SOURCE: Blue Diamond Ventures, Inc.

March 16, 2007 08:30 ET

Blue Diamond Ventures Announces Plan to Construct Bio-Diesel Facility in Belize Following Government Approval of Land Purchase

HOUSTON, TX -- (MARKET WIRE) -- March 16, 2007 -- Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV) today announced plans to construct a bio-diesel plant in Belize, with an eventual capacity of 50 million gallons per year (GPY). This follows approval from the Government of Belize for Blue Diamond to purchase 180 acres of land, forming part of the Old Lynam College in the Stann Creek District, which will serve as a headquarters for the company's bio-fuels, goat and research and development operations.

"The Government of Belize welcomes the strong interest shown by Blue Diamond Ventures, Inc. in investing in Belize and, in doing so, contributing to economic growth and development of our country," said Joseph Waight, senior advisor in the Ministry of Finance. "The production of bio-fuels will be a key factor in our national goal of reducing our country's dependence on imported fossil fuels. We look forward to having Blue Diamond Ventures, Inc. working in Belize, and we wish them all success in the future."

"This represents an important milestone for the company," said Blue Diamond's Chief Executive Officer John Quincey Moaning. "We look forward to working with the Government of Belize as we work to bring sustainable economic development to the country and increase shareholder value. There have been challenges along the way, but they have been overcome. I thank those involved who have worked patiently and determinedly to make today's agreement possible."

The breakthrough for Blue Diamond Ventures follows months of high-level talks led by Ambassador Philip Priestley, former British High Commissioner in Belize, who joined Blue Diamond Ventures last year, bringing with him 35 years' experience in trade, investment and bilateral relations promotion.

Welcoming today's announcement, Mr. Priestley commented he was glad the negotiations had been brought to a successful and mutually satisfactory conclusion.

"I am absolutely delighted to have been able to combine my career experience and skills and affection for Belize to help realize this agreement," acknowledged Mr. Priestley. "Bio-fuels will play an increasingly important part in meeting countries' energy needs in the years ahead, and this project would put Belize at the forefront of developments in this area."

Mr. Priestley noted he would remain fully committed to and engaged with the project and would oversee its economic development aspects.

Meanwhile, Blue Diamond has entered into serious discussions within the U.S. to construct a 50 million gallon bio-diesel plant and research facility, with a strong emphasis placed on creation of jobs, bio technological skill development and the promotion of entrepreneurship and agribusiness.

Blue Diamond also plans to work closely with the United States Department of Energy to advance the development of high-yielding biomass feedstock for bio-fuel production and promote research into state of the art bio-fuel processing technologies (2nd generation and higher, including enzymatic treatment of biomass to produce cellulosic bio-diesel and ethanol).

The implementation of the bio-fuels plant in Belize will start with the immediate set-up of a bio-diesel pilot plant at Lynam with an output capacity of 200,000 to 500,000 (GPY) and construction of a 2.5 million (GPY) Commercial Demonstration Facility later this year.

About Blue Diamond Ventures, Inc.: Blue Diamond Ventures, Inc. (www.bluediamondventures.com) is an agriculture, biofuels and commercial development company with operations in Belize and the U.S.

DISCLOSURES:

"Safe Harbor" statement under the Private Securities Litigation Reform Act of 1995: This press release contains forward-looking statements that are subject to risk and uncertainties, including, but not limited to, the impact of competitive products, product demand, market acceptance risks, fluctuations in operating results, political risk and other risks detailed from time to time in Blue Diamond Ventures, Inc.'s filings with the Securities and Exchange Commission. These risks could cause Blue Diamond Ventures, Inc.'s actual results to differ materially from those expressed in any forward-looking statements made by, or on behalf of, Blue Diamond Ventures, Inc.

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