DIAMOND EXPLORATION STRATEGIES COMPLETES TRANSACTION TO ACQUIRE HIGHLY PROSPECTIVE BOTSWANA EXPLORATION LICENCES FROM PEREGRINE DIAMONDS

Diamond Exploration Strategies Limited (“DES UK”), a UK registered private company is pleased to announce a transaction to acquire all of the shares of Diamexstrat Botswana (Proprietary) Ltd. (“DES Botswana”), a privately held Botswana-registered diamond exploration and development company, from Peregrine Diamonds Ltd. (“Peregrine”) (TSX:PGD). DES Botswana’s primary assets are twelve prospective diamond Prospecting Licences that cover 6,615 km2 in Botswana. DES UK will grant Peregrine a 1% gross overriding royalty (the “Royalty”) on all precious stone mineral interests held by DES Botswana at the time of closing. The agreement allows for DES UK to purchase the Royalty. The transaction will be completed once all regulatory approvals have been obtained.

Barry Bayly, CEO commented “We are appreciative of the excellent working relationship we have had with Peregrine over the past two years that facilitated the identification and acquisition of high-priority targets, and enabled a focused exploration programme that significantly advanced the understanding of the potential of the exploration licence portfolio. This transaction enables DES UK to proceed with new partners to execute a highly focused exploration programme.”

For further information, please visit www.diamexstrat.com or contact Mr. Barry Bayly, CEO at +27 83 4482280 or info@diamexstrat.com

Forward-Looking Statements

The information contained in this News Release was obtained from the Company and from other sources believed to be reliable. Neither the Company, its shareholders nor any of their officers, employees or advisers make any representation or warranty, either expressed or implied, as to the accuracy or completeness of the information contained herein and of this document’s usefulness in predicting the Company’s future performance, or in estimating its current or future value. The information in this News Release is subject to updating, correction or amendment at any time.

This document includes and is based on, among other things, forward-looking information and statements. Such forward-looking information and statements are based on the current expectations, estimations and projections of the Company or assumptions based on information available to the Company. Any estimates or projections contained herein involve elements of subjective judgment and analysis, which may or may not be correct. Although all effort was made to present correct information in this document, there is no assurance that any of the projections will materialize. The Company disclaims any intent or obligation to update any forward-looking statement as a result of new information.

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