SOURCE: Blue Diamond Ventures, Inc.

February 08, 2010 08:35 ET

Blue Diamond Ventures Identifies Key Funding Sources and Energy Markets in California for Huerfano Wind Energy Project

HOUSTON, TX--(Marketwire - February 8, 2010) - Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV) -- Blue Diamond Ventures, through its affiliate Blue Diamond Renewables, LLC, has identified key next-level funding sources for its interest of the proposed 198-megawatt wind project, plus 68 miles of transmission line in Huerfano County, Colorado.

Last year, wind study results for the joint venture's Huerfano Project -- proposed on more than 8,000 acres -- came back highly favorable -- with wind speeds representing some of the best in Colorado. The data for the project is available at:

"We have essentially taken a project from being a good business plan and strategically moved it toward actualization and implementation, which is not easy," said Blue Diamond CEO John Quincey Moaning. "Bringing inherent value is paramount when you are seeking next-level financing."

To date, Blue Diamond Renewables, LLC, has been the principal funding source for the proposed $420 million project in Southern Colorado, financing the wind studies analyzed by Karbon Zero, LLC, interconnection feasibility and site studies for GI-2008-6 interconnection request with the Public Service Company of Colorado, and PSCo generation interconnection request (GI 2008-6) for 198 MW intertie, thus, securing the current #1 queue position at San Luis Valley Substation.

Along with identifying key markets in California to sell the power, Blue Diamond Ventures has also covered costs for legal services, consultants and other fee requirements.

Moaning further added, "If America's economy is to recover and sustain, our business model must be developed around energy. This will require, in most cases, unpopular leadership, focus, determination and the bold resolve to bring America into the 21st Century -- despite them kicking and screaming."

Blue Diamond said it is also proceeding with its proposed renewable energy projects in the Caribbean and Africa.

About Blue Diamond Ventures, Inc.:

Blue Diamond Ventures, Inc. is an agricultural company, and through its affiliate, Blue Diamond Ventures Biofuels, LLC, conducts business as a biofuels company with operations in the U.S. and future endeavors in the Caribbean and Africa.

This press release contains forward-looking statements involving risks and uncertainties, including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

Contact Information

    Blue Diamond Ventures, Inc.
    John Moaning
    (713) 493 - 2587