BC Discovery Fund further updates holdings in portfolio company Vigil Health Solutions Inc.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2011) -British Columbia Discovery Fund (VCC) Inc. (the "Fund"), a venture capital investment fund managed by Discovery Capital Management Corp. ("DCMC"), is updating its reporting of security holdings in its portfolio company, Vigil Health Solutions Inc. ("Vigil"), as a result of the $520,000 private placement completed by Vigil on May 31, 2011 ("Private Placement") in which the Fund participated.

The Fund invested $150,000 in the Private Placement, by way of the purchase of 2,307,692 units at a price of $0.065 per unit, each unit comprised of one common share of Vigil and one-half warrant, where one whole warrant entitles the purchase, for a period of 24 months after May 31, 2011, of one additional common share at a price of $0.10 per share. Following this transaction, the Fund holds 3,055,406 common shares of Vigil, representing 23% of the outstanding common shares of Vigil immediately after closing of the private placement. The warrants acquired by the Fund entitle it to purchase an additional 1,153,846 common shares of Vigil, representing an additional 9% of the outstanding common shares of Vigil immediately after closing of the private placement.

In addition, Discovery Capital Management Corp. ("DCMC"), which has voting control and direction over the holdings of the Fund, is custodian of and has voting control over 376,106 common shares of Vigil which are being held for the benefit of former shareholders of Discovery Capital Corporation ("DCC"). These shares represent approximately 3% of the outstanding common shares of Vigil immediately after closing of the private placement. Accordingly, DCMC presently has voting control and direction over a combined total of approximately 26% of the outstanding common shares of Vigil on completion of the private placement and, in the event of exercise of all warrants, would have voting control and direction over approximately 27% of the outstanding common shares of Vigil. Harry Jaako, director of the Fund and of Vigil, and a principal of DCMC, also holds common shares representing an approximate 0.2% interest in Vigil.

The purchase of units in the Private Placement was made by the Fund for investment purposes. The Fund may acquire ownership of additional securities of Vigil, or the Fund (and/or DCMC on behalf of the Fund and/or the former shareholders of DCC) may dispose of securities of Vigil, as circumstances arise or market conditions warrant.

The Fund also reports that it understands that Vigil intends to repay, on or before June 30, 2011, the principal and accrued interest of a secured convertible note the Fund had acquired by way of making a $100,000 loan to Vigil in 2010. Accordingly, the Fund will thereafter no longer hold that convertible security or have any interest in the common shares potentially issuable on conversion.

Further details are available in the accompanying report filed by the Fund on SEDAR pursuant to National Instrument 62-103.

About British Columbia Discovery Fund (VCC) Inc.

British Columbia Discovery Fund (VCC) Inc. was established to make venture capital investments in a portfolio of small businesses in British Columbia that qualify under the Small Business Venture Capital Act, focusing on all of B.C.'s top internationally recognized technology clusters; information technology (software and hardware), mobile technology (wireless and networking solutions), clean technology (alternative energy and energy-saving technology solutions), new media and health and life sciences.

Established in 2002 and managed by Discovery Capital Management Corp., the Fund is focussed on making diversified investments in British Columbia with the objectives of achieving long-term capital appreciation for its shareholders and contributing to the growth in value and employment of the technology industry in British Columbia. In addition to offering a means of participating in the potential of British Columbia's newest technology ventures, the Fund offers significant tax savings to eligible British Columbia individual and corporate investors. The Fund, which offers its shares on a continuous basis, has raised approximately $69 million to date and has investments in thirteen developing technology companies. B.C. resident investors are entitled to receive a tax credit equal to 30% of the amount invested in the Fund. To obtain further information about the Fund, please contact a registered advisor or visit www.sedar.com or www.bcdiscoveryfund.com.

John McEwen, CEO, B.C. Discovery Fund (VCC) Inc.

Harry Jaako, President, B.C. Discovery Fund (VCC) Inc.

This press release is not an offer to sell or a solicitation of an offer to buy common shares. This press release may include statements about expected future events and/or financial results that are forward-looking in nature and subject to risks and uncertainties. The issuer cautions that actual performance will be affected by a number of factors, many of which are beyond its control. Future events and results may vary substantially from what the issuer currently foresees.