Dundee Corporation Acquires Interest in Peregrine Diamonds Ltd.

In accordance with regulatory requirements, Dundee Corporation
(TSX:DC.A)(TSX:DC.PR.A)(TSX:DC.PR.B) ("Dundee" or the "Company") announced today
that it has acquired, in a non-brokered private placement (the "Private
Placement"), 1,160,714 flow-through common shares ("Shares") of Peregrine
Diamonds Ltd. ("Peregrine") at a price of $2.80 per Share. Concurrently,
accounts sub-advised by Ned Goodman Investment Counsel Limited ("NGIC"), a
wholly owned subsidiary of Dundee, have acquired an aggregate of 1,607,000
Shares of Peregrine at a price of $2.80 per Share under the Private Placement. 
In the aggregate, these holdings represent an approximate 2.86% interest in
Peregrine. 


In addition, accounts sub-advised by NGIC previously acquired and continue to
hold 15,340,000 common shares of Peregrine and 320,000 warrants which, together
with the aggregate Shares acquired by the Company and accounts sub-advised by
NGIC under the Private Placement, represent an approximate 18.69% interest in
Peregrine on an undiluted basis or an approximate 18.96% interest assuming the
conversion of all warrants.


The position in Peregrine was acquired for investment purposes and may be
increased or decreased in the future as considered appropriate in light of
investment criteria, market conditions and other factors and in accordance with
the provisions of applicable securities legislation.