======================================================================= Re: Press Release - Tuesday, July 24, 2012 Peregrine Announces Discovery Of 60th Kimberlite And Provides Chidliak Project Update ======================================================================= Peregrine Diamonds Ltd.

("Peregrine" or "the Company") is pleased to provide an update on the $10.5 million 2012 exploration program on its 100 percent-owned, 8,580 square kilometre Chidliak project ("Chidliak" or "the Project"), located 120 kilometres from Iqaluit, Baffin Island, Nunavut, Canada.

The summer field season began on July 1.

Scheduled work this year includes definition core drilling on the CH-1, CH-6, CH-7 and CH-44 kimberlites, prospecting of priority geophysical and indicator mineral anomalies, helicopter-portable reverse circulation ("RC") drilling of high-priority kimberlite targets, and continued preparation for the planned collection of bulk samples from key kimberlites in 2013.

One new kimberlite has been discovered so far this season by prospecting, CH-60.

In addition, four new and separate occurrences of kimberlite pebbles and cobbles ("kimberlite float") have been found suggesting the presence of yet to be discovered kimberlite bodies nearby.

Mr.

Brooke Clements, Peregrines President, said "We made our first kimberlite discovery at Chidliak in July, 2008, and it is gratifying that after four years of intensive exploration, we still continue to find new kimberlites and kimberlite float.

This speaks to the tremendous exploration potential of this exceptional diamond project." CORE DRILLING OF KEY KIMBERLITES The 4,000 metre NQ-size (4.8 cm) core drilling program on the CH-1, CH-6, CH-7 and CH-44 kimberlites in preparation for the planned 2013 bulk sampling program is progressing well.

As of July 23, 983 metres in four holes has been completed on CH-7 and 137 metres in one hole has been completed at CH-1. CONTINUED KIMBERLITE EXPLORATION AND CH-60 Over 5,500 line-kilometres of ground geophysical surveys were completed during the 2012 winter exploration program.

More than 40 geophysical anomalies and 20 target areas hosting kimberlite indicator mineral anomalies are scheduled for follow-up by prospecting, mapping and ground magnetic surveying this summer.

High priority targets confirmed through this work will be drilled with a helicopter-portable RC drill rig beginning in August.

At this time, 20 geophysical anomalies are considered drill-ready. Follow-up prospecting has led to the first kimberlite discovery of this season, CH-60, which is defined by a magnetic anomaly with an estimated surface expression of 0.3 hectares, and by the occurrence of abundant kimberlite float coincident with the anomaly.

CH-60 is located approximately eight kilometres southeast of the CH-7 kimberlite.

In addition, four new discrete occurrences of kimberlite float have been discovered and further prospecting and ground geophysics will be required to identify the kimberlite sources. The collection of approximately 400 indicator mineral samples and the continuation of environmental baseline surveys are also scheduled for this summer.

RC BULK SAMPLING PREPARATIONS Overland mobilization of support equipment for the 2013 bulk sampling program along a trail from Iqaluit to Chidliak was successfully completed this winter.

The Morooka MST3000VD, Caterpillar Challenger 875C Tractor, Snow-Cat BR350 and ancillary equipment for the program are now securely stored on site.

Testing of transportation routes between kimberlite pipes, airstrips and camps was completed and the suitability of the equipment for the program was confirmed.

The new large diameter RC drilling system that will be utilized for the 2013 bulk sampling program is undergoing final modifications by Cooper Drilling LLC in Colorado, and it is scheduled to be mobilized to Iqaluit by sealift in September.

Drilling of a test hole in Colorado to fully commission the drill rig and ancillary equipment prior to shipment is scheduled to commence in early August.

Images of summer operations, kimberlite float, equipment mobilization and the modified RC drill rig are available on Peregrines website at www.pdiam.com/i/pdf/Chidliak823.pdf.

Mr.

Alan OConnor, Professional Geologist, Peregrines Chidliak Project Manager, is a Qualified Person under National Instrument 43-101 and is responsible for the design and conduct of the programs carried out by the Company at Chidliak.

Mr.

OConnor has reviewed this release and approves of its contents. About Peregrine Diamonds Ltd. Peregrine Diamonds Ltd.

is a diamond exploration and development company focussed on Canadas North.

Peregrine has discovered two new diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008.

At Peregrines 71.9% owned DO-27 kimberlite pipe in the Northwest Territories, located 27 kilometres from the Diavik Diamond Mine, a Canadian National Instrument 43-101 compliant mineral resource of 18.2 million carats 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.

At its 100%-owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, the Company has discovered 60 kimberlites to date, and is preparing to collect the first bulk samples from up to six kimberlites that show economic potential beginning in 2013.

Peregrine also continues to evaluate earlier stage diamond exploration projects it controls in Nunavut and the Northwest Territories.

For further information, please contact Mr.

Eric Friedland, CEO, Mr. Brooke Clements, President, Mr.

Tom Peregoodoff, Executive Vice President, Business Development, 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, 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/12-10-Press-Release-24July12-2012-Program-update.pdf 27 KB in size, approx.

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