Big Red Diamond Announces the Sale of its Strategis Property to Virginia Energy Resources

MONTREAL, QUEBEC -- (Marketwire) -- 03/05/10 -- Big Red Diamond Corporation ("Big Red") (TSX VENTURE: DIA) is pleased to announce the sale of its Strategis Property to Virginia Energy Resources Inc. ("Virginia") (TSX VENTURE: VAE).

Under the terms of a final assignment agreement signed February 24, 2010, Virginia has now acquired a 100% interest in the Strategis property comprising 5100 hectares of map designated claims in 97 cells, located in the Otish Mountains, Quebec. The property is subject to a 2% Net Smelter Return royalty interest in favour of Big Red and certain underlying vendors, of which 1.5% can be bought back at any time by payment of $1.5 million. Virginia previously paid $50,000 cash as part of a September 2009 option agreement, and has now issued 635,000 common shares to complete the acquisition.

About Big Red Diamond Corporation

Big Red Diamond Corporation is a junior exploration company with exploration projects in the West Timmins Gold camp and rare earth elements property near Sept-Iles, Quebec. The Company is also a joint-venture partner with Metalex Ventures in the Attawapiskat diamond project in the James Bay Lowlands, surrounding De Beers' Victor diamond deposit.

Contacts:
Big Red Diamond Corporation
Jean-Francois Perrault
President and CEO
514-576-5837
514-904-1788 (FAX)

Big Red Diamond Corporation
Trevor Burns
416-252-3663

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.