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Peregrine Metals Intersects 718 Meters of 0.72% Copper Including 322 Meters of 0.90% Copper at the Altar Project, Argentina

July 9, 2008

VANCOUVER, BRITISH COLUMBIA–(Marketwire – July 9, 2008) – Peregrine Diamonds Ltd. (TSX:PGD) and Peregrine Metals Ltd. –

Peregrine Metals Ltd. is pleased to announce the results of diamond drill hole DDH-ALD-43 at the company’s Altar porphyry copper project in San Juan Province, Argentina (“Altar”). DDH-ALD-43 intersected 718.90 metres averaging 0.72% Cu, from 210.00 metres to the end of the hole at 928.90 metres. Included in this intersection is a high-grade chalcocite enrichment zone that averaged 0.97% Cu over 82.00 metres from 210.00 metres to 292.00 metres, and a high- grade chalcopyrite intersection in the potassic alteration core of the deposit that averaged 0.90% Cu over 322.00 metres from 602.00 metres to 924.00 metres. The hole ended in strong chalcopyrite mineralization which is open ended at depth. Mineralization at Altar remains open to expansion in all directions.

DDH-ALD-43 was collared to test a large, deep Induced Polarization (“IP”) anomaly in the central part of the deposit and was part of Peregrine Metals’ most recent 12,521 metre step-out and resource definition drilling program at the Altar project. The results of DDH-ALD-43 confirm the deep geophysical signature of the broad IP survey that was previously untested by drilling at such depths.

To date, there have been 64 diamond drill holes completed for a total of 29,073 metres. Drilling was conducted at a 200-metre hole spacing for step-out holes and at a 100-metre spacing for in-fill and resource definition holes. An independent NI 43-101 compliant resource estimation for Altar is currently being carried out by Nilsson Mine Services Ltd. and is anticipated to be completed during the third quarter of this year.

Jeff Toohey, Peregrine Metals’ VP-Exploration stated, “The holes completed prior to DDH-ALD-43 were drilled to an average depth of about 430 metres, essentially penetrating only the intense sericitic alteration zone with its hypogene and supergene chalcocite copper mineralization. DDH-ALD-43 was the first deep hole designed to test the potassic alteration zone known to underlie the sericitic zone and the results demonstrate potential for a substantial volume of high-grade hypogene copper mineralization in the potassic core of the deposit as a compliment to the higher-level hypogene and supergene enrichment copper mineralization being developed in parallel.”

The next drilling campaign is planned to commence in the fourth quarter of 2008. An important focus of this program will be further deep drilling and resource delineation of the high-grade potassic core, along with lateral step-out holes to continue testing the main, open-ended Altar IP anomaly, as well as ongoing resource definition drilling to expand and upgrade the category of the upcoming resource estimate.

As announced on June 3, 2008, Peregrine Diamonds Ltd. and Peregrine Metals Ltd. plan to merge to form a new, multi-commodity resource company. Altar technical information, in compliance with NI 43-101 reporting requirements, can be found in Appendix A to the June 3, 2008 press release.

Mr. Jeff Toohey, M.Sc., P Eng., Vice President Exploration for Peregrine Metals Ltd. is a Qualified Person as defined by NI 43-101 and is responsible for the design and conduct of all of the work carried out by Peregrine Metals in South America. Mr. Toohey has reviewed and approved the contents of this news release.

Forward-Looking Statements: This document includes forward- looking statements. Forward-looking statements include, but are not limited to statements concerning Peregrine’s projects and other statements that are not historical facts. When used in this document, the words such as “could”, “commonly”, “confident”, “plan”, “encouraging”, “estimate”, “expect”, “anticipated”, “intend”, “imply”, “likely”, “may”, “potential”, “should”, “scheduled”, “significant”, “suggest”, and similar expressions are forward-looking statements. Although Peregrine Diamonds Ltd. believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risk and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward- looking statements are disclosed in the corporation’s periodic filings with Canadian regulators.

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