Peregrine Announces Diamond Results for the NQN-001 Kimberlite at Nanuq North

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/15/10 -- Peregrine Diamonds Ltd. ('Peregrine' or 'the Company') (TSX: PGD) is pleased to report diamond results for a 1,008 kilogram sample collected by core drilling from the NQN-001 kimberlite at the 33,100 hectare Nanuq North project ('Nanuq North' or 'the Project') located approximately 275 kilometres north of Rankin Inlet, and two kilometres north of Peregrine's wholly-owned 235,000 hectare Nanuq project in Nunavut, Canada. Exploration expenditures at Nanuq North are currently funded on a 50/50 basis by Peregrine and Indicator Minerals Inc. ('Indicator'). Indicator is the operator of the project.

The 1,008 kilogram sample from the NQN-001 kimberlite yielded 612 diamonds larger than the 0.075 mm sieve size and two diamonds larger than the 0.600 mm sieve size. The following table summarizes the caustic fusion diamond results from the Saskatchewan Research Council Geoanalytical Laboratories ('the SRC').

                    SUMMARY OF NQN-001 DIAMOND RESULTS
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                 Numbers of Diamonds According to Sieve Size Fraction (mm)
               ------------------------------------------------------------
Sample Weight      +0.075    +0.106    +0.150    +0.212    +0.300    +0.425
 (kg)              -0.106    -0.150    -0.212    -0.300    -0.425    -0.600
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1,008                 196       186       117        64        34        13
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                Numbers of Diamonds According
                 to Sieve Size Fraction (mm)
               ------------------------------                     Number of
Sample Weight      +0.600    +0.850    +1.180          Total       Diamonds
 (kg)              -0.850    -1.180    -1.700       Diamonds         per kg
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1,008                   2         0         0            612           0.61
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The two largest stones measured 1.00 x 0.84 x 0.64 mm and 0.68 x 0.68 x 0.46 mm and both were described by the SRC as having an off-white color with inclusions.

BACKGROUND INFORMATION

As reported on February 10, 2009, a total of 206 diamonds larger than the 0.075 mm sieve size was recovered from a 153 kilogram sample collected by reverse circulation drilling from the NQN-001 kimberlite. The largest diamond measured 0.98 mm x 0.72 mm x 0.70 mm. This caustic fusion diamond analysis was also conducted at the SRC.

As reported on June 30, 2010, a total of 762 metres in six NQ diameter (47.6 mm) core holes was drilled into the NQN-001 kimberlite this year resulting in the collection of approximately four tonnes of kimberlite drill core. Five of the holes were drilled at a -50 degrees angle and intersected the edge of the kimberlite at depths between 60 and 126 metres below the surface and a vertical hole was terminated in kimberlite at a depth of 257 metres. Based on the drilling, the estimated size of NQN-001 is 1.8 hectares. The 1,008 kilogram sample reported here was a representative sample composed of material collected at regular intervals from all six core holes.

FUTURE WORK

Kimberlite indicator mineral results from 96 till samples collected at Nanuq North in 2010 are pending. Upon receipt of the results from these samples, Peregrine and Indicator will formulate a 2011 exploration programme which could include the drilling of high priority targets and further diamond recovery processing of some of the drill core and reverse circulation material remaining from NQN-001.

The SRC is an independent laboratory that is accredited by the Standards Council of Canada to the ISO/IEC Guide 25 standard for diamond recovery by caustic fusion. After collection in the field, the NQN-001 drill core was shipped to Vancouver where it was logged and sampled under the supervision of senior Indicator personnel. The samples were then sealed in secure containers and shipped to the SRC under strict chain of custody protocols.

Mr. Bruce Counts, P.Geoph., President & CEO of Indicator, is a Qualified Person under NI 43-101 and is responsible for the design and execution of the programmes carried out by Indicator at Nanuq North. Mr. Counts is independent of Peregrine.

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 programme, 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 programmes, 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 Company's 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.

Contacts:

Peregrine Diamonds Ltd.

Mr. Brooke Clements, President

604-408-8880


Peregrine Diamonds Ltd.

Mr. Mike Westerlund, Vice President, Investor Relations and

Corporate Communications

604-408-8880
investorrelations@pdiam.com
www.pdiam.com