Ontario

Valentine Property

Big Red’s Valentine property is composed of four 16 unit claims. Each unit is 16 ha for a total surface of 1,024 ha. All claims lie within the limits of Valentine Township. The Company has completed all required statutory work and payments and has filed for renewal in the normal course of business. No exploration work has been performed on the property.

Munro Property

Big Red acquired the Munro Township property in an area highly prospective for gold.
Acquisition cost was $10,000 and the issuance of 380,000 treasury shares. This property is located close to Matheson, Ontario, and is in the middle of a very active gold exploration play. The property consists of 58 units for a total area of 928 hectares .The purchase agreement also includes the payment of a 1.5% NSR which the Company can buy-back for a cash payment of $750,000. No exploration work has been performed on the property.

Quebec

Andy Lake and Maro

Big Red signed an option agreement to acquire a 50-per-cent interest in two uranium properties in Quebec that AntOro Resources Inc. has under option (Andy Lake and Maro). The Operatorship for this property is to be assumed by AntOro together with Fayz Yacoub, the property Optionor. The option called for Big Red Diamond to issue 1.5 million shares from its treasury to AntOro as well as contribute to 50 per cent of the cash progress payments and 50 per cent of the exploration expenses and development costs for a total of $600,000 before March 31, 2011. This transaction was completed on May 11, 2009.

The Andy Lake property is located directly east and contiguous to Nova Uranium's Mont Laurier uranium property. The Andy Lake property consists of nine CDC cells (map-designated claims) covering 460.89 hectares.

The Maro property covers five square kilometers within nine contiguous claims approximately 70 kilometers east of Radisson, Que., on an island along the shore of the Robert-Bourassa hydroelectric reservoir. It offers a high exploration potential based on previous sample results disclosed by the various parties indicated in the following paragraph:
Selected rock sampling completed on the property returned 14.72 per cent uranium or 17.36 per cent U308. Previous drilling on the Maro property returned 610 parts per million, uranium over 17 m and 0.3 per cent uranium over 0.46 m. (Note that these analytical results are historical in nature and are provided for informational purposes only. They are not 43-101 compliant, and as such, should not be relied upon.)

Strategis (Otish Mountains)

Big Red entered into an option agreement to acquire 100% of the Strategis uranium property located within the Otish Mountain region of Quebec. It covers approximately 7,200 hectares within 89 map-designated claims (CDC). The property is contiguous to the east to Strateco Resources' Matoush project and was acquired for its proximity to the Matoush discovery. Furthermore, the government airborne magnetic data suggest that the area is underlain by the same geological features as the Matoush property. The proximity to the Eastmain mine also indicates that there could be a potential for gold and base metals on the properties.

In February 2009, the Company received the final NI 43-101 report on the property. According to the NI 43-101 report, the detection of structures such as faults associated with gabbro dykes, and in relation with unconformities, represents the first primary targets for future exploration work on the Strategis properties. The Otish Group consists of a rock formation of late Aphebian age resting in an angular unconformity on the Archean rocks from the Province of Superieur basement. Rocks from this group are known to be the host of many uranium showings. In light of this information, an exploration program aimed at finding and developing uranium mineralized structures on the Strategis property is recommended.

On September 16, 2009, Big Red announced that that it had signed a Letter of Intent (“LOI”) for the sale of its Strategis property to Virginia Energy Resources Inc. (TSX Venture: VAE), (“Virginia”). Under the terms of the agreement, Virginia can acquire a 100% interest in the Strategis property subject to a 2% Net Smelter 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. To earn its interest, Virginia must pay $50,000 on signing and issue $180,000 in shares within four months after signing. Big Red has agreed to finance an approved work program of prospecting, soil sampling and ground geophysics on the property. Big Red considers the sale of its Strategis uranium property of significant interest to Virginia and intends to focus the Company’s attention on its gold, rare earth elements, and diamond properties.

At the end of October 2009, Big Red and Virginia announced the identification of a highly radioactive, uranium-mineralized zone in basement bedrock on the Strategis property, located on the margin of the Otish Basin in central Québec.

Big Red’s field consultant, IOS Services Geoscientifiques Inc. completed a two-week field program consisting of prospecting, 405 soil samples and a 25 line-km ground magnetic survey. The program was hampered by very poor early winter weather conditions that restricted the fieldwork to only one of the three prime exploration targets.

Twenty-one radioactive rock samples (18 from bedrock and 3 boulders) were collected over a 425 m long by 85 m wide area. The sample sites averaged 19,738 counts per second (range of 5000 to 49,500 cps) using a hand-held RS-125 spectrometer. The radioactivity is thought to be primarily caused by uranium mineralization as indicated by semi-quantitative spectrometer analyses and the presence of yellow secondary uranium minerals. The mineralized zone is the extension of the Lorenz Gully southwest zone on the adjacent Lorenz property, where Virginia is earning up to 100% from Xemplar Energy Corp. The mineralized trend has now been traced for approximately 900 m strike length on the two properties, and is located 300 to 500 m laterally from outcropping sandstones sitting above the Otish basin unconformity.