From Canaccord Morning Coffee Thursday, January 14, 2010:

Peregrine Diamonds* (PGD : TSX : $2.36), Net Change: 0.24, % Change: 11.32%, Volume: 8,719,363

Follow the leader. Shares of Peregrine Diamonds were moving higher Wednesday, following a huge cross that took place first thing in the morning. The cross consisted of 7.6 million Peregrine shares and had a value over $16 million. Does someone big want in before the next set of results? Peregrine has made what is arguably one of the most exciting diamond discoveries (anywhere in the world) in a long time - at its 980,000-hectare Chidliak Project on Baffin Island, Nunavut. The company announced in December that processing to recover commercial-sized diamonds from the 50-tonne mini-bulk sample collected from the CH-1 kimberlite had commenced. The mini-bulk sample is being processed at the Saskatchewan Research Council Geoanalytical Laboratories and final results are expected this month - January, 2010. Back in September, shares of Peregrine first took off after the diamond explorer announced that a 398.8 kg sample collected from kimberlite CH-6 yielded 2,730 diamonds larger than the 0.075 mm sieve size, including 131 diamonds larger than the 0.600 mm sieve size. The largest diamond recovered from the sample was a 0.62-carat white, transparent aggregate. Also of note, Peregrine announced last week that it has appointed Mike Westerlund to the position of Vice President, Investor Relations and Corporate Communications. Brooke Clements, President of Peregrine, stated, "2010 will be an important year for Peregrine as we continue to add value to the company by advancing our four diamond projects in Nunavut including Chidliak, one of the most promising diamond projects in the world. Mike Westerlund's experience and expertise will complement our strong management team as we communicate our on-going advancements to the investment community."