Big Red Diamond Corporation

Big Red Diamond Corporation

September 15, 2005 15:11 ET

Big Red Diamond Corporation/Lee Property: Completion of Ground Magnetic Survey

MONTREAL, QUEBEC--(CCNMatthews - Sept. 15, 2005) - Big Red Diamond Corporation (TSX VENTURE:DIA) has received the final results of the ground magnetic survey covering its Lee Township property geophysical anomaly. A circular anomaly was detected at the centre of the property with a diameter of 220 m and a total intensity of 2000 nT. Its shape and intensity stands out in comparison with the relatively low and diffuse regional magnetic texture (see Geological Survey of Canada Aeromagnetic Series Map 7085G - Timmins, On).

The company is very encouraged by these results and, when coupled with previously announced microprobe analysis results from the downstream samples outlined below, believes that continued exploration of this property is warranted. These microprobe analyses and interpretations are those of C.F. Minerals of Kelowna, BC.

Twelve (12) orthopyroxenes, of those, four (4) were deemed OP5;
Sixteen (16) clinopyroxenes of which, two are eclogitic and one
high-pressure eclogitic;
one (1) G9 garnet;
one (1) G11 garnet;
five (5) eclogitic garnets;
one (1) chromite;
four (4) ilmenites;
one (1) olivine;
one (1) amphibole; and
Seventeen (17) garnets identified as either G5 or almandines and most
likely coming from the property or other regional source (see BRDC
press release, July 19, 2005).

Subsequent to the geochemical sampling, the present Mag survey was performed by 6398651 Canada Inc, using two (2) Geometrics G-856 proton precession magnetometers with one (1) unit running as a base station to provide post-processed levelling of field data. This survey was performed on an exploration grid with lines at 50 m spacing and data was measured at 10 metre intervals along the grid lines. The data collected was corrected and analysed by an independent Timmins based geophysical consultant.

In light of these promising results Big Red is now planning a systematic till sampling campaign which will include the use of an Argo-mounted Pioneer drill to obtain larger samples directly over the magnetic anomaly and would possibly be able to reach the bedrock to test for the presence of kimberlitic rocks. The company will also contemplate the use of diamond-drilling equipment if kimberlitic rocks are encountered in the following exploration efforts.

The Lee property represents a promising asset in BRDC's portfolio of high quality diamond exploration properties and is located proximal to the recent discovery of a large kimberlite by Tres-Or Resources Ltd. and Arctic Star Diamond Corporation currently being drilled. The Lee Property lies NNW of the new kimberlite discovery, along the Lake Timiskaming Structural Zone

Michael P. Gross, acting chairman of Big Red Diamond is a Qualified Person under National Instrument 43-101, has verified that the work carried out by 6398651 Canada Inc, is being carried out in a professional and diligent manner and that the appropriate quality controls are in place. Michael P Gross has reviewed this press release after it was prepared by Big Red's management.

The Company wishes to announce that at its Annual Shareholders' Meeting held on May 11, 2005, the Resolution approving the increase in options available for distribution and the re-pricing of the existing options from $0.70 per share to $0.20 per share was approved by the majority of the arm's length shareholders. Currently, there are 2,150,000 options granted and exercisable at a price of $0.20 each. The Company would like to announce the grant of 1,850,000 additional options at an exercise price of $0.15 per share effective September 14, 2005. The grants are to:

Michael P. Gross, chairman 500,000 options
Francois C. Desrosiers, Pres. & CEO 425,000 options
Kevin S. Cool, VP operations 425,000 options
Brian Polk, director 200,000 options
Benoit Violette, director 300,000 options.

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. 225