Big Red Diamond Corporation

Big Red Diamond Corporation

May 24, 2006 16:45 ET

Big Red Diamond Update

TIMMINS, ONTARIO--(CCNMatthews - May 24, 2006) - Big Red Diamond Corporation (TSX Venture:DIA) (the "Corporation") - is pleased to announce results of sample analysis from the Tolstoi property in furtherance to the Company's press release of October 20, 2005. One sample was processed by True North Minerals Laboratories, Timmins, ON, a non-certified laboratory specializing in the separation of possible kimberlite minerals. True North is a Company owned by a Director of Big Red. Twenty three (23) mineral grains were separated and sent to CF Mineral Research Ltd ("CF Minerals"), a well-established non-certified laboratory that specializes in the analysis and identification of diamond indicator minerals based in Kelowna, B.C., for SEM and microprobe analysis. Seven (7) of the mineral grains were identified by SEM as possible kimberlite indicator minerals and were sent to microprobe analysis. Three (3) of the 7 were confirmed to be kimberlite indicator minerals: 1 Orthopyroxene, 1 Clinopyroxene and 1 Garnet.

CF Minerals classified the Clinopyroxene and the Garnet as being from an eclogitic source likely to be derived from kimberlite rather than coming from other regional source rocks. Following additional Na2O (sodium) analysis, the Garnet was identified as being a kimberlite indicator. The one (1) Orthopyroxene was not assigned any further classification by CF Minerals. The remaining 4 mineral grains were identified as: one (1) Amphibole, which CF Minerals indicates could be considered a kimberlite indicator mineral and three (3) Almandine garnets identified as being derived from other regional source rocks.

The remaining two samples await a decision by the Corporation before they are submitted for separation and analysis.

Further to the Company's press release of March 29, 2005, results from the Valentine property are still expected from Barnett Geological Consulting in London, ON. The delays in getting results have been caused by delays in treatment by Barnett because of the heavy workload they are facing. As soon as the results are received they will be disclosed.

Big Red wishes to announce that it has cancelled the Investor Relations mandate with Paradox Public Relations that it announced in a press release on February 2, 2006.

In addition, the Company announces that the number of options it can grant under its stock option program is limited to 3,803,165. This corrects the press release issued on September 15, 2005. The company announces that the stock option grants announced at that time, of 1.85 million additional options at an exercise price of 15 cents per share effective Sept. 14, 2005, have been reduced by 196,835 options, for a total grant of 1,653,165. The grants are given to:

Michael P. Gross, chairman: 390,000 options

Francois C. Desrosiers, president
and chief executive officer: 320,000 options

Kevin S. Cool, vice-president operations: 320,000 options

Brian Polk, director: 111,582 options

Benoit Violette, director: 211,583 options

Minjay Holdings Ltd. 300,000 options, as
consultant (please refer to
February 22, 2006, press

This press release was reviewed by Michael P. Gross, P. Geo., a Qualified Person under the terms of National Instrument 43-101. Mr. Gross is the Chairman of the Board of Directors of Big Red Diamond Corp. and deals with the Corporation at arm's length.

The TSX-Venture has issued a bulletin stating that Big Red Diamond's shares will be posted for re-instatement at the opening on May 25, 2006.

The TSX Venture Exchange does not accept responsibility for adequacy or accuracy of this release.

Contact Information

  • On Behalf of the Board of Directors
    Francois C. Desrosiers
    (514) 982-6044, ext. 225