Peregrine Announces Transfer of Assets to Peregrine Exploration Ltd.

Peregrine Diamonds Ltd. (TSX:PGD) announced the transfer of its diamond properties, the Lac de Gras project in the Northwest Territories and the Nanuq and Nanuq North properties in Nunavut,  to its wholly owned subsidiary Peregrine Exploration Ltd.

As quoted in the press release,

In addition to the properties, Peregrine Diamonds has granted Peregrine Exploration an exclusive licence to utilize its extensive North American diamond exploration database.

Mr. Eric Friedland, Executive Chairman of Peregrine Exploration and Peregrine Diamonds stated:

Following the strategic review we reported February 12, 2015, the transactions announced today are the first step towards ensuring that we capture maximum value for Peregrine Diamond’s non-Chidliak assets.

Mr. Brooke Clements, President and CEO of Peregrine Exploration stated:

With diamond prices projected to rise due to strong demand, it is a great time for Peregrine Exploration to advance its diamond properties and focus on finding the next diamond district. A key focus will be the DO-27 diamond resource which is located just 27 kilometres from the Diavik Diamond Mine and 35 kilometres from the Jay kimberlite at the Ekati Diamond Mine, where a pre-feasibility study was recently completed.

Click here for the full Peregrine Diamonds ( TSX:PGD) press release