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Big Red Diamond announces the sale of its Strategis Property to Virginia Energy ResourcesMONTREAL, QUEBEC--(March 5, 2010) - 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. For further information, please contact: Jean-Francois Perrault, President and CEO or Trevor Burns |