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RAPAPORT... Peregrine Diamonds Ltd. was notified by De Beers Canada Inc. that the mining giant does not intend to exercise its right to enter into an earn-in and joint-venture agreement with the junior miner on the Chidliak diamond project in Nunavut, Canada.
Peregrine has been processing approximately 250 wet tonnes of a 508-tonne bulk sample collected from the property's CH-6 kimberlite pipe. Approximately 150 tonnes of the sample have been processed so far and De Beers is funding this and the subsequent diamond recovery at the Saskatchewan Research Council.
Final results from the sample, including an independent diamond valuation, are expected in the first quarter of 2014. Peregrine's objective is to utilize those results, along with geological and diamond content information acquired from core drill programs in 2009, 2010 and 2011, to develop a preliminary revenue model and establish an initial resource for CH-6.
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