CST: 01/07/2016 04:57:41   

Report of Acquisition of Shares of Peregrine Diamonds Ltd.

154 Days ago

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 28, 2016) - Eric Friedland reports that he has exercised rights under the rights offering of Peregrine Diamonds Ltd. ("Peregrine") that expired on January 26, 2016 to acquire beneficial ownership of 11,923,109 common shares of Peregrine at $0.10 per share.

Mr. Friedland currently has deemed beneficial ownership of 72,015,545 common shares of Peregrine, representing 20.5% of the deemed outstanding common shares of Peregrine. After other treasury issuances of common shares by Peregrine, Mr. Friedland's deemed beneficial ownership of common shares of Peregrine has decreased by 0.3% from the previously reported percentage of 20.8%.

Mr. Friedland has acquired the common shares for investment purposes. He may acquire additional common shares or dispose of common shares (through market or private transactions or exercises of outstanding stock options) from time to time.

A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from Eric Friedland at (604) 408-8880.

"Eric Friedland"

ERIC FRIEDLAND

Eric Friedland
604-408-8880