Peregrine Diamonds Ltd. recently reported new microdiamond results from the CH-7 and CH-6 kimberlites at its 100% owned Chidliak diamond project ("Chidliak") in Nunavut, Canada. Interpretation of the CH-7 results supports an improved diamond content for the entire kimberlite pipe and confirms the exceptional diamond counts for the near-surface KIM-5 unit. The CH-6 results support continuity of the 2.58 carat per tonne ("cpt") grade in the dominant KIM-L unit and the potential to add an additional 1 million to 1.2 million tonnes, or an additional 2.5 million to 3.1 million carats to the existing 8.57 million carat Inferred Resource at CH-6 that occurs shallower than 250 metres of depth. This tonnage is currently considered as a Target for Further Exploration ("TFFE"). The TFFE is conceptual in nature and it is uncertain whether the 2015 Diamond Resource Development Program will result in this being delineated as a Mineral Resource.

The integration of these microdiamond results with the forthcoming CH-7 bulk sample results will enable the Company to maximize the Inferred Resource statements for the CH-6 and CH-7 kimberlites.The updated Inferred Resource will be included in a planned Preliminary Economic Assessment ("PEA"), scheduled for the second quarter of 2016.

The caustic fusion assays were performed on representative drill core from the CH-6 and CH-7 kimberlite pipes by the Saskatchewan Research Council Geoanalytical Laboratories ("the SRC").

Mr. Tom Peregoodoff, Peregrine's President and CEO said, "These new results confirm the potential to add significant carats to the Chidliak resource base. In 2014 we added over one million carats to the CH-6 Inferred Resource by core drilling, an increase of 15%. We believe that the results from our 2015 Diamond Resource Development Program have the potential to add significantly more to the known diamond content at the CH-6 and CH-7 kimberlites and will position us well for the upcoming PEA."