Peregrine Diamonds Ltd. PGDIF

RE:TGX

[ESSET]

West Greenland diamond potential in the Maniitsoq area confirmed

Map of Crew Minerals' license areas in the Maniitsoq Kimberlite province,West Greenland. Areas in dashed outline are Crew's exploration license no. 2006/08. Areas in bold outline show Crew's expanded exploration licence area. Red dashed lines show the structurally controlled linear trend enclosing most of the kimberlite dykes and till samples with 'diamond-positive' indicator minerals.

Legend to the map. White diamonds show Crew's 2006 diamondiferous kimberlite samples. Light-blue diamonds show diamondiferous kimberlite samples from previous investigations. Green squares show known kimberlite occurrences (in situ and float). Purple and orange/yellow dots show till samples with peridotitic (G10D, G10, G9, G11) and eclogitic (G3D, G3 / G4) garnets, respectively, with the darkest colours indicating the most 'diamond-positive' classes. Grey dots show locations of till sample sites.

Crew Minerals ASA reported on 12 February 2007 the results of its first-pass sampling program for diamonds in the Maniitsoq region of West Greenland 2006. The results confirm that all kimberlites sampled in the license area contain diamonds. Twenty 50-kg samples from five kimberlite sites returned at total of 67 diamonds. Of these, two stones were categorized as 'macrodiamonds' (retained on a 0.500 mm sieve), and six diamonds measured between 0.5 and 1mm along at least one edge. Crew is particularly encouraged by the fact that five of these are fragments, which implies they are chips of larger stones. While it is not clear at this stage whether the fragmentation occurred during sample preparation or during the formation of the kimberlites, it shows that larger stones are available in the diamond source domain beneath the Maniitsoq region.

The twenty 50-kg samples were submitted for caustic fusion and diamond extraction and eighteen of these returned natural diamonds, with one to eight stones in each sample. In addition to the two stones categorized as 'macrodiamonds', three stones reported in the +0.425 mm sieve fraction, with five in the +0.300 mm, 10 in the +0.212 mm, 30 in the +0.125 mm and 19 to the +0.106 mm sieve fractions. Of the total of 67 diamonds recovered, 31 are described as intact and 36 as fragments; clarity is reported as 54 transparent stones and 13 translucent; colour as 35 white stones, 22 grey and 10 brown. Of the 35 white stones, 14 are described as transparent with no inclusions or cleavages, and 12 as transparent with some inclusions or cleavages. 32 stones show no resorption, whereas 32 show medium to high effects.

A limited reconnaissance program in 2006 by Crew led to the discovery of several new kimberlite occurrences as a result of follow-up on 'diamond-positive' indicator mineral trains, in addition to the dozen or so already known occurrences, including the previously mentioned kimberlite site at Majuagaa (Minex 28 and 29).

CEO at Crew Minerals, Hans Christian Qvist says: “We are extremely pleased with this our first diamond-exploration campaign and encouraged that our initial results were confirmed. The kimberlites throughout the Maniitsoq province have proven to host diamonds. These early results clearly demonstrate the great potential of the Maniitsoq province. Also, the fact that more than half of the recovered diamonds were fragmented stones, which suggest that larger diamonds exist in the source area for the Maniitsoq kimberlites, is particularly promising and we are looking forward to continuing our studies of this unique opportunity for our company“.