Chairman and CEO: Eric Friedland
President: Brooke Clements
Chief Geoscientist: Jennifer Pell, B.Sc. (Honors), Ph.D.
Peregrine Diamonds Ltd. focused in 2012 on its diamond exploration projects in Nunavut and Northwest Territories, spending more than C$3 million on at least two successful exploration programs. In December, BHP Billiton Canada Inc., Peregrine’s joint venture partner in the Chidliak Project located 120 kilometers (74 miles) northeast of Iqaluit, the capital of Nunavut opted to end the partnership and relinquish its 51 percent interest in the JV. Peregrine, which discovered Chidliak in 2008, has discovered 61 kimberlites to date on the property and is preparing to collect the first bulk samples from up to six kimberlites that show economic potential. In addition, more than 720 line-kilometers of ground magnetometer surveys were completed, 131 man-days were devoted to prospecting and mapping and 402 kimberlite indicator mineral samples were collected. Twenty overburden profile holes were drilled at the CH-6 kimberlite with a heli-portable reverse circulation drill and the 2012 field program was to conclude after overburden profile holes were drilled at the CH-7 and CH-31 kimberlites. Some 20 kimberlite targets were generated from the 2012 prospecting and ground geophysical surveying programs. Testing of these targets by reverse circulation drilling, originally planned for this year, has been deferred to a future program. In September, Peregrine entered an option and subscription agreement with De Beers Canada Inc. whereby De Beers gained the exclusive right, until Dec. 31, 2013, to earn a 50.1 percent interest in the Chidliak project. De Beers agreed to complete a C$2.5 million private placement unit offering in Peregrine priced at C75 cents per unit and to make the Jan. 31, 2013, C$2.5 million payment due to BHP Billiton that is required under Peregrine's agreement to purchase BHP Billiton's 51 percent interest in Chidliak. Both the private placement and the payment will be credited towards De Beers’ earn-in requirements, which also include De Beers investing C$58.5 million into Chidliak to earn a 50.1 percent interest in the diamond project, with a minimum work commitment of C$37 million.
Peregrine also followed up on 2011 exploration at its WO, Thelon and Peregrine projects in the Lac de Gras region of Northwest Territories. The company conducted winter ground geophysics and drilling at WO during March and April as part of a larger exploration program that resulted in the discovery of three kimberlites in the region. Peregrine found the LD-2 kimberlite on the WO property some 2.5 kilometers west of Peregrine’s DO-27 kimberlite when a magnetic high anomaly with a surface expression of about one hectare (2.47 acres) was tested by core drilling. Peregrine owns a 72 percent in the nine- hectare (22.2 acres) DO-27 kimberlite located 27 kilometers (17 miles) from the Diavik Diamond Mine. DO-27 has a NI 43-101-compliant mineral resource of 18.2 million carats in 19.5 million metric tons of kimberlite at a grade of 0.94 carats per metric ton, which is open at depth. Peregrine also discovered the LD-1 kimberlite on its Thelon Joint Venture property located 40 kilometers (25 miles) northwest of the DO-27 kimberlite when a magnetic low anomaly with a surface expression of about one hectare (2.47 acres) was tested by core drilling. Peregrine owns 70.6 percent of the Thelon JV, which comprises 32 mineral claims covering 320 square kilometers (123.5 square miles). Further, the explorer identified with ground geophysics and drilling the LD-3 kimberlite located on the Peregrine property, which is located about seven kilometers southwest of the DO-27 kimberlite.
Cash and short-term deposits: C$1.9 million (at Aug. 9, 2012)
Working capital: C$200,000 million (at Aug. 9, 2012)
Market capitalization: C$37.56 million (Oct. 8, 2012)
201-1250 Homer Street
Vancouver, B.C. Canada, V6B 1C6
Tel: 604-408-8880 • Fax: 604-408-8881