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MONTREAL, QUEBEC--(Marketwire - May 20, 2010) - Big Red Diamond Corporation ("Big Red") (TSX VENTURE:DIA) is pleased to announce that it has closed a non-brokered private placement of 941units for a total amount of $470,500 (the "Private Placement").

Each unit, at a price of $500, is comprised of ten thousand common shares of DIA at a price of $0.05 per share and ten 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.

All securities issued in connection with the Private Placement will be subject to a resale restriction of four months and one day. In connection with the Private Placement, Big Red paid finders' fees to Canaccord Genuity Corp in the amount of $45,000 plus compensation options to purchase 90 units at a price of $500 per unit, for a period of 24 months from the date of closing of the Private Placement.

The proceeds of the Private Placement will be used for working capital purposes and to fund our upcoming exploration program at our Attawapiskat Diamond Project where diamondiferous kimberlite intersections were reported from two drill holes by our joint venture partners in July 2009. This project is located approximately 7 kilometers south of the Victor Diamond Mine operated by De Beers.

Proceeds will also be used to further our exploration on our Bristol Gold project where previously anomalous gold values were reported. Our project is located in the West Timmins gold camp, approximately 6 km north of Lake Shore Gold's Timmins mine and its Thunder Creek discovery.

Additionally, proceeds will also be used towards our 100% owned 4,712 hectares Rare Earth Element ("REE") project , located approximately 50 km North West of Sept-Iles, Quebec in order to follow up on the encouraging conclusions of an airborne survey which was completed in the fall of 2009 identifying a 5 x 5km circular magnetic anomaly. These circular magnetic patterns, according to Danielle Giovenazzo, Ph.D, P. Geo, are similar to those associated with other REE properties such as Quest Uranium's Misery Lake project. (see Big Red's press release dated December 8, 2009).

About Big Red Diamond Corporation

Big Red Diamond Corporation is a junior exploration company with exploration projects in the Attawapiskat diamond exploration project located in the Ontario James Bay Lowlands, surrounding De Beers' Victor diamond deposit, near Sept-Iles, Quebec for Rare Earth Elements and in the West Timmins Gold camp.

We seek safe harbour

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.