AGM details

Today was the AGM of Peregrine Diamonds.
I may have missed or misinterpreted a fact or two mentioned in the meeting..so please take the following as a recollection of one shareholder.  Do not assume all is 100% correct.

A few details came to light at the meeting and also several questions that were sent via email were answered seperately.

First, about the AGM.

The were several of PGD employees and board members in attendance.
Noticeably absent were Tom and Eric.
Brooke was there and lead a presentation following the 2 issue vote and he was accompanied by many other supporting cast.
Including Dr. Pell, Cathy Fitzgerald, Alan O'Connor, 2 Board members, Lacey Kelly, Bev Downing and Bernard (lawyer) I might have missed a couple, but there was plenty of technical staff to answer questions.

Where were Tom and Eric:

The statement made were that they overseas on Peregrine diamonds looking for funding related initiatives. This would be beyond the warrant issue.

Shareholders in attendance.
The author of this blog plus 2 other very grey haired individuals. The tally for the onsite proxy for voting was a total of 1,073,000 shares. that would have been between the three shareholders The one guy was semi retired and originally from the oil and gas sector. He hadn't been to a meeting in a couple of years, but has been a holder of Peregrine for many, many years.
More well known was the other shareholder, Paul who is the CEO of Margaret Lake Diamonds.

If I were to guess at the ownership split amongst the 3.it would roughly work out to a 1/3rd, 1/3rd, 1/3rd...which is pretty close to the average of stockouse shareholders as well.
Just a guesstimate...but it is probably pretty safe to infer that the CEO of Margaret Lake Diamonds owns a few hundred thousand shares of Peregrine Diamonds.

One other shareholder came much later (missed out on the meeting) and brought his daughter (ie. spring break). They had a good look at the various kimberlite samples int eh room.

The Vote:
Vote for the board filling in 7 of the 8 available positions and approving the auditor.

Everyone showed their hands in the room.

Question time:

It asked again about the location of Eric/Tom and mentioned that Robert/Ned were in Hong Kong at the mines and money show. It was re-iterated that Eric/Tom were overseas. I'd assume if anything material comes out of their ventures, we may hear about it in the next 3 to 4 weeks...if anything at all comes from it.

The $2 million flow through will just go to the Chidliak proper as long as it isn't going to the bulk sample itself, it will be fine as per accounting rules.

On the south side of CH-6 where the gravity readings were, it sounds like they have decided it was not kimberlite pulling the readings, but gave some reasonable explanation. They were are still keen on the north end of the CH-6/string of pearls area.

Of note, the preliminary pit shapes on CH-6 on the northside pushes back through into CH-20...so part of CH-20 (pearl) will be mined by default without having to go through a big economic test.

CH-7 is the most diverse as far as geology and is the key driver for the bulk sample program.

They will have the core drill rig on site to try and deepen the inferred at ch-6 to 250 metres and also do significant geotechnical drilling for open pit designs.

The smaller RC drill rig (helicopter) is no longer onsite..concept of that vehicle was to quickly eliminate targets. In the process, they found a lot more kimberlites via the RC rig then they expected.
The core drill rig onsite will now be used on the existing targets that they will want to work on. Not sure when this will happen. Area B is not in focus..yet they didn't seem to rule out work on it. Sounds like they still want to get a handle of it.

With the small RC rig, there is breakage that occurs and different kimberlites do different forms of breakage. It was asked about CH-46 and it seems like the initial caustics would have been the larger micro's being crushed into tiny bits...that is why we are seeing lots of smaller diamonds and not much micros in those results. The core drills are more realistic. Some of the kimberlite RC drilling had very little breakage..so it isn't assumed all the time.

Bulk samples should be processed in the third quarter with valuations in late 2015 or very early 2016.
Probably expect a vast array of diamond photos this fall.

CH-6 was iterated that it is open at depth and is potential for underground in the future...but that is not the priority right now to firm that.

It was confirmed that going from inferred resource to indicated is a matter of a bit more information for the modeling itself and isn't nearly an arduous task as it would be to do a lot of infill drilling a narrow vein gold deposit. The agreement in the room seemed to indicate that going from inferred to indicated in a diamond kimberlite deposit is a lot easier and cheaper then a lot of other commodities and sectors out there. It was suggested that the investors may not fully understand this. As far as Peregrine Diamonds is concerned going from TFFE to Inferred does require the valuation work to be done. This isn't always the case, but it is the more conservative approach.

Meeting was adjourned and a token Peregrine Diamonds hat was offered.

A couple more items that were mentioned:

Depending on the kimberlite, the heli RC rig created a lot of breakage..so larger stones were turned into several smaller stones. It was kimberlite dependent on how much breakage occurred. With the much larger LDD RC unit, there will be significant less breakage as it is going to bring up more chunkier rock up the middle of the unit.

Also, on the 0.85 mm and 1.18 mm sieve size, Peregrine is more focused on the 1.18 mm knowing that they are pushing toward a production plan as opposed to exploration plan and in a production scenario the bottom sieve can actually be 1.5 mm. 

A couple more items were also mentioned in relation to DO-27 pipe.

The Jay pipe is seriously going to be considered for mining has raised the potential to change the seasonal road into all year road and there is also consideration for sending power up that road as well. Both big boons for DO-27.