DIA Margaret Lake Diamonds Inc

Big Red Diamond Corp. (TSX VENTURE:DIA) (the "Company" or "Big Red") is pleased
to announce that its joint venture partner, Arctic Star Diamond Corp. (TSX
Venture: ADD) is in receipt of analytical results from its recently completed
prospecting and sampling program on our J6L1 Rare Metal Property. 


The property is located approximately 50 km northwest of Sept-Iles, Quebec - a
city which has a deep water seaport and all the necessary power and railway
infrastructures. 


During early November, anomalies generated from a recently completed magnetic
and radiometric survey were ground checked, prospected, and sampled. A total of
118 rock and 2 soil samples were collected during the eighteen day field
program. Results from samples collected on the property, or directly adjacent,
are highlighted in the table below.




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Sample             Anomaly    Source Nb2O5  Ta2O5    Zr    Hf  TREO   HREO
ID                   Local              (%)    (%)  (%) (ppm)   (%)    (%)
                      (via                                                
                  airborne                                                
                   survey)                                                
--------------------------------------------------------------------------
93055                    A   Outcrop  0.849  0.020 0.92   254 0.907 69.391
--------------------------------------------------------------------------
93056                    A   Outcrop  0.987  0.068 4.51  1400 0.299 59.580
--------------------------------------------------------------------------
93057                    A   Outcrop  0.535  0.036 1.85   582 0.687 38.467
--------------------------------------------------------------------------
93058                    A   Outcrop  1.505  0.219 14.0  4350 1.384 30.824
--------------------------------------------------------------------------
93059                    A   Outcrop  1.919  0.088 9.00  2290 1.063 73.670
--------------------------------------------------------------------------
93176          G (historic                                                
                  showing)     Float  1.203  0.045 8.06  1680 2.187 79.692
--------------------------------------------------------------------------
93021    approx.300 m west                                                
                      of C   Outcrop  1.704  0.043 1.76   324 2.121 59.231
--------------------------------------------------------------------------
93030   approx.3.5 km east                                                
            of F (historic                                                
                  showing)   Outcrop  0.185  0.005 3.03   554 2.413 29.232
--------------------------------------------------------------------------



(i)HREO (Heavy Rare Earth Oxide) is defined as the sum of Terbium through
Lutetium including Yttrium and divided by TREO


(i)TREO (Total Rare Earth Oxide) is defined as the sum of Lanthanum through
Lutetium including Yttrium


Samples were sent to Activation Laboratories of Ancaster, ON for analysis using
their 8-REE (whole rock, rare earth element (REE), base-trace metals) with Nb
and Ta determined using XRF and Au by fire assay. 


In addition to the above sampling, the historic J6L1 East, Centre, and West
anomalies were visited in order to orient field crews to the known
mineralization in the area and use as a corollary to potential mineralization on
the property. A total of 9 samples were collected over these locations with one
sample assaying 0.927% Nb2O5, 0.028% Ta2O5, 1.78% Zr and 1.47% TREO. 


Most anomalous readings, and associated rare metal mineralization, were traced
for short distances, and appear to be confined to narrow trends associated with
quartz veins. Many of these trends were truncated by overburden and require
further evaluation. 


Anomaly 'A', located approximately 650 m west of the historic J6L1 west showing,
returned the best set of assays with considerable REE-Nb-Ta-Zr mineralization.
Samples were collected from two areas separated by approximately 200 m with
multiple samples returning high grade, rare metal mineralization. In addition,
TREO values are significantly enriched in the HREO's with Dysprosium values
ranging from 3.6% to 9.0% of the TREO's. Further, significant Hafnium values
were returned with a peak value of 4,530 ppm. Samples were collected from quartz
rich granitoids with minor ilmenite/magnetite and an unidentified red mineral.


Sample 93021, collected approximately 300 m east of the historic JL61 showings,
and sample 93021 collected in the northeast area of the property near a historic
showing also returned significant mineralization in areas distinct from 'A'. 


Given the property's vast extent (over 45 square km), only a portion of it was
traversed during the 2010 program. Limited prospecting was completed in the
central part of the ring complex as defined by magnetics. 


The geology of the property had previously been mapped as a hypersthene
monzonite intrusion. Coupled with historic assays of highly anomalous Nb-Zr and
REE's, it was suggested the area may be host to rocks peralkaline in nature. The
recent sampling confirms that peralkalic rocks do exist in the area with several
samples assaying as such (e.g. 93057, 93058) with others closely skirting the
border of classification (e.g. 93059).


Compilation and interpretation of data from the 2010 field program along with
historic work compilation is ongoing. Follow-up exploration is expected to occur
during the later part of spring of 2011. The area surrounding Anomaly 'A' is
considered the most prospective for follow-up due to strong enrichment in
HREO's, Nb, Ta, and Zr-Hf. Mapping of this area along with further prospecting
throughout the complex will also be completed in an effort to further
demonstrate the properties potential for hosting a rare metal deposit of
significant size.


NI 43-101 Disclosure 

Darren L. Smith, M.Sc., P.Geol., a qualified person as defined by National
Instrument 43-101, supervised the preparation of the technical information in
this news release.

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