Peregrine Diamonds Ltd.

Peregrine Diamonds Ltd.

March 03, 2006 17:36 ET

Peregrine Diamonds Ltd. Warrants Set to Trade on March 15, 2006

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 3, 2006) - Peregrine Diamonds Ltd. (TSX VENTURE:PGD) ("Peregrine") is pleased to announce that 5,000,000 warrants ("Warrants") of Peregrine will commence trading on the TSX Venture Exchange effective at the opening of market on March 15, 2006. The trading symbol for the warrants is PGD.WT.

The Warrants were previously issued in connection with the completion of the business combination of Peregrine and Dunsmuir Ventures Ltd. which was announced on January 17, 2006. Each Warrant entitles the holder to purchase one common share of Peregrine at a price of $7.00 until July 16, 2007. The Warrants are governed by the terms of a warrant agreement between Peregrine and Computershare Trust Company of Canada, as warrant agent. The warrant agreement provides for appropriate adjustments to the Warrants in the event of stock dividends, subdivisions, consolidations and other capital reorganizations.

Holders of the Warrants will receive a transmittal letter advising them to surrender their old warrant certificate for a new warrant certificate (which will bear a CUSIP number) to Peregrine's warrant agent, Computershare Trust Company of Canada, 3rd Floor, 510 Burrard Street, Vancouver, British Columbia, Canada V6C 3B9.

Peregrine is a well-funded Canadian diamond exploration/development company that is managed by experienced geoscientists. Peregrine is taking the plus 9 hectare DO-27 diamondiferous kimberlite into pre-feasibility, and is exploring for other diamondiferous kimberlites on its extensive land holdings in Canada. Peregrine trades on the TSX-V Exchange under the symbol "PGD".

Peregrine Diamonds Ltd.

Eric Friedland, President and CEO

Alan Carter, COO

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

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