December 30, 2014

Peregrine Completes $2.19 Million Private Placement

Peregrine Diamonds Ltd. ("Peregrine" or "Company") (TSX:PGD) is pleased to announce that further to its press release of December 22, 2014, the Company has completed its 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 were sold on a "flow-through" basis pursuant to the Income Tax Act (Canada) and purchased by institutional investors and certain directors of the Company. The common shares issued under the Placement are subject to a six month hold period that expires on July 1, 2015. Peregrine paid a cash finder's fee of $128,472 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.

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 [email protected].