Pergrine Diamonds has transferred two key project sites to its wholly owned subsidiary Peregrine Exploration Ltd. in addition to giving the latter an exclusive licence to utilie its extensive North American diamond exploration database. The projects include the the Lac de Gras project in the Northwest Territories, as well as the Nanuq and Nanuq North properties in Nunavut.

A statement from the company said that the Lac de Gras project hosts the nine hectare DO-27 kimberlite which has an Indicated Mineral Resource of 18.2 million carats of diamonds and is open at depth. The Nanuq and Nanuq North properties currently host four diamondiferous kimberlites and have excellent exploration potential, it added.

Peregrine also said that the diamond exploration database acquired from BHP Billiton in 2012 in connection with the Company's acquisition of BHP Billiton's interest in the Chidliak property, contains information from over 38,000 kimberlite indicator mineral samples collected throughout Canada over a ten year period at great expense.

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.

Brooke Clements, President and CEO of Peregrine Exploration stated, "There is excellent potential for the discovery of another prolific diamond district in North America and I believe that our proprietary diamond exploration databases and the unparalleled experience and expertise of the Peregrine team gives us a real strategic advantage to make that discovery."

In a separate statement, the company also provided an update on its 100 percent-owned Chidliak diamond project, saying that the current programme aims at confirming grade estimates and representative diamond parcels to enable valuation. The 2015 bulk sample programme plans for the collection of bulk samples from the CH-6, CH-7 and CH-44 kimberlites.