Big Red Diamond Corporation

Big Red Diamond Corporation

November 13, 2006 10:20 ET

Big Red Diamond Corp. Clarifies Press Release Regarding the Acquisition of the Strategis Property Next to Strateco's Matoush Project

MONTREAL, QUEBEC--(CCNMatthews - Nov. 13, 2006) - Big Red Diamond Corporation (TSX VENTURE:DIA) announced on Friday the acquisition of the " Strategis" property located within the Otish Mountain region of Quebec. This 4,628 hectares property is contiguous to the east to Strateco Resources' Matoush project..

The arms length transaction calls for the issuance of Big Red Diamond Corp. treasury shares and not Antoro shares as mistakenly stated in the press release issued at 12.17 pm on Friday November 10, 2006. A second press release correcting the first one was issued at 1:27 pm but was not carried by Stockwatch and Stockhouse leading to some confusion among investors. The Corporation apologizes for this mistake and the confusion it might have created.

The Big Red Diamond transaction concerns a single separate property, made up of 89 claims, that is contiguous to the east-north-east of Strateco's Matoush property extension.

The property was acquired for its proximity to the Matoush discovery. Furthermore the government airborne magnetic data suggests that the area is underlain by the same geological features as the Matoush property. A complete compilation of historical exploration data will be completed in the coming weeks. The proximity to the Eastmain Mine also indicates that there could be a potential for Gold and Base metals on the properties.

Mr. Francois Desrosiers, President of Big Red Diamond states that:

"The Company is actively exploring for uranium in 2 very interesting environments: Mont-Laurier (Andy Lake), James Bay area (Maro). The Company will soon be dispatching an exploration team to the Otish mountains to start exploration on the Strategis project. The Management and the Board of Directors are very happy with this newest addition and look forward to completing exploration which should offer the potential of being crowned with success since all the properties host known uranium occurences. We feel this will handsomely add to our uranium portfolio."

The area surrounding the Strategis project was prospected for uranium during the 70's and early 80's by Uranerz Mining and Exploration. During that period numerous uranium occurrences were identified in the area.

The press release was reviewed by Benoit M Violette, geo., a qualified person under the terms of National Policy 43-101.

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

Contact Information

  • Big Red Diamond Corporation
    Francois C. Desrosiers
    514-982-6044 ext. 223