Peregrine updates Chidliak, Baffin Island

Peregrine Diamonds Ltd. has discovered three separate areas with high concentrations of metals indicator minerals on the Chidliak Property (Chidliak), Baffin Island, Canada. Chidliak is situated approximately 150 kilometres northeast of Iqaluit, capital of Nunavut. Highly anomalous concentrations of the platinum-bearing mineral sperrylite, the zinc-bearing mineral gahnite and the copper-bearing mineral chalcopyrite were recovered from till samples collected in 2007.

These metals results, together with the encouraging kimberlite indicator mineral results for Chidliak announced on February 19, 2008, prompted the Company to apply, on a confidential basis, for prospecting permits that increased the size of the property by 50% to 980,000 hectares. Receipt of these permits was confirmed on February 1, 2008 by the Nunavut Mining Recorder.

All of the 970 till samples collected from Chidliak in 2006 and 2007 by Peregrine were sent to Overburden Drilling Management (”ODM”) in Nepean, Ontario for kimberlite indicator mineral and metamorphic or magmatic massive sulphide indicator mineral analyses. ODM is an internationally recognized laboratory specializing in identifying kimberlite indicator minerals and indicator minerals associated with metallic ore deposits

Of the 970 samples collected on Chidliak, 220 contained at least one grain of either sperrylite, gahnite or chalcopyrite. In addition, approximately 350 of the 970 samples contained at least one gold grain with two samples containing over 100 gold grains. A mineral grain is a piece of that particular mineral recovered from a till sample concentrate that is generally less than 0.25 mm in size. Some of the gahnite and chalcopyrite grains were larger than 0.25 mm in size.

The three distinct metals anomaly areas on Chidliak are referred to as the Sperrylite Anomaly, the Gahnite Anomaly and the Chalcopyrite Anomaly.

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