DIA Margaret Lake Diamonds Inc

Big Red Diamond Corp. (TSX VENTURE:DIA) (the "Company" or "Big Red") is pleased
to announce the signature of an acquisition agreement for a 100% interest in the
Kipawa Rare Earth property. The property, located approximately 100 kilometres
south of Rouyn-Noranda, halfway between the Elliot Lake camp and the Abitibi
gold belt camp is composed of 26 claims covering an area of 1,524 hectares.


The acquisition terms call for Big Red to make a cash payment of $5,000 and
issue to Vanstar Resources Inc. (TSXV: VSR) ") 300 000 common shares - of this
amount, 150,000 commons shares will be subject to the standard regulatory hold
period of four (4) months following the TSX approval and 150,000 common shares
will be subject to an eight (8) month hold period.


The property will be subject to a 1% NSR of which one half can be bought back in
exchange for a payment of $250,000. 


The Kipawa Rare Earth property, an early stage exploration property, is located
approximately 15 km north of Aurizon Mines (TSX: ARZ). Kipawa Gold-Rare Earth
Elements property. Aurizon has conducted some fairly extensive exploration and
drilling work on their property and have reported interesting rare earth
elements showing ( see February 16, 2009 press release). We would like to
caution readers that the mineralization of Aurizon's property may not
necessarily be indicative of mineralization that may be identified on our
property. The specific details of Big Red's Kipawa REE mineralogy are presently
unknown. A summer program will be put in place for preliminary samples and
exploration. 


With our recent BC Rare Earth Property claims acquisition and this latest Quebec
based Rare Earth property acquisition coupled with our existing J6L1 Rare Earth
project in Sept-Iles, Quebec, we believe that our current land holdings position
Big Red extremely well for a diversified play into rare earth elements.

Margaret Lake Diamonds (TSXV:DIA)
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