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Peregrine Diamonds Regains Previous Luster after BHP Reassures Firm It Still is Committed to Chidiak Project

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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.

The company also said that BHP still considers Chidiak "a highly promising diamond exploration project" and will make its $1.9 million commitment for mobilizing materials and equipment for the 2012 bulk sample program.

BHP earlier this week sent Peregrine shares tumbling as low as 58 cents a share when it said it was reviewing its diamonds business in Canada, including the EKATI diamond mine in the Northwest Territories as well as the Chidliak project in Canada. The review is expected to wrap in January.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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