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Peregrine Shares Spike on Canada Mining Study
Jul 11, 2016 2:20 AM
By Rapaport News
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RAPAPORT... Peregrine Diamonds’ shares hit their highest level in more
than a year following “positive” findings from an assessment of its Chidliak development
project in Canada.
Chidliak Phase One Diamond Development, or CP1D, is expected
to produce a maximum of 1.8 million carats per year, or an average of 1.2
million carats over its forecast 10-year lifespan, the company said. The mine
will produce 11.6 million carats in total, according to the assessment.
The study “clearly establishes Chidliak as one of the
premier undeveloped diamond resources,” said Eric Friedland, Peregrine’s
founder and executive chairman.
The investigation assumed commercial production will start
in 2021 with an average diamond valuation of $149 per carat in the “CH-6”
kimberlite pipe and $114 per carat at “CH-7,” with prices rising 2.5 percent
each year from 2016.
Peregrine shares traded on the Toronto Stock Exchange spiked
12 percent Thursday after the announcement and closed Friday at CAD 0.285, their highest
since June 1 last year, according to Yahoo Finance.
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Tags:
Canada, chidliak, Chidliak Phase One Diamond Development, CP1D, peregrine, Peregrine Diamonds, Rapaport News
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