Peregrine Diamonds Ltd.
TSX : PGD

Peregrine Diamonds Ltd.

March 06, 2007 08:30 ET

Peregrine Commences 2007 Diamond Exploration Program and Provides Update on DO-27 Bulk Sampling

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 6, 2007) - Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) today announced the commencement of its 2007 Canadian diamond exploration program. This program, budgeted at $4.2 million, is in addition to Peregrine's bulk sampling activities at the plus nine hectare DO-27 kimberlite pipe, WO Diamond Project, NT, Canada (see December 14, 2006 press release) and will focus on three key areas: Northwest Territories (NT),
Nunavut (NU), and Manitoba (MB).

UPDATE ON 2007 DO-27 BULK SAMPLE

Approximately 1,000 tonnes of kimberlite has been extracted as part of the 2007 bulk sample program currently underway at DO-27. This compares to 151 tonnes that was extracted from the 2005 bulk sample and 549 tonnes extracted from the 2006 bulk sample. Previous bulk samples have shown that the most productive months are March and April.

To date, a total of 13 large diameter drill (LDD) holes, ranging from 20 to 28 inches in diameter, have been completed to depths of up to 275 metres. Three LDD rigs are currently drilling on ice in addition to two core rigs that are drilling delineation, pilot and metallurgical holes.

Further updates on the progress of the 2007 DO-27 bulk sample will be provided on a regular basis.

2007 DIAMOND EXPLORATION PROGRAM

NORTHWEST TERRITORIES

Lac de Gras West Project, NT

- Ground-based geophysical surveying began March 2, 2007 and include the collection of Horizontal Loop EM (HLEM), gravity and magnetic data over at least 15 grids.

- A drilling program of at least seven drill holes, totalling approximately 1,000 metres and targeting anomalies identified through previous work, is scheduled to begin during the 2nd quarter, 2007.

- Additional drill holes may be added to the program, depending on the results of the ground-based geophysical surveys.

WO/Lac de Gras East Project, NT

- Ground-based geophysical surveying, consisting of magnetics, gravity and HLEM, will begin on these properties once the surveying at Lac de Gras West is complete.

- 14 high priority targets have been identified for ground-based geophysical follow-up and at least 10 drill holes, totalling approximately 1,500 metres, are planned for the 2nd quarter, 2007.

Pellatt Lake Project, NT

- Heavy mineral sampling results have just recently been received and interpretation is in progress.

- Initial results suggest sources other than the one known kimberlite may exist on the Pellatt Lake property.

- Plans are being finalized, in discussion with joint venture partners, for an aggressive exploration program, the details of which will be released in the next few weeks.

Mackay Lake West Project, NT

- Results from the 220 heavy mineral samples collected in 2006 are pending.

- Once these results are received, an exploration program will be planned to follow-up on any positive data. The follow-up program will most likely involve additional heavy mineral sampling and ground-based magnetometer surveys to identify geophysical anomalies for possible drill testing.

NUNAVUT

Nanuq Project, NU

- Ground-based magnetic surveys (25m line spacing) have outlined a large (approximately 5 hectare) magnetic anomaly at the head of a well-defined mineral train on wholly owned Peregrine ground.

- Additional ground-based geophysical surveying, including HLEM and gravity, will be conducted over the magnetic anomaly to better define it prior to drilling.

- Three drill holes, totalling approximately 500 metres, are initially planned to test this large anomaly during the 3rd quarter, 2007.

- Additional drill holes may be added to the program, pending the results of the ground-based geophysical surveys.

Mirage Bay Project, NU

- Approximately 300 heavy mineral samples will be collected to better define the indicator mineral train and constrain up-ice indicator cutoff.

Chidliak Project, NU

- Approximately 200 heavy mineral samples will be collected to better define the indicator mineral trains.

Foxe Basin Project, NU

- 14 aeromagnetic anomalies have been identified on Prince Charles Island and will be followed up with detailed ground-based magnetic surveys.

- Approximately 150 heavy mineral samples will be collected on Prince Charles Island to increase the sampling density and better define the geophysical anomaly/indicator mineral anomaly correlations.

- Approximately 200 heavy mineral samples will be collected from the other islands to better define the indicator mineral trains.

MANITOBA

Crosswell Lake Project, MB

- Ground-based magnetic surveys are scheduled to be completed over 10 geophysical anomalies,identified from a 12,000 line-kilometer aeromagnetic survey completed in November 2006.

- Five drill holes, totalling approximately 500 metres, have been planned in order to follow-up the most prospective geophysical anomalies, with additional drilling being completed, pending the results of the ground-based magnetic surveys.

Weir River Project, MB

- A 2,700 line-kilometer, fixed-wing Tri-Maxial aeromagnetic survey is scheduled to begin in mid-March, followed by ground-based magnetic surveys over any anomalies identified from the airborne survey.

Jennifer Pell, Ph.D., P.Geo., Chief Geoscientist for Peregrine Diamonds Ltd., is the Qualified Person under NI 43-101, responsible for these projects.

Peregrine is a well-funded Canadian diamond exploration/development company that is managed by experienced geoscientists. In addition to the diamond exploration activities outlined above, the Company is also currently completing a third bulk sampling program on its WO Diamond Project, NT. More detailed information on all these projects can be found on the company's website:www.pdiam.com. The Company trades on the Toronto Stock Exchange under the symbol "PGD".

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine's projects, pre-feasibility studies, and other statements that are not
historical facts. When used in this document, the words such as "could," "confident," "plan," "estimate," "expect," "anticipated," "intend," "likely," "may," "potential," "should," "scheduled," "significant," and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ
from these forward-looking statements are disclosed in the corporation's periodic filings with Canadian regulators.

Contact Information