Peregrine Reports 2.08 Carats of +0.85 mm Diamonds From New 170 kg Ch-6 Sample and Promising Coarse Diamond Size

VANCOUVER, BRITISH COLUMBIA, Nov 12 (MARKET WIRE) --
Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX: PGD) is
pleased to report outstanding new diamond results from the CH-6
kimberlite that support previous results from that kimberlite. In
addition, promising coarse diamond size distributions were received from
samples of the CH-10 and CH-12 kimberlites. The CH-6, CH-10 and CH-12
kimberlites are situated on the 9,800 square kilometre Chidliak project
("Chidliak"), Baffin Island, Nunavut, Canada. The southwestern corner of
Chidliak is located only 60 kilometres from Iqaluit, Nunavut's capital.

On September 21, 2009, the Company reported the discovery of 2.50 carats
of +0.85 mm diamonds from a 398.8 kilogram sample of drill core collected
from the CH-6 kimberlite. An additional 170.3 kg sample of drill core
collected from a magmatic phase of CH-6 ("CH-6C") has returned 2.08
carats of +0.85 mm diamonds. A total of 2,007 diamonds larger than the
0.075 mm sieve size, including 91 diamonds larger than the 0.600 mm sieve
size, was recovered from the sample with the two largest diamonds being a
0.420 carat white, translucent aggregate and a 0.361 carat yellow,
transparent distorted crystal.

A 111.4 kilogram sample of drill core collected from CH-10 yielded 152
diamonds larger than the 0.075 mm sieve size, including two diamonds
larger than the 0.600 mm sieve size. A 251.7 kilogram sample of surface
kimberlite collected from CH-12 yielded 270 diamonds larger than the
0.075 mm sieve size, including three diamonds larger than the 0.600 mm
sieve size. The CH-9 and CH-11 kimberlites were also determined to be
diamondiferous. A 216.8 kilogram surface sample of CH-9 yielded two
diamonds, one larger than the 0.075 mm sieve and one larger than the
+0.106 sieve size and a 210.0 kilogram surface sample from CH-11 yielded
one +0.075 mm stone.

The following table summarizes all caustic fusion diamond results to date
from the CH-6 kimberlite together with results from the CH-10 and CH-12
kimberlites. The analyses were performed at the Saskatchewan Research
Council Geoanalytical Laboratories ("the SRC").

SUMMARY OF DIAMOND RESULTS FOR SAMPLES FROM THE CH-6 AND CH-10 and CH-12
KIMBERLITES
--------------------------------------------------------------------------
Numbers of Diamonds According
to Sieve Size Fraction (mm)
Sample -------------------------------------------------------
Kimberlite Weight +0.075 +0.106 +0.150 +0.212 +0.300 +0.425 +0.600 +0.850
Sample (kg) -0.106 -0.150 -0.212 -0.300 -0.425 -0.600 -0.850 -1.180
--------------------------------------------------------------------------
CH-6A(ii) 199.8 629 489 279 186 140 71 44 27
--------------------------------------------------------------------------
CH-6B(ii) 199.0 261 226 131 95 56 36 25 8
--------------------------------------------------------------------------
CH-6C 170.3 737 527 299 182 117 54 44 28
--------------------------------------------------------------------------
Total CH-6 569.1 1627 1242 709 463 313 161 113 63
--------------------------------------------------------------------------
CH-10 111.4 64 33 28 11 9 5 2 -
--------------------------------------------------------------------------
CH-12 251.7 85 83 45 26 19 9 3 -
--------------------------------------------------------------------------

---------------------------------------------------------------------
Numbers of Diamonds According Carats
to Sieve Size Fraction (mm) Per
Sample ----------------------------- Carats Tonne
Kimberlite Weight +1.180 +1.700 +2.360 +3.350 Total +0.85 (+0.85
Sample (kg) -1.700 -2.360 -3.350 -4.750 Diamonds mm mm)(i)
---------------------------------------------------------------------
CH-6A(ii) 199.8 15 5 1 1 1887 2.09 10.5
---------------------------------------------------------------------
CH-6B(ii) 199.0 3 1 1 0 843 0.41 2.1
---------------------------------------------------------------------
CH-6C 170.3 10 7 2 0 2007 2.08 12.2
---------------------------------------------------------------------
Total CH-6 569.1 28 13 4 1 4737 4.58 8.0
---------------------------------------------------------------------
CH-10 111.4 - - - - 152 - -
---------------------------------------------------------------------
CH-12 251.7 - - - - 270 - -
---------------------------------------------------------------------

(i) The diamond content of the samples as determined by caustic
dissolution may not be representative of the overall diamond content
of the CH-6 kimberlite due to a number of factors including the limited
area of the kimberlite from which the drill core samples were collected
and the relatively small size of the samples.
(ii) Results for samples of drill core first reported on September 21,2009

Mr. Brooke Clements, President of Peregrine stated "The results we
have received from the cumulative 0.569 tonne sample collected from CH-6
are truly outstanding. The presence of ten diamonds larger than 0.10
carats in size from such a small sample suggests that we should see a
good population of large, commercial-size diamonds when larger samples
are collected from CH-6. It is still very early in the exploration cycle
at Chidliak and already 16 kimberlites have been discovered. All twelve
of the kimberlites tested so far are diamondiferous and four of these,
CH-1, CH-2, CH-6 and CH-7 have produced commercial-size, +0.85 mm
diamonds from small kimberlite samples. In addition, CH-10 and CH-12 show
promising coarse diamond size distributions and additional drilling and
sampling of these kimberlites is warranted. We have only drilled for
eight weeks with one drill, drilling 4,000 metres and testing only 15
targets. Less than 15 percent of the property has been flown with
airborne geophysics and a comprehensive property-wide heavy mineral
sampling programme was completed just this summer. Over 200 anomalies
from the existing airborne survey require follow-up and a significantly
expanded airborne survey is being planned for early 2010. We are
confident that we will discover additional kimberlites with economic
potential next year."

CHARACTERISTICS OF THE CH-6, CH-10 AND CH-12 KIMBERLITES AND LARGE CH-6
DIAMONDS

The discovery of the CH-6 kimberlite was reported by Peregrine on August
6, 2009, with additional drilling information reported on September 14,
2009. The CH-6C sample consisted of magmatic kimberlite collected from
drill hole number five in the southeastern portion of the pipe. The
sample material is described as massive kimberlite with 40 to 50 percent
olivine macrocrysts up to ten millimetres in size, abundant garnet and
chrome diopside grains and abundant mantle xenoliths up to eight
centimetres in size. The following table presents descriptions provided
by the SRC for the nine diamonds larger than the 1.700 mm sieve size
recovered from the 170.3 kg CH-6C sample.

DESCRIPTION OF DIAMONDS FROM CH-6C LARGER THAN THE 1.700 mm SIEVE SIZE
----------------------------------------------------------------------------
Weight
Sieve Carat
Size (mm) (ct) Measurements (mm) Description
----------------------------------------------------------------------------
+2.360 0.42 5.0 x 3.4 x 3.3 White, translucent aggregate
-3.350
----------------------------------------------------------------------------
+2.360 0.36 3.9 x 3.3 x 3.0 Yellow, transparent distorted crystal
-3.350
----------------------------------------------------------------------------
+1.700 0.15 3.2 x 2.4 x 2.1 Off-white, frosted octahedron
-2.360
----------------------------------------------------------------------------
+1.700 0.12 3.3 x 2.3 x 1.7 Off-white, transparent macle
-2.360
----------------------------------------------------------------------------
+1.700 0.11 3.7 x 2.0 x 1.9 White, transparent distorted crystal
-2.360
----------------------------------------------------------------------------
+1.700 0.10 3.3 x 2.2 x 2.1 White, transparent aggregate
-2.360
----------------------------------------------------------------------------
+1.700 0.09 3.0 x 2.0 x 2.0 White, transparent octahedron
-2.360
----------------------------------------------------------------------------
+1.700 0.08 2.9 x 2.1 x 1.7 White, transparent aggregate
-2.360
----------------------------------------------------------------------------
+1.700 0.06 2.8 x 2.1 x 1.2 White, transparent fragment
-2.360
----------------------------------------------------------------------------

Twenty-three of the 47 diamonds larger than the 0.85 mm sieve size
from the CH-6C sample were classified by the SRC as having a white
(colourless) colour, twenty-one were described as off-white and three
were yellow. Photos of a selection of diamonds and drill core from CH-6,
together with maps showing CH-6, CH-10 and CH-12 are available on
Peregrine's web-site at http://www.pdiam.com/i/pdf/chidliak289.pdf.

The discovery of CH-10 was first reported on September 14, 2009. The
kimberlite was discovered by drilling two inclined holes across a
magnetic low anomaly with an approximate surface diameter of 50 metres.
CH-10 is one of four magnetic low anomalies aligned in a north-northwest
direction along a 600 metre trend, referred to as the "string of pearls",
just north-northwest of the CH-6 kimberlite. The material in the 111.4 kg
CH-10 sample was described as massive phlogopite-bearing magmatic
kimberlite with 30 to 50 percent olivine macrocrysts up to ten
millimetres in size, abundant mantle-derived garnets and minor ilmenite
and chrome diopside. As reported on September 14, 2009, CH-12 was
discovered when an area of kimberlite outcrop and subcrop was identified
while prospecting a magnetic high geophysical anomaly measuring
approximately 100 metres by 50 metres. The material in the 251.7 kg CH-12
sample was described as massive pyroclastic kimberlite with less than
five percent country rock xenoliths including limestone, 40 to 50 percent
olivine macrocrysts up to ten millimetres in size and abundant indicator
minerals.

Twelve of the 16 kiimberlites discovered to date at Chidliak have been
tested for diamonds and all of these are diamondiferous. Diamond results
for the last four kimberlites discovered in 2009, CH-13 through CH-16,
are expected later this quarter. Relevant information regarding the 50
tonne mini-bulk sample of CH-1 and the 2010 Chidliak exploration
programme will be released when it becomes available.

The SRC is an independent laboratory that is accredited by the Standards
Council of Canada to the ISO/IEC Guide 25 standard for diamond recovery
by caustic fusion. The kimberlite samples were collected, sealed in
secure containers and shipped to the SRC under strict chain of custody
protocols supervised by senior Peregrine personnel.

Peregrine is the operator of the 2009 Chidliak exploration programme
which is being fully funded by BHP Billiton. As announced on November 24,
2008, BHP Billiton has elected to exercise its earn-in rights for
Chidliak and, under the terms of the earn-in agreement, must incur a
total of $22.3 million dollars in exploration expenditures in order to
earn a 51% interest in Chidliak.

Mr. Peter Holmes, P. Geo., Peregrine's Vice President, Exploration, is a
Qualified Person under NI 43-101 and is responsible for the design and
conduct of the programs carried out by the Company on the Chidliak
property. Mr. Holmes has reviewed this release and approves of its
contents.

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 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
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, any changing budget priorities of BHP
Billiton, operational and infrastructure risks, 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.

Contacts:
Peregrine Diamonds Ltd.
Eric Friedland
CEO
604-408-8880

Peregrine Diamonds Ltd.
Brooke Clements
President
604-408-8880

Peregrine Diamonds Ltd.
Investor Relations
604-408-8880
investorrelations@pdiam.com
www.pdiam.com

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