SOURCE: Blue Diamond Ventures, Inc.

March 10, 2011 08:44 ET

Blue Diamond Moves Financial Negotiations Forward for Huerfano Wind Project

HOUSTON, TX--(Marketwire - March 10, 2011) - Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV), through its affiliate Blue Diamond Renewables, LLC, announced today that it has made significant progress with negotiations toward a financial structure of the proposed 198-megawatt wind project in Huerfano County, Colorado.

"It was obviously our plan to start construction at the wind site last year," said Blue Diamond CEO John Quincey Moaning. "However, we are very pleased with the current direction of our negotiations and the financial strength of our equity participants. Energy project financial structuring can be a rather lengthy process. We will inform our investors when this objective is accomplished."

In February, the Colorado Public Utilities Commission gave preliminary approval of 150-mile, $180 million transmission line that is slated to carry solar and wind energy from the San Luis Valley over La Veta Pass to the Front Range.

The House of Representatives in December 2010 passed a one-year extension of the 1603 renewable energy investment tax credit. Installed U.S. Wind Energy now totals 40.2 gigawatts (GW), an increase in capacity of 15% over the start of 2010.

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.

Last year, a 40-year historical wind study completed by Windlogics showed very strong class 5 winds are available at the Huerfano Wind Farm site and that nearly 600 gigawatt-hours (GWh) can be generated from the wind farm annually. 

In 2009, 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.

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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