🕐22.06.11 - 15:00 Uhr
PEREGRINE DISCOVERS THREE MORE KIMBERLITES AT CHIDLIAK
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Re: Press Release - Wednesday, June 22, 2011
Peregrine Discovers Three More Kimberlites at Chidliak
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Peregrine Diamonds Ltd.
("Peregrine" or "the Company") (TSX:PGD) is
pleased to report the discovery by drilling of three new kimberlites,
CH-56, CH-57 and CH-58, on the Chidliak project ("Chidliak" or "the
Project").
Chidliak is located on southern Baffin Island approximately
100 kilometres northeast of Iqaluit, the capital of Nunavut, Canada.
The company has drilled 15 targets and discovered eight kimberlites
since April of this year, a success rate of 53 percent.
To date, 35 of
the 58 kimberlites that have been discovered at Chidliak have been
tested for diamonds and seven of these have economic diamond mining
potential in Arctic settings.
In addition to the three new
discoveries, a second core hole has been drilled into the CH-55
kimberlite, the discovery of which was reported on June 2, 2011.
Currently one core rig has commenced drilling on kimberlite CH-31 and
the other core rig on kimberlite CH-33.
The reverse circulation rig
will continue drilling priority targets.
Drill core obtained this year from the CH-55, CH-56 and CH-58
kimberlites and reverse circulation drill cuttings from the CH-57
kimberlite will be analyzed for diamonds by caustic fusion at the
Saskatchewan Research Council Geoanalytical Laboratories.
Results of
the analyses are expected in the third quarter.
To view the table associated with this news release please see our
website at:
http://www.pdiam.com/s/PressReleases.asp?ReportID=463425
The CH-56 kimberlite is located approximately 1.6 kilometres southwest
of Sunrise camp under a lake, and has an estimated surface expression
of one hectare based on the interpretation of ground geophysics and the
drill intersection.
The CH-57 kimberlite is located nine kilometres
east of Sunrise camp and has an estimated surface expression of 1.5
hectares based on ground geophysical data.
The CH-58 kimberlite is
located approximately 20 kilometres north of the CH-6 kimberlite and
300 metres south of the CH-55 kimberlite.
CH-55 and CH-58 are each
estimated to be over 0.5 hectares in size based on geophysical and
drill data.
A location map and photographs of the new kimberlite discoveries are
available at www.pdiam.com/i/pdf/Chidliak388.pdf.
Chidliak is a joint venture between Peregrine (49%) and BHP Billiton
(51%).
Peregrine is the operator of the 2011 program.
Mr.
Peter Holmes, P.
Geo., Peregrines Vice President, Exploration, is
a Qualified Person under NI 43-101 and is responsible for the design
and conduct of the programs carried out by the Company at Chidliak.
Mr.
Holmes has reviewed this release and approves of its contents.
For further information, please contact Mr.
Eric Friedland, CEO, Mr.
Brooke Clements, President, Mr.
Mike Westerlund, Vice President,
Investor Relations and Corporate Communications 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 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
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, any changing budget priorities of
BHP Billiton, operational and infrastructure risks, 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/2011-06-22_NR.pdf
28 KB in size, approx.
6 seconds to download at 56.6Kbps
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Copyright (c) 2011 PEREGRINE DIAMONDS LTD.
(PDL) All rights reserved.
For more information visit our website at http://www.pdiam.com/ or send
mailto:
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