NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Peregrine Diamonds Ltd. ('

' or the '

') is pleased to announce that it will be offering rights to holders of its common shares of record at the close of business on November 30, 2015 (the '

'), expiring January 26, 2016 ('

'). The offering will be made in all of the provinces of Canada and in such other jurisdictions where the Company is eligible to make such offering. All of Peregrine's executive officers and directors intend to fully participate in the rights offering.

Shareholders of record on November 30, 2015 will receive one right for each common share held. Four (4) rights will entitle the holder to purchase one common share at a price of $0.10 per common share. Exercise of the rights and purchase of the common shares must be completed by 2:00 p.m. (Vancouver time) on the Expiry Date. Shareholders who fully exercise their rights are entitled to subscribe pro rata for additional common shares, if available, that were not subscribed for initially on or before the Expiry Date. A fully subscribed rights offering will raise gross proceeds of $7 million, which will be used to further the remainder of its 2015/2016 Chidliak Diamond Resource Development Program, which includes delivery of a Preliminary Economic Assessment, fund the Company's 2016 Chidliak work program, advance Botswana Exploration and for general corporate purposes and expenses. The proceeds may also be used for working capital.

The common shares of the Company are expected to commence trading on the TSX on an ex-rights basis at the opening of business on November 26, 2015, meaning that common shares purchased on, or following that date will not be entitled to receive the rights under this offering. At that time, the rights are expected to be posted for trading on the TSX on a 'when issued' basis and will thereafter trade under the symbol 'PGD.RT'. Trading of the rights is expected to continue until 9:00 a.m. (Vancouver time) on the Expiry Date.

A rights offering circular together with rights certificates will be mailed to eligible shareholders on or about December 2, 2015. Registered shareholders wishing to exercise their rights must forward the completed rights certificates, along with the applicable funds to Computershare Investor Services Inc. by the Expiry Date. Shareholders who own their shares through an intermediary, such as a bank, trust company, securities dealer or broker, will receive materials and instructions from their intermediary.

No U.S. Registration

This news release does not constitute an offer to sell, or the solicitation of an offer to buy securities in any jurisdiction, including the United States. The securities offered under the Rights Offering will not be or have not been registered under the Securities Act of 1933, as amended (the 'Securities Act'), or the securities laws of any state of the United States, and may not be offered or sold in the United States or to, or for the account or benefit of, any U.S. Person (as defined in Regulation S of the Securities Act) or person in the United States, unless an exemption from such registration requirements is available. Certain institutional accredited investors in the United States will be permitted to participate in the Rights Offering on a private placement basis upon satisfying the Company that they qualify for an exemption from the registration requirements of the Securities Act and any applicable securities laws of any state of the United States.

Chidliak Update

The 558.5 wet tonne bulk sample collected from CH-7 in 2015 consists of units KIM-2, KIM-3, KIM-4 and KIM-5. Dense Media Separation ('DMS') processing to a concentrate at the Saskatchewan Research Council is now complete for the KIM-3, KIM-4 and KIM-5 samples and final Diamond recovery and sorting is in progress for concentrates from these three units. DMS processing of the KIM-2 bulk sample material has commenced. The bulk sample results will provide Diamond grades for kimberlite units KIM-2, KIM-3, KIM-4 and KIM-5, and representative Diamond parcels for independent valuation.

Partial results for individual geological units may be released as they are received. The complete bulk sample result for CH-7 is expected in early January, 2016 with Diamond valuation results expected in the first quarter of 2016 as previously reported.

On November 17, 2015 Peregrine announced new microdiamond results from the CH-6 and CH-7 kimberlites. The program was designed to prove up resource expansion opportunities at the CH-6 and CH-7 kimberlites. Interpretation of the CH-7 results supports an improved Diamond content for the entire kimberlite pipe and confirms the exceptional Diamond counts for the near-surface KIM-5 unit. The CH-6 results support continuity of the 2.58 carat per tonne ('cpt') grade in the dominant KIM-L unit and the potential to add an additional 1 million to 1.2 million tonnes, or an additional 2.5 million to 3.1 million carats to the existing 8.57 million carat Inferred Resource at CH-6 that occurs shallower than 250 metres of depth. This tonnage is currently considered as a Target for Further Exploration ('TFFE'). The TFFE is conceptual in nature and it is uncertain whether the 2015 Diamond Resource Development Program will result in this being delineated as a Mineral Resource.

The integration of these microdiamond results with the forthcoming CH-7 bulk sample results will enable the Company to maximize the Inferred Resource statements for the CH-6 and CH-7 kimberlites. The updated Inferred Resource will be included in a planned Preliminary Economic Assessment ('PEA'), scheduled for the second quarter of 2016.

Dr. Jennifer Pell, Peregrine's Chief Geoscientist, is a Qualified Person and is responsible for logging Chidliak kimberlite core, with attendant responsibility to select and secure representative samples for caustic fusion Diamond analysis. Dr. Herman Grütter, 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. Catherine Fitzgerald, Project Resource Geologist is a Qualified Person and is responsible for geological modeling of CH-6 and CH-7.

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

About Peregrine Diamonds

Peregrine Diamonds core asset is its 100 percent-owned, 582,476 hectare Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut where 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 addition, a target for further exploration ('TFFE') of 3.20 to 4.38 million tonnes of kimberlite to a depth of 380 metres below surface has been identified at CH-6. An independent Diamond valuation by WWW International Diamond Consultants, of a 1,013 carat parcel of diamonds from CH-6 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. A TFFE of 3.72 to 6.01 million tonnes to a depth of 290 metres has been defined at the CH-7 kimberlite. In 2010, a 47 tonne mini-bulk sample collected from the surface of CH-7 returned a grade of 1.04 carats per tonne. A TFFE of 1.27 to 3.19 million tonnes to 250 metres depth has been defined at the CH-44 kimberlite pipe. The TFFEs identified above are conceptual in nature and are not Mineral Resources. It is uncertain whether further exploration will result in any of these tonnages being delineated as Mineral Resources.

In addition, Peregrine now controls eight prospective Diamond prospecting licenses in Botswana that cover 574,600 hectares.

Peregrine Exploration, a wholly owned subsidiary of Peregrine Diamonds holds the 8,493 hectare Lac de Gras project in the Northwest Territories, located approximately 27 kilometres from the Diavik Diamond Mine. The nine hectare 72.1%-owned DO-27 kimberlite, located at Lac de Gras, hosts an Indicated Mineral Resource of 18.2 million carats of diamonds in 19.5 million tonnes of kimberlite at a grade of 0.94 carats per tonne and it is open at depth. Through comprehensive evaluation of its extensive Diamond exploration databases, Peregrine Exploration is working towards acquiring and developing new Diamond properties in North America. A key asset being utilized in the search for a new Canadian Diamond district is a proprietary database acquired from BHP Billiton that contains data from approximately 38,000 kimberlite indicator mineral samples covering approximately three million square kilometres of Canada.

For information on data verification, exploration information and resource estimation procedures see the technical reports entitled, '2015 Technical Report for the Chidliak Project, 66° 21' 43' W, 64° 28' 26' N Baffin Region, Nunavut' dated February 23, 2015, and 'Peregrine Diamonds Ltd. Lac de Gras Project Northwest Territories, Canada NI 43-101 Technical Report' dated July 15, 2014, both of which are available on SEDAR and the Company's website.

For further information, please visit www.pdiam.com or contact Mr. Eric Friedland, Executive Chairman, Mr. Tom Peregoodoff, President and CEO, Dr. Herman Grütter, Vice President, Technical Services, or Peregrine Diamonds Investor Relations, at 604-408-8880 or at [email protected]. For further information regarding Peregrine Exploration please contact Mr. Brooke Clements, President and CEO, at 604-408-8880.

Forward-Looking Statements

This news release contains forward-looking statements within the meaning of Canadian securities legislation. 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 proposed exploration and development programs, funding availability, anticipated exploration results, grade of diamonds and tonnage of material, resource estimates, anticipated Diamond valuations 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 made based upon certain assumptions by the Company and other important factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements expressed or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of diamonds, anticipated costs and ability to achieve goals. Certain important factors that could cause actual results, performances or achievements to differ materially from those in the forward-looking statements include, but are not limited to: receipt of regulatory approvals; anticipated timelines for community consultations and the impact of those consultations on the regulatory approval process; market prices for rough diamonds and the potential impact on the Chidliak Project; and future exploration plans and objectives.

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 availability and cost of funds, timing and content of work programs, results of exploration activities, interpretation of drilling results and other geological data, risks relating to variations in the Diamond grade and kimberlite lithologies; variations in rates of recovery and breakage; variations in Diamond valuations and future Diamond prices; the state of world Diamond markets, 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 risk and other risks involved in the Diamond exploration and development 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.