Big Red Diamond Corporation Announces a proposed Private Placement of $815,000

MONTREAL, CANADA--(Marketwire - July 7, 2008) - Big Red Diamond Corporation (TSX VENTURE:DIA) is pleased to announce that it intends to complete a non-brokered private placement of a maximum of 500 units for a total amount of $500,000 (the "Private Placement"). Each unit, at a price of $1,000 will be comprised of twenty thousand common shares of DIA at a price of $0.05 per share and twenty thousand common share purchase warrants. Each common share purchase warrant shall entitle its holder to subscribe for one common share of DIA at a price of $0.10 per share for a period of 24 months following the date of closing of the Private Placement. Finder's fee of 10% of the total funds to be raised along with 10% compensation options will be paid to eligible intermediaries.

DIA also intends to complete a non-brokered Flow-Through private placement of a maximum of 300 units for a total amount of $315,000 (the "Flow-Through Private Placement"). Each unit, at a price of $1,050 will be comprised of twelve thousand flow-through common shares of DIA at a price of $0.07 per share and three thousand common shares of DIA at a price of $0.07 per share. Finder's fee of 10% of the flow-through funds to be raised will be paid to eligible intermediaries.

The units to be issued under both Private Placements will be subject to a resale restriction of four months and one day. The proceeds of the Private Placement will be used to fund part of our upcoming exploration program and for general working capital purposes.

This Private Placement is conditional upon approval by regulatory authorities

Shares issued and outstanding: 47, 605,170

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.