Peregrine Clarifies January 26, 2015 News Release18 hours ago by Marketwire

Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX: PGD) is issuing this news release to revise and clarify certain disclosures contained in its news release of January 26, 2015 (the "News Release").

All references to "kimberlite tonnage estimates" in the News Release refer to targets for further exploration only, as disclosed in the fourth paragraph of the News Release. These targets are conceptual in nature and should not be considered resources as there has currently been insufficient exploration to define a mineral resource on those targets and it is uncertain if further exploration will result in such tonnage estimates being delineated as a mineral resource. The table titled "Kimberlite Tonnage Estimate Ranges" represents kimberlite targets for further exploration only, does not represent resource estimates and should not be relied upon other than as targets for further exploration. The CH-6, CH-7 and CH-44 kimberlites have been drilled by 6,362 metres, 4,796 metres and 3,224 metres of drilling, respectively.

All disclosure regarding the CH-6 Inferred Mineral Resource remains unchanged.

While the CH-6 Inferred Mineral Resource was prepared in accordance with applicable regulatory requirements, there is no regulatory process for confirming that a mineral resource is "NI 43-101 compliant". Accordingly, all references to the CH-6 Inferred Mineral Resource as being National Instrument ("NI") 43-101 compliant is removed.