03:31 PM EST - Peregrine Diamonds Ltd. : reported that it has entered into a binding agreement with BHP Billiton to purchase BHP Billiton's 51% participating interest in the 8,580-square-kilometre Chidliak diamond project Baffin Island, Nunavut. The purchase gives Peregrine 100% ownership of Chidliak, exposing its shareholders to all the benefits from the diamond discoveries to date and the Project's exploration potential. Under the terms of the agreement, Peregrine will pay a total of $9,000,000 over a period of three years, and grant BHP Billiton a 2% royalty on any future mineral production from Chidliak. Peregrine Diamonds Ltd.
shares T.PGD are trading down $0.01 at $0.59.
