BIG RED DIAMOND REQUESTS FOR A DELAY FOR FILING OF THE
ANNUAL FINANCIAL STATEMENTS

Montreal, Quebec, February 28, 2006. Big Red Diamond Corporation (“Big Red”) (“DIA”- TSX Venture Exchange) has formally requested from the Autorité des marchés financiers of Québec a 30-business-day extension to file its audited annual financial statements for the year ended October 31, 2005, pursuant to National Instrument 57-301. The company wishes to clarify that this request is necessary in order to allow sufficient time for the auditors to complete their audit which is currently very advanced. This extension request is due to the fact that Big Red Diamond’s auditors cannot finish the work because Kel-Ex Development Ltd. and Metalex Ventures Ltd., respectively the Operator and Manager of the Attawapiskat and Dumont Joint Ventures in which Big Red is a minority partner together with other minority partners, have not allowed complete access to paid-up exploration data related to the Joint-Ventures and that the financial reporting from them has been inconsistent and difficult to reconcile. The company intends to file the audited annual financial statements in the 30 business days following the February 28, 2006 deadline allowed by regulations. In the event that the audited annual statements are not filed in time, the TSX Venture Exchange and the Autorité des marchés financiers retain discretionary powers to put into effect a management cease-trade order or CTO. A management CTO can also be invoked if the company fails to publish its default status report in a timely fashion. The corporation will abide to the conditions set forth in Appendix B of National Instrument 57-301
until the filing of the audited annual financial statements.