On December 6, 2011, Friedland acquired deemed beneficial ownership of a total of 2,818,465 common shares of Peregrine Diamonds Ltd. (“Peregrine”), representing 2.5% of the deemed outstanding common shares of Peregrine.

Friedland currently has deemed beneficial ownership of 25,626,304 common shares of Peregrine, representing 22.3% of the deemed outstanding common shares of Peregrine.

After other treasury issuances of common shares by Peregrine, Friedland’s deemed beneficial ownership of common shares of Peregrine has increased by 0.3% from the previously reported percentage of 22.0%.

PEREGRINE DIAMONDS ANNOUNCES CLOSING OF RIGHTS OFFERING

Peregrine Diamonds Ltd. ("Peregrine") is pleased to announce that it has completed $6,083,163 million of its rights offering, which was announced on November 1, 2011.

An aggregate of 7,156,662 units, each unit comprising of one common share and one-half of one warrant, were issued pursuant to the offering. Each whole warrant entitles the holder to purchase one common share for a term of two years at a price of $2.00.

As a result of the completion of the rights offering, a total of 104,279,139 common shares of Peregrine are now issued and outstanding.

regards

Hg