In 2008, Peregrine discovered three diamond-bearing kimberlites at Chidliak. Chidliak is 100 percent-owned by Peregrine, subject to earn-in rights that have been exercised by BHP Billiton as announced on November 24, 2008. On February 12, 2009, Peregrine announced the approval of a $9.2 million, 2009 Chidliak exploration programme that will be fully financed by BHP Billiton.

Qilaq is 100 percent-owned by Peregrine. Other than a one kilometre area around the outer perimeter of Chidliak, Qilaq is not encumbered by any option or earn-in rights.

The geologic features of Qilaq and its proximity to Chidliak make this new project an ideal diamond exploration target. Of particular interest is the geologic interpretation that Qilaq and Chidliak are underlain by the same ancient Archean bedrock. Most of the world's major diamond deposits are hosted in similar geologic environments. During the summer of 2009, Peregrine plans to evaluate Qilaq's diamond potential by collecting approximately 600 till samples and analyzing them for kimberlite indicator minerals.

Brooke Clements, President of Peregrine, stated, "We have now more than doubled our prospecting rights in Canada's newest diamond district on Baffin Island. We expect to make significant exploration progress at Chidliak this year and systematic exploration of the newly acquired Qilaq prospecting permits will give us exposure to possible additional diamondiferous kimberlite discoveries outside of Chidliak."

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