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

The following press release has not been reviewed by the TSX Venture Exchange.

Contacts: Jean-Francois Perrault President & CEO 514-576-5837 BigRedDiamond@gmail.com www.BigRedDiamond.com