Big Red Diamond Corporation
Posted on: Wednesday, 24 September 2008, 12:00 CDT
Big Red Diamond Corporation ("BRDC")(TSX VENTURE: DIA) reports that pursuant to an agreement entered with Larry Gervais and John Derweduwen ("Vendors"), the TSX has approved the acquisition agreement of 7 new claims which consisting of 5 claims in the Bristol Township and 2 in the Carscallen Township for a total of 36 units measuring approximately 18 sq. km.
As consideration for the sale, BRDC will issue up to 400,000 common shares of BRDC at an attributed price of $0.05 per share of which 200,000 will be issued upon regulatory approval and 100,000 will be issued on both the first and the second anniversaries of the regulatory approval and also grant to the Vendors a 3% Net Smelter Return ("NSR") on precious and base metals from the material that originated from the property. BRDC retains the right to buy back up to one and a half percent (1.5%) of the NSR for a total of $2,000,000.
The property is located approximately 3 miles north of the Lake Shore Gold Corporation's Timmins West Gold property which as completed a pre-feasibility study, 1.2 million ounces (uncut) of probable reserves and shallow high-grade gold veins.
Shares issued and outstanding: 55, 505,170
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this press release.
Contacts: Martin Nicoletti Chief Financial Officer Interim Chief Executive Officer 514-907-9016 - Ext. 160 514-907-9017 (FAX) Jean-Fran�ois Perrault Director 514-798-4484 514-798-4896 (FAX) www.bigreddiamond.comSOURCE: Big Red Diamond Corporation
Source: MARKET WIRE
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