Peregrine Diamonds Valuation Averages $213 per Carat

(IDEX Online News) – Peregrine Diamonds Ltd. today (Thursday) announced that a recent independent valuation of a 1,013.5 carat parcel of commercial-size diamonds recovered from the CH-6 kimberlite pipe of the Chidliak diamond project averaged $213 per carat. The entire parcel was valued at $215,605.

The four largest diamonds, weighing 8.87, 5.83, 4.62 and 4.11 carats had per carat market values of $4,076, $3,455, $2,900 and $2,633, respectively.

The valuation was conducted in Antwerp, Belgium by WWW International Diamond Consultants. "The shape, color and size distribution profiles of this parcel compare very well with current Canadian diamond production,” said WWW co-founder Richard Wake-Walker. “It is very encouraging to see such high quality goods from a relatively small parcel and at such an early stage in the project."

"The results of the first diamond valuation from Chidliak are spectacular,” said Peregrine CEO Eric Friedland. “The average price per carat and grade of this bulk sample clearly show that CH-6 could have rock value that is comparable with the richest kimberlites currently being mined. These results establish Chidliak as a world class diamond district. We are more confident than ever that planned bulk sampling beginning in 2015 of other known pipes at Chidliak with economic potential could lead to the development of Baffin Island's first diamond mine."

The 100-percent owned Chidliak diamond project.is located on Baffin Island, 120 kilometers from Iqaluit, the capital of Nunavut, Canada. So far, 67 kimberlites have been discovered at the project with at least being potentially economic. Peregrine is a diamond exploration and development company focused on Canada’s north.