======================================================================= Re: Press Release - Thursday, December 08, 2011 Eric Friedland Reports Acquisition of Shares of Peregrine Diamonds Ltd. ======================================================================= REPORT OF ACQUISITION OF SHARES OF PEREGRINE DIAMONDS LTD. Vancouver, British Columbia, December 8, 2011 - Eric Friedland reports that he has exercised rights under the rights offering of Peregrine Diamonds Ltd.

("Peregrine") completed on December 6, 2011 to acquire deemed beneficial ownership of a total of 2,818,465 common shares of Peregrine, representing 2.5% of the deemed outstanding common shares of Peregrine.

Mr.

Friedland exercised his rights to purchase 1,878,977 units at $0.85 per unit, each unit consisting of one common share of Peregrine (for a total 1,878,977 common shares acquired) and one half of a common share purchase warrant (for a total of 939,488 warrant underlying common shares acquired). Mr.

Friedland currently has deemed beneficial ownership of 25,626,304 common shares of Peregrine, representing 22.3% of the deemed outstanding common shares of Peregrine.

After other treasury issuances of common shares by Peregrine, Mr.

Friedlands deemed beneficial ownership of common shares of Peregrine has increased by 0.3% from the previously reported percentage of 22.0%. Common shares of Peregrine acquired by Mr.

Friedland have been acquired for investment purposes.

Depending on economic, financial and other conditions, he may acquire further common shares of Peregrine (through market or private transactions or exercises of outstanding stock options and warrants) from time to time. A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from Eric Friedland at (604) 408 8880.
"Eric Friedland" ___________________________ ERIC FRIEDLAND Associated File: http://www.pdiam.com/i/pdf/2011-12-08_NR.pdf 104 KB in size, approx.

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