SOURCE: Blue Diamond Ventures, Inc.

May 10, 2006 08:52 ET

Blue Diamond Ventures, Inc. CEO Travels to Belize to Complete Libertad Sugar Factory Acquisition and Begin Facilitating Ethanol Conversion

HOUSTON, TX -- (MARKET WIRE) -- May 10, 2006 --Blue Diamond Ventures, Inc. (OTC: BLDV) CEO John Quincey Moaning is traveling to Belize today and anticipates expeditiously completing the negotiations to acquire the closed Libertad Sugar Factory. Upon formal acquisition, Blue Diamond will promptly begin the conversion of Libertad to an ethanol production facility.

Libertad resides in the center of the country's sugar cane production and was designed to accommodate both sugar cane juice and molasses prior to closing in 1985. Its location facilitates easy barging of ethanol to ports for exporting purposes.

Moaning is meeting with Lourdes Smith, Executive Chairman of Belize Trade and Investment Development Service (Beltraide), and, thereafter, will arrange to meet with Mark Espat, Minister of National Development and Culture, to further discuss details of Blue Diamond's relationship with Belize. Meetings will conclude with Moaning leading a press conference on the future of Blue Diamond in Belize, including Blue Diamond's short range and future economic impact with the biofuels and agriculture projects.

Upon completion of the acquisition, Moaning will release terms of the transaction and funding needs.

About Blue Diamond Venutres, Inc.:

Blue Diamond Ventures, Inc. (www.bluediamondventures.com) is an agriculture, bio fuels and commercial development company with operations in Belize and the U.S. The company recently announced plans to break ground this year on a million dollar goat processing facility in Belize and aggressively market the world's most eaten meat throughout the U.S., Central America and the Caribbean. Blue Diamond will utilize 3,000 acres in Belize and 1,200 acres in Oklahoma for a goat ranch, research center and processing facility. Local farmers in Belize and Oklahoma, under a cooperative agreement with Blue Diamond Ventures, will raise the goats and process them at the company's facilities. Blue Diamond's business plan includes ethanol production, tilapia and shrimp aqua farming and raising thousands of acres of soybeans. The company recently completed an audit to be listed on the NASDAQ Bulletin Board.

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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