BIG RED DIAMOND CORPORATION : FRANÇOIS C. DESROSIERS, PRESIDENT & CEO RESIGNS

Montreal, August 20th, 2007 – Big Red Diamond Corporation ( TSX-V: “DIA”-suspended ) wishes to announce that it received the resignation of François C. Desrosiers from both the Board of directors and from all Management positions on August 16th, 2007. The resignation is effective August 7th, 2007.
Big Red’s Board continues working with the TSX-V to resolve any outstanding questions regarding the Exchange’s investigation into the affairs of the Company and looks forward to the resumption of trading of the Company’s shares on the TSX-V. Mr. Martin Nicoletti, interim CFO of Big Red Diamond, will temporarily assume the additional duties of Chief Executive Officer, pending appointment of a new President and CEO. That appointment is expected within the next two weeks. A new Board is expected to be appointed at the same time or shortly thereafter. Big Red Diamond is a diamond exploration company whose main asset is its twenty percent (20%) participation in a joint-venture with Charles Fipke, the discoverer of the Ekati diamond mine in the NWT. This joint-venture is involved in a diamond exploration in Northern Ontario, in an area surrounding De Beers Victor diamond project. Big Red also owns outright a number of diamond and precious metals exploration properties in Northern Ontario closer to Timmins and Kirkland Lake.