World news on Diamond-Big Red Diamond Corporation Closing of $531,600 Private Placement

This press about BRDC was first released in Montreal, Canada - July 15, 2008 - Big Red Diamond Corporation (TSXV - DIA) is pleased to announce that it has closed a non-brokered private placement of 246 units for a total amount of $246,000 (the “Private Placement”). Each unit, at a price of $1,000 is 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.

DIA is also pleased to announce that it has completed a non-brokered Flow-Through private placement of 272 units for a total amount of $285,600 (the “Flow-Through Private Placement”). Each unit, at a price of $1,050 is 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.

In connection with the private placement, various intermediaries and/or rokers have received a cash payment equal to 10% of the gross proceeds raised from the distribution of units plus compensation options to purchase 24.6 units at a price of $1,000 per unit, for a period of 24 months from the date of closing of the offering.

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. Big Red Diamond Corporation reserves the right to complete additional closing until August 21,
2008.

For further information, please contact:

Jean-François Perrault
Director
Telephone: (514) 798-4484
Fax: (514) 798-4896

Martin Nicoletti
Chief Financial Officer
Telephone: (514) 907-9016 – Ext. 160
Fax: (514) 907-9017

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