VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 8, 2014) - Eric Friedland reports that he has acquired deemed beneficial ownership of 28,147,262 common shares ("Common Shares") of Peregrine Diamonds Ltd. ("Peregrine") pursuant to Peregrine's rights offering ("Rights Offering") by prospectus dated August 22, 2014.

On September 9, 2014, Friedland was issued 19,545,174 rights ("Rights") of Peregrine in connection with the Rights Offering, with each two Rights being exercisable into a unit ("Unit") at $0.21 per Unit until October 6, 2014. Each Unit consisted of one common share of the Company ("Common Share") and one common share purchase warrant ("Warrant"), with each Warrant being exercisable to purchase one Common Share at $0.21 until April 6, 2015. Friedland exercised the Rights and received as of October 6, 2014 Units consisting of 9,772,587 Common Shares and 9,772,587 Warrants. Friedland also entered into a Standby Purchase Agreement with Peregrine in connection with the Rights Offering pursuant to which he agreed to acquire a portion of any unsubscribed Units. As a result, on October 8, 2014, Friedland acquired additional Units under the Rights Offering consisting of 4,301,044 Common Shares and 4,301,044 Warrants.

After the Rights Offering, Friedland has deemed beneficial ownership of an aggregate of 59,092,436 Common Shares, representing 21.5% of the deemed outstanding Common Shares. Friedland's deemed beneficial ownership of Common Shares has increased by 1.2% from the previously reported percentage of 20.3%.

Friedland has acquired the Common Shares for investment purposes. Friedland may acquire additional Common Shares or dispose of Common Shares (through market or private transactions or exercises of outstanding stock options and warrants) 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