Peregrine Reports Diamond Valuation for Parcel from CH-7 Kimberlite

March 8, 2016

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Peregrine Diamonds Ltd. (TSX:PGD) announced the results of an independent diamond valuation for a 735.75-carat parcel of commercial-size diamonds recovered from the CH-7 kimberlite pipe at its Nunavut-based Chidliak diamond project.

As quoted in the press release:

The current average price was US$100 per carat, and ranged from US$73 to US$154 per carat across parcels from the five geological units represented. The modelled average price ranged from a low of US$94 per carat to a high of US$155 per carat, with a base modelled price of US$114 per carat. The eight highest value diamonds ranged in size from 1.35 carats to 5.33 carats, weighed 21.58 carats in total, and had a current average price valuation of US$1,619 per carat.

Tom Peregoodoff, president and CEO of Peregrine, commented:

This result represents the successful culmination of the 2015 Resource Development Program at Chidliak and is further confirmation that Chidliak is Canada’s highest potential undeveloped diamond resource. The diamond valuations from CH-7 provided by WWW will support the maiden CH-7 resource statement expected this month and, together with the revised resource at CH-6, will form the foundation of the independent Preliminary Economic Assessment of a Phase 1 Diamond Mine expected this June.

Click here to read the full Peregrine Diamonds Ltd. (TSX:PGD) press release.

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Category: Gem