VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 12, 2015) - Eric Friedland ("Friedland") reports that he has surrendered to Peregrine Diamonds Ltd. ("Peregrine") incentive stock options granted by Peregrine to him for the purchase of an aggregate of 8,525,000 common shares. As a result, Friedland now has deemed beneficial ownership of an aggregate of 50,567,436 Common Shares, representing 20.8% of the deemed outstanding Common Shares, a decrease of 3.7% from his previously reported percentage of 24.5%.

A copy of the related early warning report may be obtained from the SEDAR website (www.sedar.com) or from Eric Friedland at (604) 408-8880.

"Eric Friedland"

ERIC FRIEDLAND