VANCOUVER, BRITISH COLUMBIA–( EMWNews – April 1, 2008) –

NOT FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES.

Mr. Brooke Clements, President of Peregrine Diamonds Ltd. (“Peregrine”) (TSX:PGD), is pleased to announce the completion of a further portion of its non-brokered private placement of units for gross proceeds of $808,000. A total of 2,020,000 “non-flow-through” units consisting of one common share and one-half of a share purchase warrant were sold at a price of $0.40 per unit. Each whole share purchase warrant will entitle the holder thereof to purchase one common share at a price of $0.50 until April 1, 2009.

An additional closing of the balance of the “non-flow-through” units is anticipated to be completed prior to April 30, 2008.

The common shares and warrants issued under the private placement and the common shares issuable pursuant to the exercise of the warrants are subject to a hold period expiring on August 1, 2008.

The securities issued by Peregrine have not and will not be registered under the United States Securities Act of 1933, as amended (the “1933 Act”), or the securities laws of any state of the United States, and may not be offered or sold in the United States absent registration or an applicable exemption therefrom under the 1933 Act and the securities laws of all applicable states.

Forward-Looking Statements: This document includes forward-looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine’s projects and other statements that are not historical facts. When used in this document, the words such as “could”, “commonly”, “confident”, “plan”, “encouraging”, “estimate”, “expect”, “anticipated”, “intend”, “imply”, “likely”, “may”, “potential”, “should”, “scheduled”, “significant”, “suggest”, and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are disclosed in the corporation’s periodic filings with Canadian regulators.