VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 27, 2015) - Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (PGD.TO) is issuing this news release to revise and clarify certain disclosures contained in its news release of January 26, 2015 (the "News Release").

All references to "kimberlite tonnage estimates" in the News Release refer to targets for further exploration only, as disclosed in the fourth paragraph of the News Release. These targets are conceptual in nature and should not be considered resources as there has currently been insufficient exploration to define a mineral resource on those targets and it is uncertain if further exploration will result in such tonnage estimates being delineated as a mineral resource. The table titled "Kimberlite Tonnage Estimate Ranges" represents kimberlite targets for further exploration only, does not represent resource estimates and should not be relied upon other than as targets for further exploration. The CH-6, CH-7 and CH-44 kimberlites have been drilled by 6,362 metres, 4,796 metres and 3,224 metres of drilling, respectively.

All disclosure regarding the CH-6 Inferred Mineral Resource remains unchanged.

While the CH-6 Inferred Mineral Resource was prepared in accordance with applicable regulatory requirements, there is no regulatory process for confirming that a mineral resource is "NI 43-101 compliant". Accordingly, all references to the CH-6 Inferred Mineral Resource as being National Instrument ("NI") 43-101 compliant is removed.

ABOUT PEREGRINE DIAMONDS

Peregrine is a diamond exploration and development company focused on Canada's North. The Company has discovered two new diamond districts in Nunavut, Nanuq in 2007, and Chidliak in 2008. At its 100 percent-owned, 582,476 hectare Chidliak project, located 120 kilometres from Iqaluit, the capital of Nunavut, 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 April 2013, Peregrine collected a bulk sample weighing 404.2 dry tonnes from CH-6. This sample returned a grade of 2.58 carats per tonne for diamonds larger than the 1.18 mm sieve size. An independent diamond valuation of the resulting 1,013 carat parcel of diamonds 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. As part of the ongoing resource development program, core and RC drilling was completed at the CH-6, CH-7 and CH-44 kimberlites in 2014. Preparations are well underway for a 2015 bulk sampling program focused on the CH-6, CH-7 and CH-44 kimberlites scheduled to commence in March. The objective of the 2015 program is to delineate a resource base that would be the subject of a Preliminary Economic Assessment in 2016.