Big Red Diamond Corporation: Warrant Term Amendments

Montreal, January 16, 2008 - Big Red Diamond Corporation (TSX VENTURE:DIA) ("DIA"-suspended) is pleased to announce that the Company has received conditional approval from the TSX Venture Exchange to amend the terms of 4,037,500 outstanding warrants as follows:

a) Extension of the expiry date of 1,500,000 warrants from December 31, 2007 to December 31, 2008 as well as the re-pricing of the warrants from an original exercise price of $0.125 per share to an amended exercise price of $0.15 per share;

b) Extension of the expiry date of 1,750,000 warrants from December 31, 2007 to December 31, 2008. The original exercise price of $0.15 per share and all other terms and conditions of the warrants will remaining unchanged; and

c) Extension of the expiry date of 787,500 warrants from December 31, 2007 to March 31, 2008. The original exercise price of $0.20 per share and all other terms and conditions of the warrants will remaining unchanged.

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