October 24, 2014

Peregrine Diamonds Warrants to Begin Trading Monday, October 27, 2014

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

Peregrine Diamonds Ltd. (the "Company") (TSX:PGD) advises that warrants issued in connection with its rights offering completed on October 6, 2014 (see news release dated October 8, 2014) will be listed and posted for trading on the Toronto Stock Exchange under the symbol PGD.WT at market open on Monday, October 27, 2014. Each warrant entitles the holder to purchase one common share of the Company at a price of $0.21 per share at any time before 2:00 p.m. (Vancouver time) on April 6, 2015.

No U.S. Registration

The securities referred to herein will not be and have not been registered under the Securities Act, 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 were 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. This press release does not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States.

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].