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Peregrine Approves $13M for Chidliak Exploration

22 december 2009

Peregrine Diamonds has approved a $13.5 million budget for its Chidliak exploration project in Nunavut, Canada, RAPAPORT reported. The company explained that the program will focus on the discovery of new diamond-bearing kimberlites and further sampling existing kimberlites that exhibit potential.
The 2010 program pertaining to this 9,800 square-kilometer project will be executed in two phases, the first of which runs from mid-March to the end of June and the of which second extends from the beginning of July to mid-September.
“We are confident that this $13.5 million exploration program will add significant value to the Chidliak project in 2010,” said Brooke Clements, Peregrine’s president.
He reported that in 2008 and 2009, the company discovered 16 kimberlites, with at least three displaying characteristics consistent with economic potential in arctic settings.
“We are confident that the 2010 results will set the stage for moving Chidliak to the next level in the evaluation of diamond deposits, which is the bulk sampling of multiple kimberlites to obtain parcels of diamonds large enough for reliable diamond valuations,” Clements added.
Peregrine will operate the 2010 exploration program. BHP Billiton has elected to exercise its earn-in rights for Chidliak and must solely fund exploration expenses of $22.3 million in order to earn a 51 percent interest in the project. This earn-in amount is expected to be surpassed by $2 million upon the completion of Peregrine’s 2010 exploration program, at which point BHP Billiton will have the option to earn an additional 7 percent stake in the Chidliak by funding the complete costs of a bankable feasibility study.