North of 60 Mining News - The mining newspaper for Alaska and Canada's North

PGD: TSX

Chairman & CEO: Eric Friedland

President: Brooke Clements

Vice President, Exploration: Peter Holmes

Since 2002 Peregrine has focused on diamond exploration in northern Canada, acquiring varying interests in Northwest Territories, Nunavut and Manitoba properties.

The company's primary exploration properties are the Chidliak and Qilaq diamond projects on Baffin Island and the Nanuq and Nanuq North diamond projects in Nunavut.

The junior reported discoveries of diamond-bearing kimberlites on its 9,800-square-kilometer Chidliak Project located about 120 kilometers, or 77 miles, northeast of Iqaluit on Baffin Island.

The discoveries included 13 kimberlites in 2009, and three diamondiferous kimberlites at the Nanuq property in the eastern Arctic region of Nunavut, where it established a new Canadian diamond district.

Other mineral exploration properties include a diamond exploration project on Baffin Island known as Cumberland and diamond exploration properties known as the Lac de Gras East, Lac de Gras West and TW properties in the Northwest Territories.

The company also holds a 71.95 percent interest in the WO property, located in the Northwest Territories, which hosts the DO-27 kimberlite pipe which has an indicated resource of 18.2 million carats of diamonds.

Peregrine and its partner, BHP Billiton, approved a C$15.3 million 2010 exploration program for Chidliak.

Work began in mid-March and field operations are expected to continue through early September.

Peregrine had discovered 16 new kimberlites at Chidliak, nine of which were discovered at surface by prospecting, and the other seven by drilling.

The discoveries bring to 32 the number of kimberlites discovered so far on the project.

Peregrine also discovered two new kimberlites, named Q1 and Q2, by prospecting on its 854,000-hectare, or 3,287-square-mile Qilaq project.

Aggregate expenditures on the Qilaq program in 2009 were C$981,000, and the junior budgeted C$500,000 for 2010 work at Qilaq.

Peregrine and its joint venture partner, Indicator Minerals Inc., also concluded drilling of the diamond-bearing NQN-001 kimberlite at the Nanuq North project 275 kilometers, or about 171 miles, north of Rankin Inlet, recovering four metric tons of kimberlite.

At the nearby Nanuq Project, Peregrine budgeted C$3.5 million in exploration expenditures for 2010 to complete a program of 1,550 line-kilometers of ground magnetic and electromagnetic surveys, drill test three kimberlite-type geophysical anomalies and collect some 495 kimberlite indicator mineral samples.

In February the company was granted 119 prospecting permits covering about 15,000 square kilometers, or 5,792 square-miles, on the Cumberland Peninsula of Baffin Island.

In July, Peregrine began a reconnaissance till sampling program with budgeted expenditures of C$800,000.

Cash and short-term deposits: C$7.9 million (at June 30, 2010)

Working capital: C$6.7 million (at Aug. 11, 2010)

Market capitalization: C$176.44 million (Sept. 1, 2010

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