December 22, 2014

Peregrine Announces $2.19 Million Private Placement

Peregrine Diamonds Ltd. ("Peregrine") (TSX:PGD) is pleased to announce a non-brokered private placement of 10,441,189 common shares at a price of $0.21 per share for gross proceeds of $2,192,649 (the "Placement"). The common shares issued under the Placement will be sold on a "flow-through" basis pursuant to the Income Tax Act (Canada) and purchased by institutional investors and certain directors of the Company. Peregrine will pay a cash finder's fee of approximately $128,971 in connection with Placement proceeds from placees introduced by Secutor Capital Management Corp., an Investment Industry Regulatory Organization of Canada member firm.

Proceeds from the Placement will be used for Peregrine's mineral exploration projects in Canada. The Placement is subject to regulatory approval.

For further information please contact Mr. Eric Friedland, CEO, Mr. Brooke Clements, President, Mr. Tom Peregoodoff, Executive VP, Business Development or Peregrine Diamonds Investor Relations, at
604-408-8880 or at .