Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX: PGD) is pleased to announce the filing of a National Instrument ("NI") 43-101 technical report titled "2015 Technical Report for the Chidliak Project, 66 degrees 21' 43" W, 64 degrees 28' 26" N Baffin Region, Nunavut" and dated effective January 26, 2015 (the "Technical Report") for its 582,477 hectare Chidliak project and the adjacent 51,147 hectare Qilaq project, located approximately 120 kilometres north-east of Iqaluit, the capital of Nunavut. The Technical Report is an update to a report dated July 7, 2014 and supports an updated 8.57 million carat Inferred Resource at CH-6 that was announced by news release dated January 26, 2015 and clarified on January 27, 2015. The Technical Report also summarizes additional drilling at CH-6, CH-7 and CH-44 completed in 2014 which resulted in increased tonnage estimates of targets for further exploration ("TFFE") for those kimberlite pipes and provides information on the 2014 exploration program at Chidliak.

Ms. Darrell Farrow of Geostrat Consulting Services Inc., a Professional Geologist and independent, external Qualified Person and a consultant to Peregrine, prepared the CH-6 Inferred Resource estimate and reviewed and verified the CH-6, CH-7 and CH-44 TFFE estimates. Ms. Catherine Fitzgerald, Peregrine's Project Geologist, Resource Definition, and Dr. Jennifer Pell, Peregrine's Chief Geoscientist, both Professional Geologists, were responsible for preparing the CH-6, CH-7 and CH-44 geologic models and the tonnage estimates. Dr. Herman Grutter, Professional Geologist and Peregrine's Vice President, Technical Services, is a Qualified Person and is responsible for the design of the Diamond Resource Development Program at Chidliak. Mr. Alan O'Connor, Peregrine's Program Manager, Chidliak Resource Evaluation, is a Qualified Person and is responsible for the design and conduct of bulk sampling programs at Chidliak.

Ms. Farrow, Ms. Fitzgerald, Dr. Pell, Dr. Grutter and Mr. O'Connor have reviewed this release and approve of its contents.

ABOUT PEREGRINE DIAMONDS

Peregrine Diamonds is a diamond exploration and development company focused on Canada's North. The Company has discovered two new diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 100 percent-owned, 582,477 hectare Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, 71 kimberlites have been discovered to date with eight being potentially economic. An Inferred Mineral Resource of 8.57 million carats in 3.32 million tonnes of kimberlite at a grade of 2.58 carats per tonne has been defined for a portion of the CH-6 kimberlite. In April 2013, a bulk sample weighing 404.2 dry tonnes was collected from CH-6. This sample returned a grade of 2.58 carats per tonne for diamonds larger than the 1.18 mm sieve size. An independent diamond valuation of the resulting 1,013 carat parcel of diamonds returned an average market price of US$213 per carat and modelled prices that ranged from a minimum of US$162 per carat to a high of US$236 per carat, with a base model price of US$188 per carat. As part of the ongoing resource development program, core and small diameter RC drilling was completed at the CH-6, CH-7 and CH-44 kimberlites in 2014. Preparations are well underway for a 2015 bulk sampling program focussed on priority kimberlites that is scheduled to commence in March 2015. The objective of the 2015 program is to delineate a resource base that would be the subject of a Preliminary Economic Assessment in 2016.