Friday, September 25, 2009

Investing in Diamonds: Peregrine has Best Find in Canadian History

Peregrine Diamonds has announced a major discovery of large diamonds and a coarse diamond size distribution in Baffin Island, Nunavut, Canada, and it just the start. A 398.8 kilogram sample collected from CH-6 yielded 2,730 diamonds larger than the 0.075 mm sieve size, including 131 diamonds larger than the 0.600 mm sieve size.

The largest diamond recovered from the sample was a 0.62 carat white, transparent aggregate.

Eric Friedland, Peregrine's CEO said "We believe these microdiamond counts from CH-6 are some of the best results in the history of Canadian diamond exploration". "Having just completed our first drill programme at Chidliak, we are at the start of the exploration cycle and we expect to discover more kimberlites with the economic potential"

Peregrine's stock has shot up as a result.

Disclaimer: no position.

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