Attawapiskat Diamond Project - James Bay Lowlands, Ontario

Big Red is a joint venture partner in the Attawapiskat Diamond Project, holding a 16% interest, together with Metalex Ventures Ltd. (TSX Venture: "MTX") as the main partner and operator, and Arctic Star Diamond Corp. (TSX Venture: "ADD").

The Attawapiskat Project comprises a claimed area optioned from Dumont Nickel Inc. of approximately 304 km2 located 7 kilometers south of De Beers' Victor diamond deposit. De Beers have indicated Victor will have a mine life of 12 years at a production of 2.5 million tons per year.  It is thought that Victor has a grade of about 25ct/100 tons and an average diamond value of about US$300/ct. Metalex has discovered several un-explained glacial trains of diamond indicator minerals within 10 km of Victor.

The diamond indicator minerals have diamond inclusion chemistry typical of that found in commercial diamond deposits. These grains are fresh and angular, which is consistent with the grains being derived from nearby undiscovered diamondiferous kimberlites.

In July, 2009, Metalex reported diamondiferous kimberlite intersections from two drill holes on the Attawapiskat project. Samples from the eight core holes reported as kimberlite by Metalex on June 19th, 2009 were analyzed for diamonds by the C.F. Mineral Research Ltd. Laboratory.

C. F. Minerals reported that two clear white microdiamonds were recovered from an 8.64 kg (19.0 lb) sample of kimberlite breccia recovered in drill core from between 5.8 and 25.3 meters (19 and 83 feet) below surface. The sample also contained G10 garnets as well as chrome diopsides and one olivine grain. All of these grains were determined to be of diamond inclusion composition by microprobe analysis.

A 6.18 kg (13.6 lb) core sample from a second drill hole contained a natural clear white microdiamond. The sample material was also identified as kimberlite breccia and was intersected between 30.5 and 39.6 meters (100 and 130 feet) below surface. This sample also contained G10 garnets as well as a chromite and chrome diopside grains, all with diamond inclusion compositions.

These results are considered most encouraging because small samples of kimberlites in the area such as those at the nearby Victor Diamond Mine, typically do not contain abundant microdiamonds. An additional 13 possible kimberlite core intersections from drill holes completed in the same claim area have been submitted to C.F. Minerals for diamond and diamond indicator mineral analysis.