VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 4, 2017) - Peregrine Diamonds Ltd. ("Peregrine Diamonds" or "the Company") (TSX:PGD) is pleased to announce the appointment of Chantal Gosselin to its board and updates to its senior management team.

Ms. Gosselin has more than 24 years of combined experience in the mining industry and capital markets. She most recently held the position of Vice President and Portfolio Manager at Goodman Investment Counsel. Previously, she served as a senior mining analyst at Sun Valley Gold LLP, a precious metals focused hedge fund, the senior mining analyst and partner of Genuity Capital Markets and held positions with Haywood Securities and Dundee Securities. Previously, she held various mine-site management positions in Canada, Peru and Nicaragua.

Ms. Gosselin received her Bachelor of Science degree (Mining Engineering) from Laval University and completed a Master of Business Administration at Concordia University. She has completed the Director Education Program offered by the Institute of Corporate Directors. Ms. Gosselin also serves as a Director of Silver Wheaton Corp.

"Chantal is a well-respected mining executive with in-depth experience in both the mining and capital markets," said Eric Friedland, Peregrine's Executive Chairman. "As a Director of Peregrine Metals Ltd, a base-metal exploration and development company spun out of Peregrine Diamonds Ltd in 2005, Chantal played a key role in the 2011 sale of Peregrine Metals to Stillwater Mining Company in a transaction valued at US$487 million. Chantal built her career in increasingly senior roles with several of Canada's leading mining investment banks and she is a welcome addition to our team of directors as we advance our Chidliak Diamond Project toward development."

Since Peregrine Diamonds announced its positive Preliminary Economic Assessment ("PEA") for the Chidliak Diamond Project, Nunavut, Canada on July 7, 2016, the Company has been in discussions with a number of diamond producers and capital funds concerning the on-going development of this very valuable diamond asset. The Company is continuing discussions with various entities regarding options to finance future work programs and advance Chidliak towards commercial production. There can be no assurance that these discussions will be successful.

Starting at the end of 2015, Management has undertaken certain reorganizational initiatives that have resulted in decreased administrative costs through the balance of 2016. As part of this focus on cost reduction, effective January 4, 2017, Peregrine's President and CEO, Mr. Tom Peregoodoff, has also been appointed President and CEO of Kaizen Discovery Inc. Mr. Peregoodoff's duties in his role as President and CEO of Peregrine Diamonds will continue unaffected by this appointment to Kaizen's management team and Mr. Peregoodoff will share his time and costs between the two companies. Kaizen Discovery is a TSX-V listed company controlled indirectly by Robert Friedland, a major shareholder of Peregrine Diamonds.