Peregrine Diamonds Ltd. PGDIF

Metals & Mining Industrial Metals & Minerals

"Peregrine Diamonds Ltd is a diamond exploration and development company with interests in diamond exploration properties located at Nunavut and the Northwest Territories in Canada and The Republic of Botswana."

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Peregrine Diamonds Ltd.

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Comment by Durkastanon Mar 06, 2011 7:31pm

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Post# 18241533

RE: RE: RE: RE: RE: RE: Interesting Movement

This was discussed in detail when the decision was announced.

The cost to funding Chidliak to a bankable feasibility study easily would have cost BHP $50mm +. No company throws around that kind of cash on a hope and a prayer. The truth is that there just isn't enough evidence at this time to justify that kind of commitment.

If BHP didn't believe in the potential of Chidliak, then they would have pulled out of the project. There's a big difference between not opting into another expensive 7% and pulling out entirely. Chidliak has BHP's vote of confidence for at least another year.

2008 program: 3 kimberlites discovered
2009 program: 13 kimberlites discovered
2010 program: 34 kimberlites discovered

2011 program: Unknown, but it's hard to argue with that kind of growth profile.

Drills should be turning any day now.

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