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Peregrine Diamonds Successfully Completes 2017 Work Program at Chidliak and Provides Botswana Project Update

Peregrine Diamonds Ltd. recently announced that it has successfully completed its 2017 work program at its 100%-owned Chidliak Diamond Project (“Chidliak”) near Iqaluit, Nunavut, Canada. The program was completed on schedule on September 8, 2017, with a total of 5,288 metres drilled in 15 core holes utilizing three drill rigs.

The program achieved the drilling objectives of the 2017 work program, as outlined in a June 19, 2017 news release, including the primary goal of further delineating and sampling the CH-6 kimberlite to a depth of 500 metres below surface (“mbs”). In addition, two near-vertical core holes terminated in kimberlite at depths greater than 530 mbs, confirming the kimberlite is open below the 500 mbs drilling target depth. The results of the 2017 program will form the basis of a revised CH-6 resource estimate, with the goal of extending the categorized resource base from a depth of 260 mbs to 500 mbs.

Tom Peregoodoff, Peregrine’s President and Chief Executive Officer, commented: “We are pleased to have successfully completed the 2017 drill program. We have confirmed that the high grade CH-6 kimberlite pipe extends beyond 500 metres below surface and remains open at depth. In addition, the 2017 program has expanded the kimberlite within the 260 metre base of the existing Inferred Resource, which could significantly add to the total carat count in the current Inferred Resource. Finally, the completed 2017 drilling and sampling of kimberlite material deeper than 260 metres below surface, currently classified as a Target for Further Exploration, could provide additional significant uplift to contained carats as we look to announce an increased diamond resource later this year.”