SOURCE: Blue Diamond Ventures, Inc.

June 24, 2010 08:35 ET

Blue Diamond Ventures Reaches Principal Agreement With Financial Entity to Co-Develop Proposed $420 Million, 198mw Wind Energy Project in Colorado

HOUSTON, TX--(Marketwire - June 24, 2010) - Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV), through its affiliate Blue Diamond Ventures Renewables, LLC, has reached an agreement in principle with a joint venture financial partner to co-develop and begin construction this year on its proposed 198-megawatt wind project, plus 68 miles of transmission line in Huerfano County, Colorado.

"This represents a significant milestone for us as we move toward next level financing," said Blue Diamond CEO John Quincey Moaning. "Our goal from the outset has been to bring sustainable, renewable energy to the marketplace."

Blue Diamond Ventures Renewables, LLC has identified key markets in California where it plans to sell the power, and it anticipates completion of the financing structure with its financial joint venture partner within a few weeks. The company will provide updates as events unfold.

Blue Diamond Ventures Renewables, LLC currently owns 60 percent of the proposed $420 million Project in Southern Colorado in a joint venture with FreedomWorks, LLC, which owns 40 percent. Blue Diamond has been the principal funding source since moving the project toward actualization and implementation two years ago. FreedomWorks has provided most of the technical support.

Last year, wind study results for the joint venture's Huerfano Wind 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:

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.

Contact Information

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