Big Red Diamond Corporation
TSX VENTURE : DIA

Big Red Diamond Corporation

April 07, 2009 13:54 ET

Big Red Diamond Corporation Completes the Acquisition of a 50% Interest in Two Uranium Properties in Quebec

MONTREAL, QUEBEC--(Marketwire - April 7, 2009) - Big Red Diamond Corporation ("BRDC") (TSX VENTURE:DIA) is pleased to announce that it is going to issue 1,500,000 common shares to AntOro Resources Inc. and complete the acquisition of a 50% interest in two uranium properties in Quebec that AntOro Resources has under option. The option agreement was originally signed on October 31, 2006. The option calls for Big Red Diamond to issue 1.5 million shares from its treasury to AntOro Resources Inc. as well as contribute to 50% of the cash progress payments, 50% of the exploration expenses to be incurred by the Companies on the properties as outlined in the original option agreement, and assume 50% of the NSR buyback price, in such an event. In order to acquire a 100% interest in both properties, the partners must spend $600,000 in work commitment before March 31, 2011.

The first property is the Andy Lake property, located directly east and contiguous to Nova Uranium's Mont-Laurier uranium property. The Andy Lake property consists of ten (10) CDC cells (map designated claims) covering 587 hectares. The property is located directly east and contiguous to Nova Uranium's Mont-Laurier property. Nova holds a significant number of claims in the area.

The second property is the Maro property that covers 461 hectares within eight (8) contiguous claims approximately 70 kilometres east of Radisson, Que., on an island along the shore of the Robert-Bourassa hydroelectric reservoir. It offers a high exploration potential based on previous sample results.

This press release was reviewed and verified by Clinton Barr, director of Big Red Diamond Corporation. Mr. Barr is a qualified person under National Instrument 43-101.

Shares issued and outstanding: 55,505,170

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
    Michael Neary
    Director
    416-277-9700
    416-493-0070 (FAX)
    or
    Big Red Diamond Corporation
    Martin Nicoletti
    Chief Financial Officer
    514-907-9016 - Ext. 160
    514-907-9017 (FAX)