🕐11.10.13 - 14:27 Uhr
DE BEERS ELECTS TO NOT EXERCISE CHIDLIAK OPTION
=======================================================================
Re: Press Release - Friday, October 11, 2013
De Beers Elects To Not Exercise Chidliak Option
=======================================================================
Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) has
been verbally notified by De Beers Canada Inc.
("De Beers") that De
Beers will not exercise its right to enter into an earn-in and joint
venture agreement with Peregrine on the Chidliak diamond project
("Chidliak" or "the Project"), located in Nunavut, Canada.
The terms
of the Companys option agreement with De Beers were announced on
September 5, 2012.
As announced on September 9, 2013, the processing of approximately 250
wet tonnes of the 508 tonne bulk sample collected from the CH-6
kimberlite by Peregrine commenced in late September.
Approximately 150
tonnes of the sample have been processed to date.
De Beers is funding
this processing and the subsequent diamond recovery at the Saskatchewan
Research Council.
Final results, including independent diamond
valuations, are expected in the first quarter of 2014.
Peregrines
objective is to utilize these results, together with geologic and
diamond content information acquired from core drill programs in 2009,
2010 and 2011, to develop a preliminary revenue model and establish an
intial resource for CH-6.
More detailed information on the De Beers decision and the Companys
plans for Chidliak will be provided as it becomes available.
ABOUT PEREGRINE DIAMONDS
Peregrine is a diamond exploration and development company focused on
Canadas North.
The Company has discovered two new diamond districts
in Nunavut, Nanuq in 2007 and Chidliak in 2008.
At its 100
percent-owned Chidliak project, located 120 kilometres from Iqaluit,
the capital of Nunavut, 64 kimberlites have been discovered to date.
Peregrine collected a bulk sample weighing 508 wet tonnes from the CH-6
kimberlite in 2013 and approximately 250 of those tonnes are now being
processed for commercial diamond recovery.
A 14.11 tonne sample of
drill core acquired from CH-6 in 2010 returned a grade of 2.84 carats
per tonne.
At its 72 percent-owned, nine hectare DO-27 kimberlite in
the Northwest Territories, located 27 kilometres from the Diavik
Diamond Mine, a NI 43-101 compliant mineral resource of 18.2 million
carats of diamonds in 19.5 million tonnes of kimberlite at a grade of
0.94 carats per tonne, which is open at depth, was confirmed in 2008.
Peregrine also continues to evaluate earlier stage diamond exploration
projects it controls in Nunavut and the Northwest Territories and
through comprehensive evaluation of its extensive and proprietary
diamond exploration databases, is working towards discovering new
diamond districts in North America.
A key asset being utilized in
Peregrines search for a new Canadian diamond district is a proprietary
database acquired from BHP Billiton that contains data from
approximately 38,000 kimberlite indicator mineral samples covering an
area of Canada of approximately three million square kilometres.
For further information on Peregrine Diamonds, please visit
www.pdiam.com or contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements,
President, Mr.
Tom Peregoodoff, Executive VP, Business Development, or
Peregrine Diamonds Investor Relations, at 604-408-8880 or at
.
Forward-Looking Statements: This news release contains forward-looking
statements.
All statements, other than statements of historical fact,
that address activities, events or developments that the Company
believes, expects or anticipates will or may occur in the future,
including, without limitation, statements relating to the decision by
DeBeers not to exercise the option to joint venture, the proposed
exploration program, funding availability, anticipated exploration
results, resource estimates and future exploration and operating plans
are forward-looking statements.
These forward-looking statements
reflect the current expectations or beliefs of the Company based on
information currently available to the Company.
Forward-looking
statements are subject to a number of risks and uncertainties that may
cause the actual results of the Company to differ materially from those
discussed in the forward-looking statements and, even if such actual
results are realized or substantially realized, there can be no
assurance that they will have the expected consequences to, or effects
on, the Company.
Factors that could cause actual results or events to
differ materially from current expectations include, among other
things, uncertainties relating to the decision of DeBeers not to
exercise the option to joint venture, availability and cost of funds,
timing and content of work programs, results of exploration activities,
interpretation of drilling results and other geological data, world
diamond markets, future diamond prices, reliability of mineral property
titles, changes to regulations affecting the Companys activities,
delays in obtaining or failure to obtain required project approvals,
operational and infrastructure risk and other risks involved in the
diamond exploration business.
Any forward-looking statement speaks
only as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether as a result
of new information, future events or results or otherwise.
Although
the Company believes that the assumptions inherent in the
forward-looking statements are reasonable, forward-looking statements
are not guarantees of future performance and accordingly undue reliance
should not be put on such statements due to their inherent uncertainty.
Associated File:
http://www.pdiam.com/i/pdf/2013-10-11_NR.pdf
=======================================================================
Copyright (c) 2013 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
mailto:
=======================================================================