Peregrine Diamonds Ltd. announced that companies 5,000,000 warrants will commence trading on the TSX Venture Exchange effective at the opening of market on March 15, 2006. The trading symbol for the warrants is PGD.WT. The Warrants were previously issued in connection with the completion of the business combination of Peregrine and Dunsmuir Ventures Ltd. which was announced on January 17, 2006.

Each Warrant entitles the holder to purchase one common share of Peregrine at a price of $7.00 until July 16, 2007. The Warrants are governed by the terms of an agreement between Peregrine and Computer share Trust Company of Canada, as warrant agent. The agreement provides for appropriate adjustments to the Warrants in the event of stock dividends, subdivisions, consolidations and other capital reorganizations.

Holders of the Warrants will receive a transmittal letter advising them to surrender their old warrant certificate for a new warrant certificate to Peregrines warrant agent, Computer share Trust Company of Canada.