The C$107 million-acquisition ($82m) gives the miner access to the Chidliak diamond project in Canada, which hosts at least 74 kimberlites, eight of which are potentially economic.
Peregrine Diamonds Ltd. Mining News
Anglo American unit De Beers expects its purchase of Canada's Peregrine Diamonds, its first upstream diamond acquisition since 2000, to be completed in a month to six weeks' time.
Canadian firm is the sole owner of the Chidliak diamond project in Nunavut.
Undeterred by transportation challenges at its northern Canadian diamond property, Peregrine Diamonds is about to open its wallet for the next phase of exploration.
The Chidliak mine, in Canada’s Nunavut, is expected to produce around 12 million carats during its 10-year lifespan.
The deal gives Peregrine access to eight prospecting licences in the African country.
De Beers has the exclusive right to enter into a joint venture agreement with Peregrine for the Chidliak diamond project located on Baffin Island, Nunavut, Canada.
Peregrine Diamonds Ltd. (TSX: T.PGD) and De Beers Canada are negotiating a partnership deal to operate Canadian Chidliak mine.
Canadian Peregrine Diamonds has discovered a third kimberlite during its winter drill program in the Lac de Gras region, Canada, one of the most prolific diamond districts in the world since kimberlite was first discovered there in 1991.
Peregrine Diamonds Ltd. has discovered two kimberlites in the Lac de Gras region of Canada's Northwest Territories.
London-based diversified miner Rio Tinto (LON:RIO) is taking a page out of BHP Billiton's playbook and is looking at selling some or all of its diamond mines.
Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to report that it has completed the purchase of BHP Billiton's 51 percent participating interest in the 8,580 square kilometre Chidliak diamond project ("Chidliak" or "the Project"), Baffin Island, Nunavut, Canada that was announced on December 20, 2011.
Peregrine Diamonds Ltd. ("Peregrine" or "the Company") is pleased to report that it has entered into a binding agreement with BHP Billiton to purchase BHP Billiton's 51 percent participating interest in the 8,580 square kilometre Chidliak diamond project ("Chidliak" or "the Project"), Baffin Island, Nunavut, Canada.
Peregrine Diamonds regains previous luster after BHP reassures firm it still is committed to Chidiak project
Peregrine Diamonds Ltd. (PGD.TO) has traded as much as 24% higher today and is currently at 75 cents a share, up 19%, after being told by BHP Billiton in recent days that the mining giant still intends to participate in Peregrine's 2012 exploration program at Chidiak on Baffin Island, Nunavut.
BHP Billiton said today it is reviewing its diamond business, which includes two large diamond mines in northern Canada, for a potential sale of all or parts of the business. The world's largest mining company said the review, expected to be completed by the end of January, will "examine whether a continued presence in the diamonds industry is consistent with BHP Billiton’s strategy." BHP owns 80% of the Ekati diamond mine in Canada's Northwest Territories. The other 20% is owned by geologists Chuck Fipke and Stewart Blusson (each has a 10% stake), who discovered the kimberlite pipes north of Lac de Gras in 1991. BHP also owns 51% of the Chidliak diamond exploration property on Baffin Island, with the other 49% owned by Peregrine Diamonds which has been exploring the 860,000-hectare property since 2006. Chidliak also contains copper, platinum group metals and lead-zinc.
Peregrine Diamonds Ltd. ("Peregrine" or "the Company") (TSX:PGD) is pleased to report the discovery of the CH-51 kimberlite by core drilling on the Chidliak project ("Chidliak") on Baffin Island, Nunavut, Canada. CH-51 is the first target drilled in 2011 and the fifty-first kimberlite discovered at Chidliak since 2008. CH-51 is located approximately 200 metres south of the CH-17 kimberlite, ten kilometres south of the CH-28 kimberlite and 40 kilometres north of the Southern Focus Area. Currently, CH-28 and six kimberlites within the Southern Focus Area have characteristics consistent with economic potential in Arctic settings.
Peregrine Diamonds Ltd. announced that the Chidliak Joint Venture (Peregrine 49% and BHP Billiton 51%) has approved a $17.7 million 2011 exploration program on the 8,580 square kilometre Chidliak project on Baffin Island, Nunavut, Canada. Since 2008, 50 kimberlites have been discovered on the project, with seven of these having characteristics consistent with economic potential in Arctic settings. Peregrine is the operator of the 2011 program and field work has commenced. Image by Peregrine Diamonds
Peregrine Diamonds completed a non-brokered private placement of 3,000,000 common shares at a price of $2.80 per share for proceeds of $8.4 million. Proceeds will be used for mineral exploration projects in Canada.