PeregrineDiamonds Ltd. estimated a maiden inferred mineral resource of 4.23million carats of diamonds at the CH-7 kimberlite pipe, to a depth of 240meters, at the company's 100% owned Chidliak diamond project, Nunavut.

The CH-7 resource is included in 4.99 million tonnes ofkimberlite at an overall average grade of 0.85 carat per tonne, the companysaid May 5.

Chidliak now has a total CH-6 and CH-7 inferred mineral resource of 15.62 millioncarats contained in 9.63 million tonnes of kimberlite, which will be the basisof the preliminary economic assessment of a phase one diamond mine.

Results of the assessment are expected in late June.