Big Red Diamond Corporation

Big Red Diamond Corporation

July 28, 2009 16:21 ET

Big Red Diamond Announces the Acquisition of the Frederike Property and a Share for Debt Settlement

MONTREAL, QUEBEC--(Marketwire - July 28, 2009) - Big Red Diamond Corporation ("BRDC") (TSX VENTURE:DIA) is pleased to announce the acquisition of 36 claims (CDC's) covering an area of approximately 2,014 hectares, namely within the Le Tac, Le Sueur and Margry townships, known as the "Frederike" property. The claims are east of the town of Desmaraisville located approximately halfway between Val d'Or and Chibougamau, Quebec. Excellent road infrastructures and an elaborate network of forestry access roads cover the property and make for easier, cost-effective exploration.

The property was acquired from Sean Budnik of Montreal, Quebec, against a cash payment of $2,000 and the issuance of 100,000 common treasury shares of BRDC which will be subject to a hold period of four months.

The Desmaraisville regions hosts 3 known kimberlites and has only received sporadic exploration in the past and the Corporation believes that it offers interesting discovery potential.

BRDC has also reached an agreement with several suppliers for debt settlement. BRDC has agreed to issue, subject to regulatory approval, an aggregate of 1,636,051 common shares from the treasury, at a deemed value of $0.05 per share, in full and final settlement of related debts of $81,802.56. In accordance with the policy of the TSX Venture Exchange, the shares will be subject to a hold period of four months.

The press release was reviewed by Clint Barr, Director of BRDC. Mr. Barr is a qualified person under National Instrument 43-101

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Big Red Diamond Corporation
    Jean-Francois Perrault
    President & CEO
    514-288-7750 (FAX)