Peregrine Diamonds Ltd. PGDIF

RE:RE:RE:Dominion Diamonds

[schocor]

So I dont know too much about who is (might be) interested in PGD today; the list is certainly small and we all probably have a pretty good idea who the usual suspects are. PGD has a small, very good pipe in CH6 with a very good NPV in-so-far as the costs are to be believed. With CH6 and CH7 would make a fine small mine around this like Victor in Ontario. You COULD build your mini-mine and continue to explore the property with your cash flows; it is a viable strategy. Meh There are other pipes to explore, LOTS of other pipes and those pipes will be explored before a full FS is done IMHO - and we need money to do it. We could raise $15-$25M or so to do a program (drilling to delineate, trenching to sample, buy DMS to sample the trenched material) and this financing would probably be done at a discount to the $.15 we are at today. The other alternative is to wait. Wait for interest in junior mining sector to come back or an interested partner to arrive. This would be my preference. The project is good (I assure you of that), but I believe it to be a world class project that needs a lot more work to determine what is there. 8 years ago I had discussions this as an EKATI and Diavik combined; $50+ million might be required to prove this statement to be true and more exploration is necessary. A DMS machine at site will allow for rapid sampling and is prudent. I didnt agree with the strategy to put all the money into fully delineating Ch6 to the 500M level I think THAT money would have been better spend on trenching CH1 and Ch44 to attract a partner. Regardless, we have a very good reserve and a lot of good resources, and we havent yet really explored 50% of this crustally lengthened rock structure that allows the sweet, profitable conglomerate kimberlite to flow to surface from deep within the earth carrying with it our diamonds. This one will take time and money hopefully somebody elses money. I think we are 7-10 years away from mining at CHildiak.