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Peregrine Shares Spike on Canada Mining Study

Jul 11, 2016 2:20 AM   By Rapaport News
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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.
Tags: Canada, chidliak, Chidliak Phase One Diamond Development, CP1D, peregrine, Peregrine Diamonds, Rapaport News
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