Peregrine Diamonds Sample from Chidliak Finds Grade of 2.7Cts Per Tonne

The diamonds recovered of 600.50 carats of commercial-size (0.85 mm plus) stones included 48 diamonds larger than 1 carat, and 137 diamonds weighing more than 0.50 carats.

The explorer said that the largest stone weighed 3.54 carats and a significant number of the diamonds were gem quality.

Independent consultant Howard Coopersmith said: ''The parcel is overwhelmingly white/off-white in color, with a potentially important yellow gem population present. The majority of stones show high transparency and high clarity with only minor inclusions or flaws present. Most stones are whole and of good shape, with octahedra and lesser modified octahedra predominating.

"No indications of significant diamond breakage were noted. Overall this is a very white and clean diamond population with excellent shapes. A significant number of stones, notable in the larger sizes, are sharp octahedra of the highest color and clarity and should command top prices in the market."

Peregrine's CEO Eric Friedland said, "This first batch of diamond results from our 2013 bulk sample establish CH-6 as one of the highest grade kimberlites in the world. The quality of the diamonds is excellent and we are looking forward to obtaining the first independent diamond value for CH-6 in early 2014 and to establish a resource later that year.

"The CH-6 grade and diamond quality, together with Chidliak's exploration potential, make it one of the most compelling advanced diamond exploration projects anywhere. Planning is now underway for important 2014 and 2015 field programs that will be designed to advance the project to the feasibility stage. In 2014, we are developing a program that will focus on the preparation for 2015 bulk sampling and the testing of multiple high priority kimberlite targets. The focus of the 2015 program will be the collection of bulk samples from key kimberlites by large diameter drilling."