VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 18, 2017) - This press release is issued by Eric Friedland ("Friedland") pursuant to the early warning requirements of applicable securities legislation and National Instrument 62-103 in connection with a rights offering ("Rights Offering") by Peregrine Diamonds Ltd. ("Peregrine").

Prior to completion of the Rights Offering, Friedland had deemed beneficial ownership of 72,015,545 common shares ("Common Shares") of Peregrine, which includes options to purchase 12,400,000 Common Shares, representing 20.5% of Peregrine's issued and outstanding Common Shares.

Friedland previously reported in a press release dated July 18, 2017 that his deemed beneficial ownership of Peregrine's Common Shares following the close of Peregrine's Rights Offering would be 24.4% as a result of the deemed exercise of rights received by him under the Rights Offering. If Friedland was required to purchase the maximum 1,934,684 Common Shares pursuant to his commitment under the Standby Purchase Agreement, his deemed beneficial ownership of Peregrine's Common Shares would be 24.8%.

On August 15, 2017, Friedland exercised 59,615,545 rights of Peregrine in connection with the Rights Offering, resulting in the subscription for 18,065,300 Common Shares at $0.10 per Common Share. Upon completion of the Rights Offering, Friedland has deemed beneficial ownership of 90,080,845 Common Shares, which includes options to purchase 12,400,000 Common Shares, representing 19.8% of Peregrine's issued and outstanding Common Shares. All of these securities are beneficially owned and controlled by Friedland.

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 Friedland at (604) 408-8880.

"Eric Friedland"
ERIC FRIEDLAND