Peregrine Discovers Third Kimberlite This Year at Lac de Gras, Canada

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/24/12 -- Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX: PGD) is pleased to report that it has discovered a third kimberlite this year in the Lac de Gras region, Northwest Territories, Canada. The kimberlite, named LD-3, was discovered at the third of four land-based geophysical targets drilled during the winter program. Lac de Gras, home to the EKATI and Diavik diamond mines, is one of the most prolific diamond districts in the world since kimberlite was first discovered there in 1991.

The LD-3 kimberlite is located on a claim that is 100%-owned by the Company, approximately seven kilometres southwest of Peregrine's 72.0%-owned DO-27 kimberlite. DO-27 currently has an 18.2 million carat resource that is open at depth. LD-3 was discovered when a circular electromagnetic anomaly with a surface expression of approximately one hectare was tested by core drilling. A hole drilled at an inclination of 45 degrees from horizontal intersected kimberlite from 30 to 98 metres. LD-3 is a dark green to black volcaniclastic kimberlite with abundant coarse olivine, garnet and chrome diopside.

A fourth target was drilled without intersecting kimberlite, and drilling of a fifth target was not initiated based on the drilling results from the fourth target. The drilling program has now concluded. On April 16, 2012, Peregrine announced the discovery of the first two kimberlites at Lac de Gras this year, LD-1 and LD-2. Samples from the three kimberlites will be sent to the Saskatchewan Research Council Geoanalytical Laboratories for microdiamond testing by caustic fusion with results anticipated in the third quarter.

Commenting on the discoveries, Mr. Brooke Clements, President of Peregrine, said, "We drilled four targets and discovered three kimberlites, an excellent success rate for our world-class exploration team. The close proximity of these kimberlites to the Diavik Diamond Mine and to our DO-27 diamond deposit will be important if they are proven to have economic potential. For the balance of 2012, our exploration team will be focussed on advancing our 100%-owned Chidliak diamond project on Baffin Island."

In addition to 51,000 hectares of claims 100%-owned by Peregrine, the Company's mineral interests in the Lac de Gras district also consist of 32,200 hectares of claims in joint venture with Thelon Capital Ltd. (66.2% Peregrine, 33.8% Thelon) where the LD-1 discovery was made and the 14,000 hectare WO Joint Venture where the LD-2 discovery was made. The WO Joint Venture consists of Peregrine 72.0%, Archon Minerals Ltd. 17.5% and DHK Diamonds Inc. 10.5% (DHK Diamonds Inc. consists of Dentonia Resources Ltd. 43.37%, Kettle River Resources Ltd. 43.37% and Cosigo Resources Ltd. 13.26%). Peregrine holds 97.92% of the diamond marketing rights for the WO Joint Venture. The DO-27 kimberlite is located within the WO Joint Venture.

Peregrine Receives Corporate Award in Nunavut

On April 19, 2012, Peregrine received the 2012 Canadian North Murray Pyke Corporate Award at the Nunavut Mining Symposium. This award recognizes the contributions of Peregrine to the economic and social development of Nunavut.

Receiving the award on behalf of the Peregrine team in Iqaluit, Mr. Brooke Clements commented, "This award is quite an honour and a tribute to the hard work and dedication of our entire team since the project began in 2005. We are committed to our goal of developing Baffin Island's first diamond mine in a safe and environmentally sensitive manner in coordination with the local communities."

About Peregrine Diamonds Ltd.

Peregrine Diamonds Ltd. is a diamond exploration and development company focussed on Canada's North. Peregrine has discovered two new diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At the DO-27 kimberlite in the Northwest Territories, located 27 kilometres from the Diavik Diamond Mine, a NI 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 59 kimberlites to date, and is preparing to collect the first bulk samples from up to 6 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.

Mr. Peter Holmes, P. Geo., Peregrine's Exploration Manager, is a Qualified Person under NI 43-101 and is responsible for the design and conduct of the exploration programs carried out by the Company on the Lac de Gras project. Mr. Holmes has reviewed this release and approves of its contents.

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 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. Eric Friedland

CEO

604-408-8880


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


Peregrine Diamonds Ltd.

Investor Relations

604-408-8880

604 408-8881 (FAX)
investorrelations@pdiam.com
www.pdiam.com