Big Red Diamond Corporation
TSX VENTURE : DIA

Big Red Diamond Corporation

April 11, 2007 13:35 ET

Big Red Diamonds Corp. :TSX-V Review/Yearly and Quarterly Results and Escrowed Share Releases

MONTREAL, QUEBEC--(CCNMatthews - April 11, 2007) - Big Red Diamonds Corp. (TSX VENTURE:DIA, suspended) wishes to announce that it is currently under a compliance and disclosure review by the TSX-Venture Exchange. In the framework of this review, on January 24, 2007, the TSX- Venture halted trading pending clarification of the Company's affairs.On March 26, 2007, the TSX Venture Exchange changed the trading halt to a suspension as a result of a failure by the Company to comply with Exchange requirements.

The Company wishes to reassure the shareholders that the Board of Directors is working diligently with the TSX-Venture Compliance and Disclosure department to address the Exchange's queries and is taking all the necessary actions to reinstate trading of its shares as soon as possible.

Furthermore, on March 1st 2007, the Company filed its Audited Financial Statements together with the Management Discussion and Analysis (MD&A) on the SEDAR.COM website. During the financial year, ended October 31st, 2006, the Company reported a net loss of $713,955 or $0.022 per share. The General & Administrative Expenses were $244,902, or $0.008 per share. The mineral property and deferred exploration expenses write-offs amounted to $240,102 ($0.007 per share) and $163,052 ($0.005 per share) respectively. The stock based compensation amounted to $65,733 ($0.002 per share).

On March 30, 2007, the Company filed its interim unaudited Financial Statements for the three-month period ended January 31, 2007, together with the Management Discussion and Analysis (MD&A) on the SEDAR.COM website. During the period, the Company reported a net loss of $96,162 or $0.002 per share. The General & Administrative Expenses were $96,129 or $0.002 per share.

On March 7, 2007, the remaining Big Red Diamond shares held in escrow, as per the March 2004, Initial Public Offering, were released to the following insider shareholders:

AntOro Resources Inc.: 1,099,802

Kevin S. Cool: 150,000

Francois C. Desrosiers: 112,500

Brian Polk: 313,500

Contact Information

  • Big Red Diamonds Corp.
    Francois Desrosiers
    President
    514-982-6044, ext 223