VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 14, 2013) - Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (News - Market indicators) is pleased to report that Mr. Peter Meredith has been elected to the Board of Directors. Peregrine has also accepted the resignation of Mr. Rod Davey from the position of Chief Operating Officer and Mr. Jonathan Challis from the Board of Directors. Messrs. Davey and Challis will continue as consultants to the Company.

Mr. Meredith served as the Chief Financial Officer of Ivanhoe Mines Ltd. (now Turquoise Hill Resources Ltd.) from June, 1999 to November, 2001 and from May, 2004 to May, 2006, and as Deputy Chairman from May, 2006 to April, 2012. He also served as the Chief Executive Officer of SouthGobi Resources Ltd. from June, 2007 to October, 2009. During his tenure with the Ivanhoe Group of Companies ("Ivanhoe") he participated in raising more than US$4 Billion to advance the business interests of various companies within the group. Prior to joining Ivanhoe, Mr. Meredith spent 35 years with the accounting firm Deloitte & Touche LLP where he was a Senior Partner. He has extensive experience in regulatory compliance and corporate finance, with an emphasis on public resource companies and is a member of the Canadian Institute of Chartered Accountants. He has served on the Board of Directors of many companies, including but not limited to, Turquoise Hill Resources Ltd., Great Canadian Gaming Corp., China Gold International Resources Corp Ltd., SouthGobi Resources Ltd., Ivanhoe Energy Inc., Entree Gold Inc., Ivanhoe Australia Ltd., Asia Gold Corp., Besra Gold Inc. (formerly Olympus Pacific Minerals Inc.) and Jinshan Gold Mines Inc.

Eric Friedland, CEO of the Company, stated, "I have known Peter Meredith for over 25 years and worked with him at Ivanhoe during this period. Peter is a consummate professional with extensive international financial and accounting experience and we are very fortunate to have him join the Board."

At the Company's annual general meeting of shareholders held on March 14, 2013, the members of the Board of Directors were elected with the following voting results:

Rod Davey has held the position of Chief Operating Officer ("COO") of Peregrine since October, 2006. His extensive knowledge and expertise in the area of Diamond exploration and development in Canada has been an invaluable asset to the Company. Mr. Davey has decided to retire and Peregrine sincerely thanks him for his many years of service as COO and we welcome his on-going advice as a consultant to the Company.

Jonathan Challis has decided not to stand for re-election as a director. Mr. Challis served as a Peregrine Board member since June, 2003. The Company would like to sincerely thank him for his significant contributions to the growth of Peregrine and we will continue to rely on his Diamond expertise in his role as a consultant.

ABOUT PEREGRINE DIAMONDS

Peregrine Diamonds is a Diamond exploration and development company focused on Canada's North. Peregrine has discovered two new Diamond districts in Nunavut, Nanuq in 2007 and Chidliak in 2008. At its 72 percent owned, nine hectare DO-27 kimberlite in the Northwest Territories, located only 27 kilometres from the Diavik Diamond Mine, a NI 43-101 compliant 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, which is open at depth, was confirmed in 2008. At its 100 percent-owned Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, the Company has discovered 61 kimberlites to date, and is preparing to collect the first bulk sample from the CH-6 kimberlite in 2013, currently one of seven kimberlites that exhibit economic Diamond mining potential. Peregrine also continues to evaluate earlier stage Diamond exploration projects it controls in Nunavut and the Northwest Territories and through comprehensive evaluation of its extensive and proprietary Diamond exploration databases, is working towards discovering new Diamond districts in North America.