RE: Cambridge House - September - TorontoEKIM, this may add fuel to your speculation. I wrote the Co. wondering when we are likely to get news and what has been going on. the reply was:
Thank you for your interest in Peregrine Diamonds Ltd.
Our program this year has two areas of focus:
1. Further delineation of known kimberlites with economic potential to lay the groundwork for 2012 bulk samples, which planning is being finalized now. So far this summer we have taken an approximate 30 tonne mini-bulk sample from the surface of the CH-28 kimberlite, an approximate 5 tonne mini-bulk sample via drilling from the CH-31 kimberlite, and have conducted drill programs at CH-6, 7, 44 and 45. Samples have been submitted for diamond analysis.
2. Continued exploration for new kimberlites. So far this year we have announced eight new discoveries and we continue to drill new targets.
Additionally, we have been conducting geophysical studies, till sampling, prospecting and environmental studies. Currently, there are about 40 people working on our Chidliak project in two camps. There are one RC and two core drill rigs in operation at the project. We expect to issue a news release with a full update at the end of the 2011 program, within the next few weeks.
Obviously nothing earth shattering in there but if you look closely there are a number of fairly loaded statements, which essentially indicate that they have done a lot of work and that results are pending. My expectation is that we are going to start to see news coming fast and furious starting in two weeks ... perhaps coinciding with your speculated dates.
That said, i am still mixed about my feelings on the news to come. I find it troublesome that we have not had regular exploration updates (particularly those that might announce large sized kimberlite finds). This is really stacking up to be a wild ride this fall. As i said in a post earlier this spring, this is a make or break year for these guys. They need good results to set funding up for a heavy work program which will be required next summer. On the other side any good news will send the s/p north very very quickly. ie - high concentrations of large diamonds in either mini bulk and you have to think this suddenly becomes a $5 plus stock overnight.
Financing this puppy at $1.50 will be very tough. So essentially this is going to have to double, and then some, in the next 3 months in order to line up for a successful summer next year. The company has shown us that they are capable of developing and implementing a strategy in the past ... the question is do they have the goods to carry it through in the long run, which given what we have on the table now is really the short run (ie - if we don't have good news from this summers program it will be very tough for them to maintain sufficient shareholder value through financing to keep the trajectory of this project moving outward and upward). I am already fairly deep into this one in terms of the percentage of my portfolio it occupies and we are hitting a key level of support. If we fall much below $1.50 i will be waiting until we hit $1.25 before i buy anything more. I am optimistically holding on to what i have for dear life!!