Press release from Marketwire
Peregrine Provides Corporate Update
Monday, July 29, 2013
Peregrine Provides Corporate Update16:18 EDT Monday, July 29, 2013
VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 29, 2013) - At the request of IIROC, on behalf of the Toronto Stock Exchange, Peregrine Diamonds Ltd. (TSX:PGD) ("Peregrine") advises shareholders today that there are no corporate developments to report.
As reported by Peregrine on September 5, 2012, the 100% owned Chdiliak diamond project ("Chidliak"), located on Baffin Island, 120 kilometers north east of Iqaluit, the capital of Nunavut, is subject to an option agreement with De Beers Canada ("De Beers") whereby De Beers has the exclusive right until December 31, 2013 to enter into an earn-in and joint venture agreement for Chidliak on a 50.1 percent De Beers / 49.9 percent Peregrine basis.
As reported June 3, 2013 De Beers has commenced an eight week summer program at Chidliak, budgeted at approximately $2 million, which is focussed on new target generation and orientation activities through ground geophysics, geologic mapping and prospecting. In addition to the summer field program, De Beers is finalizing a comprehensive mining options study and kimberlite pipe characterization studies.
Also as reported on June 3, 2013, Peregrine successfully completed the collection of a bulk sample weighing 508 wet tonnes from the CH-6 kimberlite pipe. This bulk sample is being shipped from Iqaluit this summer and is scheduled to be processed for diamond recovery beginning in the fourth quarter. This bulk sample program was funded and operated by Peregrine.
ABOUT PEREGRINE DIAMONDS
Peregrine Diamonds is a diamond exploration and development company focused on Canada's North. Peregrine has discovered two new diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 72-percent owned, nine hectare DO-27 kimberlite in the Northwest Territories, located 27 kilometres from the Diavik Diamond Mine, a NI 43-101 compliant mineral resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne, which is open at depth, was confirmed in 2008. At its 100 percent- owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, the Company has discovered 61 kimberlites to date, and has completed the first bulk sample from the CH-6 kimberlite in 2013, currently one of seven kimberlites that exhibit economic diamond mining potential. Peregrine also continues to evaluate earlier stage diamond exploration projects it controls in Nunavut and the Northwest Territories and through comprehensive evaluation of its extensive and proprietary diamond exploration databases, is working towards discovering new diamond districts in North America.
Forward-Looking Statements: This news release contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements relating to exercise of the option to joint venture by De Beers, the proposed exploration program, funding availability, anticipated exploration results, resource estimates and future exploration and operating plans are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements and, even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things, uncertainties relating to the exercise of the option to joint venture by De Beers, availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, world diamond markets, future diamond prices, reliability of mineral property titles, changes to regulations affecting the Company's activities, delays in obtaining or failure to obtain required project approvals, operational and infrastructure risk and other risks involved in the diamond exploration business. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to their inherent uncertainty.
FOR FURTHER INFORMATION PLEASE CONTACT:
Mr. Eric Friedland
Mr. Brooke Clements
Mr. Tom Peregoodoff
Executive VP, Business Development