SOURCE: Blue Diamond Ventures, Inc.

September 27, 2010 08:35 ET

Blue Diamond Completes Final Huerfano Wind Study to Satisfy Project Financing Requirements; Data Shows Very Strong Class 5 Winds at Site

HOUSTON, TX--(Marketwire - September 27, 2010) -  Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV), through its affiliate Blue Diamond Ventures Renewables, LLC, announced today that its final wind study has been completed to satisfy project financing requirements for the proposed 198-megawatt wind project in Huerfano County, Colorado, with data showing very strong winds at the site.

FreedomWorks, LLC, reports the data shows very strong class 5 winds are available at the Huerfano Wind Farm site and that nearly 600,000 megawatt-hours (MWh) can be generated from the wind farm annually. The study was completed by Windlogics.

"Knowing the wind farm's production capacity obviously gives our equity partners the level of comfort needed to move forward with project financing," said Blue Diamond CEO John Quincey Moaning.

Blue Diamond Ventures Renewables, LLC, and FreedomWorks, LLC, have proposed construction of the 198-megawatt wind project, with 68 miles of transmission in Southern Colorado. The project is expected to cost $420 million.

Last year, wind study results for the Huerfano Wind Project -- proposed on more than 8,000 acres -- came back highly favorable with wind speeds representing some of the best in Colorado. The data for the project is available at:

About Blue Diamond Ventures, Inc.:
Blue Diamond Ventures, Inc. is an agricultural company, and through its affiliate, Blue Diamond Ventures Biofuels, LLC, conducts business as a biofuels company with operations in the U.S. and future endeavors in the Caribbean and Africa.

This press release contains forward-looking statements involving risks and uncertainties, including statements regarding the Company's future performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such.

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