Stillwater Mining and Peregrine Metals Announce Acquisition Agreement

Stillwater to Diversify and Enhance Growth Pipeline Through Acquisition of Significant, Large Scale Copper and Gold Opportunity in Argentina

Substantial Development Potential to Create Long-Term Value for Both Companies' Shareholders, Increases Stillwater's Exposure to Broader Commodity Classes

BILLINGS, MT and VANCOUVER, BC--(Marketwire - Jul 11, 2011) - Stillwater Mining Company (NYSE: SWC) ("Stillwater") and Peregrine Metals Ltd. (TSX: PGM) ("Peregrine") today announced that they have entered into a definitive agreement (the "Agreement") pursuant to which Stillwater, by way of a Canadian plan of arrangement, will acquire all of the outstanding shares of Peregrine. Under the terms of the Agreement, Stillwater will exchange 0.08136 shares of Stillwater common stock and US$1.35 in cash for each common share of Peregrine. Based on the closing share price of Stillwater common stock as of July 8, 2011, which was US$23.72, the Agreement places a value on Peregrine common shares of US$3.28 (CDN$3.16) per share. This represents a total purchase price of US$487.1 million, and assumes the exercise of all outstanding Peregrine options and warrants resulting in a CDN$34.4 million (US$35.7 million) contribution to treasury, and implying a net equity value of US$451.4 million. Upon completion of the transaction, Stillwater and Peregrine shareholders will own approximately 89.5% and 10.5%, respectively, of the combined company on a fully diluted basis.

After the completion of this transaction, Stillwater plans to further delineate, develop and operate Peregrine's Altar porphyry copper-gold deposit ("Altar"), a large, undeveloped open-pit resource located in the San Juan province of Argentina. Altar has Canadian NI 43-101 compliant measured and indicated copper resources of 7.4 billion pounds of copper and inferred copper resources of 4.3 billion pounds, both at a 0.3% copper equivalent cut-off grade. The property also has significant gold resources, with 1.5 million ounces of measured and indicated resource and an inferred resource of 880 thousand ounces. The resources at Altar are open to expansion laterally in three directions and at depth.

Altar is located in a mining-friendly jurisdiction with several other active, large-scale, copper and gold mines as well as exploration and development projects. Stillwater expects that development of the Altar project will benefit from potential infrastructure synergies as well as from its strategic location near key transportation routes across the nearby Chilean border and proximity to shipping facilities on the Pacific Ocean.

Both companies and their shareholders are expected to benefit from increased scale and an enhanced capital markets profile. Further, the transaction provides Stillwater immediate scale in copper resources, with the potential to develop into one of the leading copper producers in the Americas, and also provides increased exposure to gold resources. In combination with last year's Marathon acquisition in Canada and expansion opportunities at Blitz and Graham Creek in Montana, this transaction creates a robust pipeline of projects that enhances Stillwater's near- and long-term growth profile across platinum group metals ("PGMs"), gold and copper.

Discussing the Peregrine acquisition, Frank McAllister, Stillwater's Chairman and Chief Executive Officer, said, "For several years, one of Stillwater's primary strategic goals has been to grow and diversify our business through the acquisition and development of high-quality mining assets. The Peregrine transaction provides us with broader diversification into copper -- a metal with favorable long-term fundamentals driven by growing market demand -- as well as meaningful exposure to gold."

McAllister added, "In combination with our PGM producing assets in Montana and the continuing development of our Marathon assets in Canada, we are creating a leading mid-cap diversified mining company with a strong financial profile and a robust growth pipeline across attractive commodity classes and geographies. We believe that the mix of PGMs, gold and copper provides Stillwater and its shareholders with a unique and compelling investment proposition."

Eric Friedland, Peregrine's Chairman and Chief Executive Officer, said, "We are pleased to enter into a transaction that provides our shareholders with both immediate value as well as the ability to participate in the upside potential of a diversified mining company with a significant weighting in precious metals from secure jurisdictions, especially PGMs which are crucial to the rapidly growing world-wide automotive industry. Stillwater not only has the balance sheet strength, financing capabilities and cash flow required to advance Altar's development, but the proven operational track record and extensive management experience in the copper industry needed to do so in a thoughtful and diligent manner. It was also important to us to enter into a transaction with an internationally respected partner like Stillwater -- a company with a demonstrated commitment to fair labor practices, environmental sustainability, and responsible corporate citizenship in its operating communities."

The transaction has been unanimously approved by the Boards of Directors of both companies and is expected to be completed by September 30, 2011, pending regulatory and exchange approvals, customary closing conditions and the approval of Peregrine shareholders. Salman Partners Inc. has provided a verbal opinion to the Peregrine Board of Directors that the consideration to be received by Peregrine shareholders under the Agreement is fair, from a financial point of view, to the Peregrine shareholders and the Board of Directors of Peregrine recommends that holders of Peregrine shares vote in favor of the transaction. The officers and directors of Peregrine have executed support agreements in favor of the plan of arrangement.

Stillwater believes that Altar has long-term potential to be developed into an outstanding copper and gold mine. Stillwater plans to invest approximately US$75 million over the next three years to fully delineate the Altar resource and to advance exploration on the property.

Transaction Structure

As part of the plan of arrangement, Peregrine shareholders will receive as value for their shares, consideration that is essentially 59% in the form of newly issued Stillwater shares and 41% in cash. Specifically, Stillwater will exchange 0.08136 Stillwater shares and US$1.35 in cash for each Peregrine share. Holders of Peregrine stock options may elect to exchange their options for options exercisable solely for Stillwater shares (and no cash), upon payment of the exercise price, on the equivalent basis of one Peregrine share for 0.14793 of a Stillwater common share.

Deutsche Bank is acting as financial advisor to Stillwater and has provided a US$200 million bridge commitment. Skadden, Arps, Slate, Meagher and Flom LLP is providing legal advice to Stillwater in the United States, and Fraser Milner Casgrain LLP is providing legal advice to Stillwater in Canada.

Salman Partners Inc. is providing a fairness opinion to Peregrine's Board of Directors and Koffman Kalef LLP is providing legal advice to Peregrine.

Regulatory Matters and other Closing Conditions:

The transaction will be carried out by way of a Canadian plan of arrangement. Completion of the transaction is subject to customary conditions, including court approvals, a favorable vote of at least two-thirds of the holders of Peregrine common shares voted at a special meeting of shareholders, and the receipt of all necessary regulatory and exchange approvals. The transaction agreement includes standard representations, warranties and covenants for a transaction of this nature, as well as a non-solicitation clause and provides for the payment, in certain circumstances, of a US$13.4 million break fee to Stillwater. Eric Friedland and other directors and officers holding approximately 17% of current shares outstanding have executed support agreements whereby they have agreed to vote their shares in favor of the transaction. Peregrine expects to mail an information circular to its shareholders providing full details of the Stillwater transaction in August 2011.

About Stillwater:

Stillwater Mining Company is the only U.S. producer of palladium and platinum and is the largest primary producer of platinum group metals outside of South Africa and the Russian Federation. The Company's shares are traded on the New York Stock Exchange under the symbol SWC. Information on Stillwater Mining can be found at its website: www.stillwatermining.com.

About Peregrine:

Peregrine Metals holds a 100% interest in the Altar property, subject to a one percent NSR royalty granted to Rio Tinto and another one percent NSR royalty granted to the underlying concession owners that may be purchased by Peregrine Metals from the underlying owners at any time for US$1 million. The Company also holds under option a 100% interest in the Rio Cenicero property which surrounds the Altar property, subject to a one percent NSR royalty granted to the Instituto Provincial de Exploraciones y Explotaciones Mineras. Information on Peregrine Metals can be found at its website: www.pmet.com.

Stillwater Conference Call:

Stillwater will host a conference call and webcast to discuss this announcement on July 11, 2011, at 9:00am ET. To access the call, please use one of the following dial-in numbers and the following Conference ID number:

U.S. and Canada Participants: (888) 868-9083
International Participants: (973) 935-8512
Conference ID: 82665557

The conference call will also be simultaneously webcast on Stillwater's website (http://stillwatermining.com/) in the Investor Relations section.

A telephone replay of the call will be available through July 25, 2011. The replay dial-in numbers are (855) 859-2056 (U.S.) and (404) 537-3406 (International) and the Conference ID is 82665557. In addition, the call will be archived on the Company's web site in the Investor Relations Section.

Cautionary Statement Regarding Forward-Looking Information:

This news release contains certain "forward-looking statements" within the meaning of Section 21E of the United States Securities Exchange Act of 1934, as amended, and "forward-looking information" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate," "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward-looking statements and forward-looking information in this news release include statements with respect to the completion of the Transaction, the receipt of all necessary regulatory approvals, future production for Stillwater, future production, cash operating costs, and capital expenditures and receipt of shareholder and court approvals.

Forward-looking statements are based on certain assumptions, opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties that could cause actual events or results to differ materially from those projected in the forward-looking statements. The assumptions include that contracted parties provide goods and/or services on the agreed timeframes, that no labour shortages or delays are incurred, that no material adverse change occurs to Peregrine, Marathon or Stillwater, that court and that other regulatory approvals are received in a timely manner. Factors that could cause the forward-looking statements and forward-looking information to differ materially in actuality include the failure of contracted parties to perform as contracted and the failure of equipment. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the annual information form of Peregrine for the year ended December 31, 2010, and other continuous disclosure documents filed by Peregrine available at www.sedar.com for this detailed information, which is subject to the qualifications and notes set forth therein.

Cautionary Note to United States Investors Concerning Estimates of Measured, Indicated and Inferred Resources: This press release uses the terms " Measured," "Indicated" and "Inferred" Resources. United States investors are advised that while such terms are recognized and required by Canadian regulations, the United States Securities and Exchange Commission does not recognize them. "Inferred Mineral Resources" have a great amount of uncertainty as to their existence, and as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or other economic studies. United States investors are cautioned not to assume that all or any part of Measured or Indicated Mineral Resources will ever be converted into Mineral Reserves. United States investors are also cautioned not to assume that all or any part of an Inferred Mineral Resource exists, or is economically or legally mineable.

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Metals Ltd.: Newly Discovered Near Surface Copper Mineralization at Altar Extends Deposit 300 Metres Southeast; Bottom 16 Metres of Hole Ret

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 3, 2011) - Peregrine Metals Ltd. (TSX:PGM) ("Peregrine" or "the Company") is pleased to report new assay results from angle drill hole ALD-148 completed last month at the large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. ALD-148 was drilled 300 metres to the southeast of the previously drilled ALD-37, which at that time marked the easternmost extent of drilling at Altar. The sulphides in hole ALD-148 begin at 18 metres, and copper ("Cu") and gold ("Au") mineralization show an increasing trend with depth, ending in 0.728% Cu and 0.224 g/t in the bottom 16 metres of the 450 metre angled hole, reinforcing the depth potential of this project.

Highlights of ALD-148 include:

This mineralization occurs outside the eastern extents of prior resource drilling at the transition between the porphyry Cu system and the overlying epithermal Au system that is exposed on the ridge tops to the east of Altar's East Zone.

A new hydrothermal breccia was encountered that is very intensely developed below about 200 metres. This could be a separate mineralizing event heretofore unobserved at Altar hosted within the southeast quadrant of the Altar alteration system and induced polarization ("IP") anomaly. This sector of the deposit has not been delineated by drilling and remains open to resource expansion.

Sulphides start at 18 metres depth in the hole, potentially positively affecting the stripping ratio at Altar.

The Cu and Au grades, the abundance of bornite, the intensity of hydrothermal brecciation, and the intensity of alteration all increase with depth in the hole, suggesting that the copper and gold mineralization may continue to depth. The Company plans to extend this hole during the fourth quarter as part of a comprehensive deep-drilling programme that will be the subject of a future release.

A summary of drill results from ALD-148 is provided in the table below. These results, as well as select previously released drill intersections, can be viewed on a map at www.pmet.com/i/pdf/Altar869.pdf.

SUMMARY OF ALTAR DRILL HOLE ALD-148 RESULTS

Reported intersections begin directly beneath the leached capping.

Mr. Jeff Toohey, Peregrine Metals' Vice President, Exploration, said, "With this hole we believe we have drilled into a new mineralizing event at Altar, and this is a significant discovery. Not only has hole ALD-148 extended the known mineralization of Altar another 300 metres to the southeast, significantly increasing the potential size of the deposit, but the mineralization begins near surface, which could positively affect the pre-stripping assumptions in the current mine model. Also, the mineralization strengthens at depth, with the bottom 16 metres of the drill hole grading 0.728% Cu and 0.224 grams/tonne gold, highlighting the depth potential at Altar which we will begin to further investigate later this year."

ALTAR BACKGROUND INFORMATION

Altar is a large Andean-style porphyry copper-gold deposit. The alteration zone encompasses an area measuring over three by two kilometres with a strong, coincident IP geophysical anomaly of approximately the same size. A total of 149 core holes has been drilled at Altar for 58,596 metres. The Company is currently conducting a preliminary economic assessment of the Altar project, with completion expected during the third quarter of 2011.

All of the Altar drill core was sampled in continuous two-metre intervals, with half of the core submitted for assay and the other half archived in the Company's secure storage facility. Drill core samples were prepared and assayed by Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile as well as by Alex Stewart (Assayers) Argentina S.A., located in Mendoza, Argentina. Copper values are determined by multi-element Induced Coupled Plasma and Atomic Absorption methods.

Peregrine has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory. The QA/QC programme also extends to the metallurgical test-work.

Peregrine holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owner that may be purchased by the Company at any time for US $1 million.

Mr. Jeff Toohey, M.Sc., P.Eng., Vice President, Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey has reviewed this press release and approves of its content.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.



For more information, please contact

Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Michael Westerlund
Vice President Investor Relations & Corporate Communications
(604) 669-8800
info@pmet.com
www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Metals Files NI 43-101 Technical Report for Altar Copper-Gold Porphyry in Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 29, 2010) - Peregrine Metals Ltd. (TSX:PGM) ("Peregrine Metals" or "the Company") is pleased to announce the SEDAR filing of the Technical Report- Altar Project, San Juan Province, Argentina ("the Technical Report"), dated October 4, 2010. The information in the Technical Report was previously disclosed in the Company's news release dated October 4, 2010.

The revised resource estimates detailed in the Technical Report on the Altar copper-gold project ("Altar" or "the Project"), are summarized in the following table.







Note. Mineral Resources that are not mineral reserves do not yet have demonstrated economic viability. More information on the resource estimation is available on page seven of the October 4, 2010 Technical Report.
*The copper equivalent ("CuEq") calculation is based on a copper price of USD $2.80/lb and gold price of USD $850/oz. It also includes a factor to compensate for an assumed gold recovery of 65% and a 90% recovery for copper.

The 2010 Technical Report can be viewed on www.sedar.com or on the Company's website at the following link: http://www.pmet.com/i/pdf/AltarTechReport2010.pdf.

Altar is a large Andean-style porphyry copper-gold deposit. The alteration zone encompasses an area measuring over three by two kilometres with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. A total of 140 core holes has been drilled at the Project for 55,641 metres, and the deposit remains open in two directions and at depth. The Company is currently undertaking a preliminary economic assessment on a combined leach and concentrator mining operation, expected to be finalized by the third quarter of 2011.

Peregrine Metals holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owners that may be purchased by Peregrine Metals from the underlying owners at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar project.

Cautionary Note Regarding Forward-Looking Statements: This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes. The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate. Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or

Peregrine Metals Ltd.
Mr. Michael Westerlund
VP Investor Relations and Corporate Communications
(604) 669-8800
(604) 408-8881 (FAX)
info@pmet.com
www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Metals: Measured and Indicated Resource at Altar Increases 74 % to 802 Million Tonnes Grading 0.44% Cu Equivalent Containing 7.41 Billion Po

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2010) - Peregrine Metals Ltd. (TSX:PGM) ("Peregrine Metals" or "the Company") is pleased to report an updated, independent, National Instrument ("NI") 43-101-compliant copper and gold resource ("Resource") for the Altar porphyry copper-gold project ("Altar" or "the Project") in San Juan Province, Argentina.

UPDATED RESOURCE SUMMARY

The Resource estimate was jointly prepared by Nilsson Mine Services Ltd. and GeoSim Services Inc. of Vancouver, Canada, utilizing drill results for the 140 core holes (55,641 metres) drilled at Altar to date and is summarized in the following table. A NI 43-101 compliant, Technical Report that contains details of the resource estimate is in preparation and will be posted on SEDAR and Peregrine Metals' website by November 18, 2010.


*The copper equivalent ("CuEq") calculation is based on a copper price of USD $2.80/lb and gold price of USD $850/oz. It also includes a factor to compensate for an assumed gold recovery of 65% and a 90% recovery for copper.

Canadian Institute of Mining and Metallurgy ("CIM") standards and securities disclosure requirements stipulate that a mineral resource can only be declared on a deposit that has "reasonable prospects of economic extraction." The mineral Resource was estimated by ordinary kriging constrained by an optimized pit shell using a 0.30% CuEq cut-off grade and metal prices of USD $2.80 per pound of copper and USD $850 per ounce of gold. Block dimensions were 15 by 15 by 15 metres. Grade estimation was based on analyses of core samples from 140 diamond drill holes (55,641 metres) completed between 2003 and May, 2010. Assays were composited in 10 metre down-hole intervals. Copper grades were capped at 5% and gold grades at 0.3 g/t prior to compositing to remove outlier values.

Wireframe models of the leached cap and major lithologies were created based on cross sectional interpretation. The density values assigned to the major lithologies were based on 1,877 bulk density measurements of drill core.

The selected base case cut-off grade of 0.3% copper equivalent is considered consistent with other mineral deposits of similar characteristics, scale and location.

Key aspects of the Project include:

* Measured and Indicated Resource of 802 million tonnes, containing 7.41 billion pounds of copper at a grade of 0.42% (0.44% CuEq), an increase of 74% over the 2009 resource estimate, plus 1.53 million ounces of gold at a grade of 0.059 g/t, both at a 0.3% CuEq cut-off grade

* Inferred Resource of 465.6 million tonnes, containing 4.32 billion pounds of copper at a grade of 0.42% (0.44% CuEq), plus 880,000 ounces of gold at a grade of 0.058 g/t, both at a 0.3% CuEq cut-off grade

* A total of 55,641 metres in 140 holes has been drilled into Altar to date and the deposit remains open-ended in at least two directions laterally and at depth. For example, the deepest hole drilled at Altar, ALD-43, grades 0.70% copper over 800 metres, and the final 408 metres, between 602 and 1,010 metres of depth, grades 0.83% copper and ends in copper mineralization.

* Significant intersections of copper mineralization (up to 214 metres in length) grading in excess of 0.90% copper are present in the upper portions of the deposit (angle drill holes ALD 73, 76, 85, 89 and 99). See press releases dated June 2 and June 20, 2010.

* Altar has road access, relatively low elevation, potential water sources on-site and the topography is suitable for mining and processing infrastructure.

* Recognising the substantial increase in Resource size, Peregrine Metals is proceeding with a Preliminary Economic Assessment ("PEA") on a combination leach and concentrator mining operation to examine the best scenarios for mining and processing this large copper-gold deposit.

Images of the project and the updated resource can be viewed at http://www.pmet.com/i/pdf/altar536.pdf.

METALLURGICAL TEST-WORK UPDATE

A 627 kilogram shipment of whole HQ (6.4 cm) drill core samples from five holes drilled at several locations in the central zone of Altar, representing various host rock and mineralization types, is being utilized by McClelland Laboratories, Inc. in Sparks, Nevada for the 2010 metallurgical test-work, which includes copper column leach tests, gold bottle-roll tests and flotation tests. Dr. Joseph Schlitt of Hydrometal, Inc. is providing technical guidance over this work.

The core sample intervals were composited to provide 260 kilograms of material for 13 copper column leach tests that are designed to study the relationships of host lithology, ore grade and mineral solubility to the kinetics of copper extraction. Some of the columns were loaded with higher percentages of refractory copper mineralization to better understand the potential leach parameters of that type of mineralization as well as to evaluate the optimal crushing size. Refractory copper mineralization traditionally does not respond well to leaching. The column leach testing began in mid-June, 2010, and will run for at least 180 days. An additional six column tests on a total of 120 kilograms of drill core samples were initiated to further assess the leaching kinetics of refractory copper mineralization that could be applicable in a dump leach scenario. These tests will also run for at least 180 days. Interim results on the initial 13 column leach tests show that after 90 days, the copper recoveries range from 17 to 59 percent of total copper content. After 60 to 80 days, bacterial activity appears to have increased, helping to optimize leach conditions and accelerate copper recoveries. The current leach rates continue to trend upwards, although columns with samples dominated by more refractory copper mineralization continue to leach slowly, as expected.

Initial flotation testing is also being conducted on 25 kilograms of the same drill core composites that were prepared for the column leach tests. A programme of additional flotation tests on samples from ten metre intervals throughout the deposit is also being initiated. This programme will include work to optimize the flotation parameters.

The Company is continuing with its mineralogical examination of the entire deposit, as part of the metallurgical test-work programme. Further testing will be conducted to investigate how the mineralogy impacts leach solution chemistry and flotation characteristics, as well as copper recoveries from various crush sizes.

PRELIMINARY ECONOMIC ASSESSMENT UPDATE

The initial PEA, as announced on April 1, 2010, was envisioned to be solely on a solvent extraction/electrowinning ("SX/EW") copper heap leach operation focussing on the upper regions of the deposit. With the receipt of interim metallurgical results and an updated resource estimate showing that the measured and indicated copper resource has grown by 74% (or 105% at a 0.2% CuEq cut-off grade), the scope of the PEA has been modified and expanded to include a combined leach and concentrator mining operation. Work completed or underway on the PEA includes, but is not limited to, the following: environmental baseline studies, road access studies, infrastructure siting studies, preliminary water supply studies, geotechnical studies, metallurgical and mineralogical studies, and mine scheduling. Mine scheduling will be used to optimize the recovery of the higher grade material in the upper portions of the deposit in the early years of operations. The PEA is currently expected to be completed during the third quarter of 2011. More details on the PEA will be provided this quarter.

BACKGROUND INFORMATION

Altar is a large Andean-style porphyry copper-gold deposit. The alteration zone encompasses an area measuring over three by two kilometres with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. The copper mineralization within the upper 300 metres of the deposit includes both supergene digenite-covellite and hypogene chalcocite-bornite replacing earlier chalcopyrite. The mineralization below approximately 300 metres is primarily dominated by chalcopyrite.

Peregrine Metals has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory.

Peregrine Metals holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owners that may be purchased by Peregrine Metals from the underlying owners at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project.

John Nilsson M.Sc. P.Eng., President of Nilsson Mine Services Ltd. is a Qualified Person as defined by NI 43-101 and is co-author of the Altar Resource Estimate Report.

Ronald G. Simpson, B.Sc., P,Geo., President of Geosim Services Inc., is a Qualified Person as defined by NI 43-101 and is responsible for the updated resource estimate on the Altar Project.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Michael Westerlund
VP Investor Relations and Corporate Communications
(604) 669-8800
(604) 408-8881 (FAX)
info@peregrinemetals.com

www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Drills 178 Metres of 0.57% Cu Including 78 Metres of 0.69% Cu, and 60 Metres of 0.79% Cu at Altar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 3, 2010) - Peregrine Metals Ltd. ("Peregrine" or "the Company") (TSX:PGM) is pleased to report final copper assay results from the remaining holes of the recently completed 2010 drilling programme at the large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. In this fifth and final set of results from 19 of 76 holes drilled this year, long intervals of copper mineralization were intersected in the chalcocite-covellite dominant zone ("chalcocite-covellite zone") where the Company is working to confirm a leachable copper resource, and below this zone to depths of 1,009 metres. Previously received assay results were released by Peregrine on June 2, 10, 24 and July 8, and the news releases can be viewed at www.pmet.com. The resource definition work is part of the Preliminary Economic Assessment ("PEA") scheduled for completion this year on a large-scale, solvent extraction/electrowinning ("SX/EW"), copper heap leaching operation. Drilling is expected to re-commence at Altar this November. Detailed updates on the on-going metallurgical test-work and independent, leachable and global copper resource estimates will be provided in the fourth quarter.

Of particular note were intersections from the potentially leachable chalcocite-covellite dominant mineralization in hole ALD-136 of 0.568% Cu over 178 metres including 78 metres of 0.692% Cu and in hole ALD-138 of 0.791% Cu over 60 metres.

A summary of five of the drill holes reported today is provided in the table below, with intersections of particular interest occurring in the potentially leachable zone highlighted in bold text. These results, as well as select previously released intersections, can be viewed on a map, along with the drill hole locations, at www.pmet.com/i/pdf/altar175.pdf. An image showing the locations of all holes drilled in 2010 can also be viewed at this link.




















Reported intersections begin directly beneath the leached capping. All copper grades are total copper. Mixed copper mineralization may contain both chalcocite-covellite and chalcopyrite-bornite mineralization. All intersections that fall below a 0.10% copper cut-off grade are not reported.

Step-out holes ALD-103, 110, 124, 126, 127, 128, 130, 133 and 137, which were drilled to test the outer lateral limits of the known copper mineralization, also returned copper intersections, including several in the potentially leachable chalcocite-covellite zone. A summary of these holes is provided in the following table, with intersections occurring in the potentially leachable zone highlighted in bold text.

























Reported intersections begin directly beneath the leached capping. All copper grades are total copper. Mixed copper mineralization may contain both chalcocite-covellite and chalcopyrite-bornite mineralization. All intersections that fall below a 0.10% copper cut-off grade are not reported.

Lateral step-out holes ALD-125, 131, 134, 135 and 140 were drilled outside the previously defined edge of the deposit and had copper intersections that fall below a 0.10% copper cut-off grade. Holes ALD-104, 105, 106, 109, 112, 113, 116 and 119 were drilled specifically to provide material for the 2010 metallurgical work being conducted as part of the PEA and were twins of holes drilled in previous drilling campaigns.

A summary for holes ALD-43 and 51, which were originally drilled in 2008 (results reported in the October 20, 2009, NI 43-101 Technical Report) and extended during the 2010 drilling season is provided in the table below.















Reported intersections begin directly beneath the leached capping. All copper grades are total copper. Mixed copper mineralization may contain both chalcocite-covellite and chalcopyrite-bornite mineralization.

ALTAR PROJECT SUMMARY

Altar is a large, Miocene-age porphyry copper deposit located within the belt of world-class porphyry copper deposits that includes El Teniente, Los Bronces-Rio Blanco and Los Pelambres-El Pachon. The alteration zone at Altar encompasses an area measuring more than three by two kilometres, with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. The copper mineralization within the upper 300 metres of the deposit includes both supergene digenite-covellite and hypogene chalcocite-bornite replacing earlier chalcopyrite. As announced on April 1, 2010, an independent NI 43-101 Measured and Indicated Resource of over 2.87 billion pounds of copper (251 million tonnes grading 0.52% Cu) and an Inferred Resource of over 2.93 billion pounds of copper (244 million tonnes grading 0.54% Cu) at a 0.40% Cu cut-off grade have been currently identified at Altar based on only the first 64 holes drilled into the deposit prior to the 2010 drill programme, which consisted of an additional 76 holes in 26,353 metres.

The two major goals of the 2010 drilling programme at Altar are to further define the higher-grade, chalcocite-covellite zone which appears to be amendable to heap leaching, and to expand the global copper resource. The 2010 drilling programme and associated PEA have been designed to confirm a leachable copper resource and increase the size and confidence level of the global porphyry copper resource at Altar. Drilling is expected to re-commence at Altar this November.

All of the Altar drill core was sampled in continuous two-metre intervals, with half of the core submitted for assay and the other half archived in the Company's secure storage facility. Drill core samples were prepared and assayed by Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile as well as by Alex Stewart (Assayers) Argentina S.A., located in Mendoza, Argentina. Copper values are determined by multi-element Induced Coupled Plasma and Atomic Absorption methods.

Peregrine has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory. The QA/QC programme also extends to the metallurgical test-work.

Peregrine holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owner that may be purchased by the Company at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President, Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey has reviewed this press release and approves of its content.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Mike Westerlund, Vice President, Investor Relations and
Corporate Communications
(604) 669-8800
604 408-8881 (FAX)
info@pmet.com

www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Announces Encouraging Comminution Test Results and New Drill Intersections at Altar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 8, 2010) - Peregrine Metals Ltd. ("Peregrine" or "the Company") (TSX:PGM) is pleased to report encouraging comminution test results from the first phase of the 2010 metallurgical test-work on the large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. Samples of the three main Altar host lithologies, porphyry, rhyolite and andesite, were subjected to various procedures to determine crushing work indices, ball mill grindability, abrasion indices and specific gravity. The results of this testing show that all three host lithologies are soft and relatively easy to crush, with low abrasion characteristics and high porosity. The comminution testing is a component of the metallurgical test-work being conducted as part of an independent Preliminary Economic Assessment ("PEA"). Additional metallurgical testing, including column leach tests, is currently underway and results will begin to be received in the third quarter of this year. The PEA is scheduled for completion this year on a large-scale, solvent extraction/electrowinning ("SX/EW"), copper heap-leaching operation.

Dr. Joseph Schlitt, Peregrine's metallurgical consultant, said, "The results for these tests are encouraging and are likely to benefit a mine-to-leach operation. A heap-leach SX/EW operation, such as the one contemplated at Altar, typically works best if the material is easy to crush, has a high porosity and has low abrasion characteristics. The Altar material in these initial tests exhibits these characteristics, suggesting it could be well-suited for a copper heap-leach mine. While encouraging, these are early stage results and further work is required to complete the metallurgical assessment for the PEA."

Approximately 42 kilograms of drill core was used for this test-work, which was conducted by Philips Enterprises LLC in Golden, Colorado, under the direction of Dr. Schlitt. The core samples of porphyry and rhyolite were obtained in the 2010 metallurgical drilling programme. The core samples of andesite were obtained in the 2007 drilling programme.

CRUSHER WORK INDICES (CWi)
The CWi test fragments were crushed and screened to obtain the correct samples for abrasion tests. The CWi values (in kilowatt hours per metric ton (kW-hr/mt)) for the porphyry, rhyolite and andesite were 7.89, 5.86 and 7.03, respectively.

Dr. Schlitt commented, "Typical CWi values for copper ores range from about 5.5 to 20.0 kW-hr/mt. Therefore, the rhyolite is considered very soft and the porphyry and andesite would be moderately soft."

BALL MILL WORK INDICES (BMWi)
Ball mill grindability tests were conducted with a closing screen of 100 mesh (150 µm). The BMWi values (in kW-hr/mt) for the porphyry, rhyolite and andesite were 11.80, 13.26 and 13.39, respectively.

Dr. Schlitt added, "By copper industry standards, such ores are considered to have medium grindability."

ABRASION INDICES (Ai)
The Ai values were 0.0925 for the porphyry, 0.075 for the rhyolite and 0.1497 for the andesite.

Dr. Schlitt commented, "Materials with Ai values below 0.1 are considered to have low abrasiveness, thus the rhyolite and the porphyry would cause limited wear on metal surfaces and the andesite would have medium abrasion characteristics."

SPECIFIC GRAVITY (SG)
Two measurements of SG were made for each lithology. The first was done on wax-coated whole core and the second on samples that were dewaxed and crushed to minus 8 mesh (-2.38 mm), a crush size that was considered sufficient to eliminate any voids, pores or other internal defects. The SG values for whole core for the porphyry, rhyolite and andesite were 2.50, 2.53 and 2.54, respectively. The SG values for the crushed core were 2.86, 2.83 and 2.83, respectively.

Dr. Schlitt commented, "The difference in the SG values for each lithology gives a measure of the porosity of the ore. On this basis, the porphyry has about 14 percent porosity, while the porosity is about 11 percent for the other two lithologies. These values are quite high for sulphide ore. These results suggest that the leach solution should be able to penetrate into the interior of the ore fragments and extract the copper even when the size is quite coarse. As a result, a simple two-stage crushing circuit may be all that is required for the leach operation. However, as a cautionary note, we still do not have sufficient extraction data yet to determine the leachability of the various samples being tested, though we anticipate having that data in the third quarter."

METALLURGICAL TESTWORK UPDATE
A 627 kilogram shipment of whole, un-split HQ (6.4 cm) drill core samples from five drill holes is being utilized by McClelland Laboratories, Inc. in Sparks, Nevada, for the 2010 metallurgical test-work, which includes copper column leach tests. Dr. Schlitt is providing technical guidance over this work, and metallurgical results will begin to be received during the third quarter. The core sample intervals have been composited to provide 260 kilograms of material for 13 column leach tests that are designed to study the relationships of host lithology, ore grade and solubility to recovery and acid consumption and to evaluate optimal crushing sizes. The column leach testing began in mid-June, and will run for up to 120 days. An additional six column tests on a total of 120 kilograms of drill core samples recovered from the mixed copper mineralization zone, which may contain both chalcocite-covellite and chalcopyrite-bornite mineralization, have begun and will run for up to 180 days. Initial flotation testing will also be conducted on 25 kilograms of the same drill core composites that were prepared for the column leach tests.

DRILL ASSAY RESULTS
The large porphyry copper deposit at Altar is divided geographically into two zones named the Central Zone and the East Zone, where drilling was initially focussed because of the presence of altered and mineralized porphyry outcrops. Subsequent drilling has demonstrated that the mineralization persists in the intervening overburden covered areas between the Central Zone and East Zone forming a single large cohesive deposit. The majority of the drilling to date has been done in the Central Zone, where the largest proportion of the global resource has been defined, with more recent step-outs toward the East Zone designed to expand the global resource laterally and to depth. Several drill holes in the East Zone have intersected significant lengths of chalcocite-covellite dominant mineralization very similar to that intersected in the Central Zone. This fourth set of results from 25 of 76 holes drilled this year includes four holes that were drilled in the East Zone, and 21 holes that were step-out holes drilled to test the outer limits of the global copper resource in the Central Zone.

Of particular note were intersections from the potentially leachable chalcocite-covellite dominant mineralization in the East Zone in hole ALD-70 of 0.679% Cu over 40 metres, in hole ALD-72 of 0.702% Cu over 28 metres and in hole ALD-74 of 0.671% Cu over 82 metres.

A summary of the four drill holes from the East Zone reported today is provided in the table below, with intersections of particular interest occurring in the potentially leachable zone highlighted in bold text. These results, as well as results for selected step- outs and previously released intersections, can be viewed on a map, along with the drill hole locations, at www.pmet.com/i/pdf/altar162.pdf.

SUMMARY OF ALTAR EAST ZONE DRILL HOLE RESULTS REPORTED TODAY
















Central Zone step-out holes ALD-101, 107, 115, 117, 118, 120, 121, 122 and 123, which were drilled to test the outer lateral limits of the known copper mineralization, also returned significant copper intersections at a 0.20% copper cut-off grade, including several in the potentially leachable chalcocite-covellite zone. A summary of these holes is provided in the table below, with intersections of particular interest occurring in the potentially leachable zone highlighted in bold text.

SUMMARY OF ALTAR STEP-OUT DRILL HOLE RESULTS REPORTED TODAY





















Central Zone step-out holes ALD-80, 86, 88, 93, 95, 102, 108 and 114, which were drilled to test the outer lateral limits of the known copper mineralization, also returned copper intersections at a 0.10% copper cut-off grade, including several in the potentially leachable chalcocite-covellite zone. A summary of these holes is provided in the table below, with intersections occurring in the potentially leachable zone highlighted in bold text.

SUMMARY OF ADDITIONAL ALTAR STEP-OUT DRILL HOLE RESULTS REPORTED TODAY

















Lateral step-out holes ALD-77, 90, 100 and 111 were drilled outside the previously defined edge of the deposit and had copper intersections that fall below a 0.10% copper cut-off.

Previously received assay results for a total of 24 holes were released by Peregrine on June 2nd, June 10th and June 24th, 2010 and the news releases can be viewed at www.pmet.com. Final assay results from the remaining 27 holes from this year's drilling will continue to be reported in groups on a regular basis as they are received. Drilling is expected to re-commence at Altar this November.

ALTAR PROJECT SUMMARY
Altar is a large, Miocene-age porphyry copper deposit located within the belt of world-class porphyry copper deposits that includes El Teniente, Los Bronces-Rio Blanco and Los Pelambres-El Pachon. The alteration zone at Altar encompasses an area measuring more than three by two kilometres, with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. The copper mineralization within the upper 300 metres of the deposit includes both supergene digenite-covellite and hypogene chalcocite-bornite replacing earlier chalcopyrite. As announced on April 1, 2010, an independent NI 43-101 Measured and Indicated Resource of over 2.87 billion pounds of copper (251 million tonnes grading 0.52% Cu) and an Inferred Resource of over 2.93 billion pounds of copper (244 million tonnes grading 0.54% Cu) at a 0.40% Cu cut-off grade have been currently identified at Altar based on only the first 64 holes drilled into the deposit prior to the 2010 drill programme, which consisted of an additional 76 holes in 26,353 metres.

The two major goals of the 2010 drilling programme at Altar are to further define the higher-grade, chalcocite-covellite zone which appears to be amendable to heap leaching, and to expand the global copper resource. The 2010 drilling programme and associated PEA have been designed to confirm a leachable copper resource and increase the size and confidence level of the global porphyry copper resource at Altar.

All of the Altar drill core is being sampled in continuous two-metre intervals, with half of the core submitted for assay and the other half archived in the Company's secure storage facility. Drill core samples are prepared and assayed by Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile as well as by Alex Stewart (Assayers) Argentina S.A., located in Mendoza, Argentina. Copper values are determined by multi-element Induced Coupled Plasma and Atomic Absorption methods.

Peregrine has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory. The QA/QC programme also extends to the metallurgical test-work.

Peregrine holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owner that may be purchased by the Company at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President, Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey has reviewed this press release and approves of its content.

W. Joseph Schlitt has a B.S. degree in Metallurgical Engineering from Carnegie Institute of Technology (now Carnegie Mellon University) and a Ph.D. in Metallurgy from the Pennsylvania State University. He has more than 40 years of relevant experience in the world-wide minerals industry. For much of his career he has focused on the leaching of metal values from ores, wastes and concentrates. This includes such ancillary operations as ore pretreatment (crushing, agglomeration, etc.) and metal value recovery. He has worked for both a large mining company and firms that design, engineer and erect mining and mineral processing facilities. He is currently president of Hydrometal, Inc., an independent consulting firm registered in California, U.S.A. He is a Qualified Professional (No. 01003QP, with specialty in metallurgy) registered through the Mining & Metallurgical Society of America. He is also a registered professional engineer (Texas No. 53603). Dr. Schlitt has no financial or equity interest in Peregrine Metals Ltd. He has reviewed this press release and approves of its content.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Mike Westerlund, Vice President, Investor Relations and
Corporate Communications
(604) 669-8800
604 408-8881 (FAX)
info@pmet.com
www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Drills 56 Metres of 1.20% Cu, 92 Metres of 0.90% Cu and 86 Metres of 0.84% Cu at Altar; Copper Column Leach Tests Underway

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 24, 2010) - Peregrine Metals Ltd. ("Peregrine" or "the Company") (TSX:PGM) is pleased to report copper assay results from the recently completed 2010 drilling programme at the large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. In this third set of results from nine of 76 holes drilled this year, long intervals of copper mineralization were intersected in the chalcocite-covellite zone where the Company is working to confirm a leachable copper resource, and below this zone to depths of 577 metres. Previously received assay results for a total of 15 holes were released by Peregrine on June 2nd and June 10th, 2010 and the news releases can be viewed at www.pmet.com. The resource definition work is part of the Preliminary Economic Assessment ("PEA"), scheduled for completion this year on a large-scale, Solvent Extraction/Electrowinning ("SX/EW"), copper heap leaching operation. Final assay results from the remaining 52 holes from this year's drilling will continue to be reported in groups on a regular basis as they are received. Drilling is expected to re-commence at Altar this November.

Of particular note were intercepts in angle hole ALD-85 of 1.195% Cu over 56 metres and 0.842% Cu over 86.0 metres. ALD-85 is a step-out hole 200 metres to the north of hole ALD-43, which was drilled in 2008 and returned 0.718% Cu over 718.9 metres. In addition, 92 metres of 0.896% Cu were intersected in angle hole ALD-99, located 100 metres south of ALD-43. Holes ALD-91, 94, 96 and 97, which were step-out holes drilled to test the outer limits of the global copper resource, also returned copper mineralization.

A summary of the nine drill holes reported today is provided in the table below, with intersections of particular interest occurring in the potentially leachable zone highlighted in bold text. These results, as well as select previously released intersections, can be viewed on a map, along with the drill hole locations, at www.pmet.com/i/pdf/altar711.pdf.




Reported intersections begin directly beneath the leached capping. All copper grades are total copper. Copper intersections at less than a 0.20% copper cut-off grade are not reported. Mixed copper mineralization may contain both chalcocite-covellite and chalcopyrite-bornite mineralization.

METALLURGICAL TESTWORK UPDATE

A 627 kilogram shipment of whole, un-split HQ (6.4 cm) drill core samples from five drill holes is being utilized by McClelland Laboratories, Inc. in Sparks, Nevada, for the initial phase of metallurgical test-work, which includes copper column leach tests. Peregrine's metallurgical consultant, Dr. Joseph Schlitt, is currently providing technical guidance over this work, and preliminary metallurgical results are expected during the third quarter. The core sample intervals have been composited to provide 260 kilograms of material for 13 column leach tests that are designed to study the relationships of host lithology, ore grade and solubility to recovery and acid consumption and to evaluate optimal crushing sizes. The column leach testing began in mid-June, and will run for up to 120 days. An additional six column tests on a total of 120 kilograms of drill core samples recovered from the mixed copper mineralization zone, which may contain both chalcocite-covellite and chalcopyrite-bornite mineralization, have begun and will run for up to 180 days. Scoping flotation testing will also be conducted on 25 kilograms of the same drill core composites that were prepared for the column leach tests.

An additional 42 kilograms of metallurgical core samples are undergoing comminution tests to determine the crushing index, abrasion index and ball mill index for the three host lithologies to the copper mineralization at Altar. This testwork is being performed by Philips Enterprises LLC in Golden, Colorado, also under the direction of Dr. Schlitt.

ALTAR PROJECT SUMMARY

Altar is a large, Miocene-age porphyry copper deposit located within the belt of world-class porphyry copper deposits that includes El Teniente, Los Bronces-Rio Blanco, and Los Pelambres-El Pachon. The alteration zone at Altar encompasses an area measuring more than three by two kilometres, with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. The copper mineralization within the upper 300 metres of the deposit includes both supergene digenite-covellite and hypogene chalcocite-bornite replacing earlier chalcopyrite. As announced on April 1, 2010, an independent NI 43-101 Measured and Indicated Resource of over 2.87 billion pounds of copper (251 million tonnes grading 0.52% Cu) and an Inferred Resource of over 2.93 billion pounds of copper (244 million tonnes grading 0.54% Cu) at a 0.4% Cu cut-off grade have been currently identified at Altar based on only the first 64 holes drilled into the deposit prior to the 2010 drill programme.

The two major goals of the 2010 drilling programme at Altar are to further define the higher-grade, chalcocite-covellite zone which appears to be amendable to heap leaching, and to expand the global copper resource. The 2010 drilling programme and associated PEA have been designed to confirm a leachable copper resource and increase the size and confidence level of the global porphyry copper resource.

All of the Altar drill core is being sampled in continuous two-metre intervals, with half of the core submitted for assay and the other half archived in the Company's secure storage facility. Drill core samples are prepared and assayed by Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile as well as by Alex Stewart (Assayers) Argentina S.A., located in Mendoza, Argentina. Copper values are determined by multi-element Induced Coupled Plasma and Atomic Absorption methods.

Peregrine has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory.

Peregrine holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owner that may be purchased by the Company at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President, Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey has reviewed this press release and approves of its content.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Michael Westerlund, Vice President,
Investor Relations and Corporate Communications
(604) 669-8800
(604) 408-8881 (FAX)

info@pmet.com
www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/

Peregrine Drills 191 Metres of 0.96% Cu and 117 Metres of 0.92% Cu Including 74 Metres of 1.29% Cu at Altar

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 10, 2010) - Peregrine Metals Ltd. ("Peregrine" or "the Company") (TSX:PGM) is pleased to report copper assay results from the recently completed 2010 drilling programme at the large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. In this second set of results from ten of 76 holes, long intervals of copper mineralization were intersected in the chalcocite-covellite zone where the Company is working to confirm a leachable copper resource, and below this zone to depths of over 814.0 metres. The resource definition work is part of the Preliminary Economic Assessment ("PEA"), scheduled for completion this year on a large-scale, Solvent Extraction/Electrowinning ("SX/EW"), copper heap leaching operation. Final assay results from the remaining 61 holes from this year's drilling will be reported in groups on a regular basis as they are received. Drilling is expected to re-commence at Altar this November.

Of particular note were intercepts in angle holes of 0.957% Cu over 191 metres (hole ALD-83) and 1.289% Cu over 74.0 metres (hole ALD-89) and 0.497% Cu over 504.0 metres (hole ALD-68), a vertical 300 metre step-out hole from hole ALD-43, which was drilled in 2008 and returned 0.718% Cu over 718.9 metres.

A summary of the ten drill holes reported today is provided in the table below. Intersections of particular interest occurring in the potentially leachable zone are highlighted in bold text and can be viewed on a map, along with the drill hole locations, at http://www.pmet.com/i/pdf/altar325.pdf.




Mr. Eric Friedland, President of Peregrine, said, "We are pleased with today's results of long, high grade intercepts in the potentially leachable zone of 1.289% Cu and 0.957% Cu in angled holes that are 450 metres apart. These results build on the 112.0 metres of 1.541% Cu and 86 metres of 1.137% Cu in this same zone announced on June 2, 2010. Confirmation of multiple long intercepts of around one percent copper, and higher, in a potentially leachable zone of a large porphyry copper deposit, is excellent news for the project. We are confident that we will demonstrate the economic viability of a large-scale, copper heap leaching operation at Altar, beginning with the completion of the PEA later this year."

Altar is a large, Miocene-age porphyry copper deposit located within the belt of world-class porphyry copper deposits that includes El Teniente, Los Bronces-Rio Blanco, and Los Pelambres-El Pachon. The alteration zone at Altar encompasses an area measuring more than three by two kilometres, with a strong, coincident induced polarization (IP) geophysical anomaly of approximately the same size. The copper mineralization within the upper 300 metres of the deposit includes both supergene digenite-covellite and hypogene chalcocite-bornite replacing earlier chalcopyrite. As announced on April 1, 2010, an independent NI 43-101 Measured and Indicated Resource of over 2.87 billion pounds of copper (251 million tonnes at 0.52% Cu) and an Inferred Resource of over 2.93 billion pounds of copper (244 million tonnes at 0.54% Cu) at a 0.4% Cu cut-off grade have been currently identified at Altar based on only the first 64 holes drilled into the deposit prior to the 2010 drill programme.

The two major goals of the 2010 drilling programme at Altar are to further define the higher-grade, chalcocite-covellite zone which appears to be amendable to heap leaching, and to expand the global copper resource. The 2010 drilling programme and associated PEA have been designed to confirm a leachable copper resource and increase the size and confidence level of the global porphyry copper resource.

All of the Altar drill core is being sampled in continuous two-metre intervals, with half of the core submitted for assay and the other half archived in the Company's secure storage facility. Drill core samples are prepared and assayed by Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile as well as by Alex Stewart (Assayers) Argentina S.A., located in Mendoza, Argentina. Copper values are determined by multi-element Induced Coupled Plasma and Atomic Absorption methods.

Peregrine has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory.

Peregrine holds a 100% interest in the Altar project subject to a 1% NSR royalty granted to Rio Tinto and another 1% NSR royalty granted to the underlying concession owner that may be purchased by the Company at any time for US $1 million.

Jeff Toohey, M.Sc., P.Eng., Vice President, Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey has reviewed this press release and approves of its content.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the re-allocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmess; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.

For more information, please contact
Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Michael Westerlund, Vice President,
Investor Relations and Corporate Communications
(604) 669-8800
(604) 408-8881 (FAX)
info@pmet.com
www.pmet.com

For more information on Mining in Argentina, active companies, projects and operating mines, statistics and much more, please visit our website: http://www.argentinamining.com/