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Press release from Marketwire

Peregrine Closes $10-Million Financing

Monday, October 29, 2012

Peregrine Closes $10-Million Financing07:30 EDT Monday, October 29, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 29, 2012) - Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) is pleased to announce the closing of a $10-million financing with Newstar Securities SRL ("Newstar"), a company wholly owned by Robert Friedland, and with Dundee Corporation ("Dundee") as announced on October 25, 2012. Under the terms of the financing, Newstar purchased 16.4 million shares and Dundee purchased 3.6 million shares of Peregrine from treasury, for a total of 20 million shares, priced at $0.50 per share, for total net proceeds of $10-million. For further information on Peregrine Diamonds, please visit www.pdiam.com. FOR FURTHER INFORMATION PLEASE CONTACT: Contact Information: Peregrine Diamonds Ltd.Mr. Eric FriedlandCEO604-408-8880Peregrine Diamonds Ltd.Mr. Brooke ClementsPresident604-408-8880Peregrine Diamonds Ltd.Mr. Tom PeregoodoffExecutive VP, Business Development604-408-8880Peregrine Diamonds Ltd.Investor Relations604-408-8880investorrelations@pdiam.comwww.pdiam.com