Big Red Diamond completes Airborne Survey
on Rare Earth Property

MONTREAL, QUEBEC – December 8, 2009. Big Red Diamond Corporation (“Big Red”) (TSX
VENTURE: DIA) is pleased to announce, further to the Company’s announcement on September 25,
2009, that it has completed a 648 line kilometre airborne survey of its J6L1 Rare Earth Element project
located 52 kilometres northwest of Sept-Iles, Quebec. The 100% owned property consists of 86 claims or
approximately 4715 hectares. The survey was carried out by GeoData Solutions GDS Inc. using a high
sensitivity magnetometer to map geology and structure and using a spectrometer to map radioactive
minerals. Since most Rare Earth Elements (REE) can be radioactive, largely due to the presence of
Thorium (Th) and sometimes Uranium (U), radiometric surveys are useful in identifying the parent
intrusions, actual REE deposits, alteration and structural features.

An independent interpretation of the airborne survey was subsequently compiled by geological consultant
Danielle Giovenazzo, Ph.D, P. Geo. The findings of the report show several anomalous areas outlined
within the survey. The high resolution spectrometric and magnetometer survey shows the presence of a
circular feature, measuring 5 x 5 km, with a highly magnetic center and annular fault or ring dykes
marking the outer periphery of this complex. Another circular feature was partially covered and is
located in the eastern portion of this survey. These circular magnetic patterns are similar to those
associated with other REE properties such as Quest Uranium’s Misery Lake Project. Regional geological
maps indicate the J6L1 magnetic feature is associated with a monzonite intrusion. However, due to the
presence of Niobium, Zirconium, and other REE, it is likely that this intrusion has been misidentified in
the past.

Based on her encouraging conclusions of the airborne survey, Dr. Giovenazzo has recommended that Big
Red move forward with the following work: compilation of all of the exploration work conducted by
Soquem in this area; a prospecting and sampling field campaign to follow-up some of the anomalies
identified; verification of the local geology followed by mapping given the lack of historical geological
information; and drill testing worthwhile targets.

Dr. Giovenazzo’s complete interpretation report, including a comparison table and several maps, will be
available for viewing on the Company’s web site, www.bigreddiamond.com

Rare earth elements (REE), which include minerals such as dysprosium, terbium, thulium, lutetium and
yttrium, are widely used and indispensable in the fields of electronics, aviation, atomic energy, and
mechanical manufacturing. They are essential elements to many of the new emerging green technologies
such as hybrid and electric vehicles, and wind power generation. The US Government relies on REE for
national security and defense systems. Supply has been increasingly constricted by Chinese producers
who control as much as 95% of world production. With Chinese industry currently consuming about twothirds
of rare-earth production, analysts expect domestic demand to utilize all of China’s output within a
few years.

This press release was reviewed by Clint Barr, P.Geo, a Qualified Person as defined by NI 43-101.

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
Tel: (514) 576-5837
Fax: (514) 904-1788

or

Trevor Burns
Tel: (416) 252-3663