SOURCE: Blue Diamond Ventures, Inc.

September 02, 2009 08:43 ET

Blue Diamond Ventures Moves Toward Wind Turbine Agreement, Following Highly Favorable Wind Study Results

HOUSTON, TX--(Marketwire - September 2, 2009) - Blue Diamond Ventures, Inc. (PINKSHEETS: BLDV) -- Following highly favorable wind study results in Huerfano County, Colorado, Blue Diamond Ventures, through its affiliate Blue Diamond Ventures Renewables, LLC, and its joint venture partner Freedom Works, LLC, have moved toward a wind turbine supply agreement and final designs to construct a 198 megawatt wind project plus 68 miles of transmission line.

On-site met tower wind data for the joint venture's Huerfano Project will be completed on September 8, 2009. The data for the project is available at:

The new study is the culmination of five years of wind data studies throughout Huerfano County and proves the existence of resource at the Colorado Wind Generation Resource Area #8 as described by the Governor's Energy Office. The project's transmission line has been identified by Colorado Governor Bill Ritter as the number one transmission priority in the State of Colorado.

"Despite the current economic environment, we have worked extremely hard to meet our goals and increase shareholder value," said Blue Diamond CEO John Quincey Moaning.

Last year, the company established a goal to implement its renewable generation portfolio -- the foundation of which is the development of basic infrastructure to facilitate timely transmission, substation and wind turbine generator installations in the Midwestern United States.

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 Ethiopia. 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 statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors which include, but are not limited to, our ability to leverage our technology, manage our growth, protect our intellectual property rights, attract new customers and general economic conditions affecting consumer spending. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward-looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.

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