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Peregrine estimates 33% increase at Chidliak's CH-6 kimberlite inferred diamond resource

Peregrine DiamondsLtd. said April 7 that contained carats at the CH-6 kimberlite pipe,part of the Chidliakdiamond project in Canada's Nunavut territory, increased by 33%.

The revised estimate now stands at 4.64 million tonnes at 2.45carats per tonne for 11.39 million carats, representing also a 40% increase in tonnage.It includes a newly identified zone estimated to contain around 3.15 million caratsin 760,000 tonnes, at a grade of 4.16 carats per tonne.

An additional target of between 2.34 million tonnes and 3.75million tonnes has also been identified for further exploration to a depth of 380meters below surface at CH-6.

"With a simple two-hole program and additional microdiamondsampling of existing core, we have exceeded the targeted resource expansions weinitially envisaged." said President and CEO Tom Peregoodoff.

"The 33% uplift in the CH-6 diamond resource … should havea positive material impact on the outcome of the preliminary economic assessment,"he said, adding that work continues on the maiden inferred mineral resource forthe CH-7 kimberlite slated for completion in early May and to be incorporated intothe PEA.