I have a stored procedure In my asp.net mvc3 application using Entity Framework:
CREATE PROCEDURE dbo.MinMax
AS
DECLARE @T1 TABLE(MinColorsId int,MAXColorsId in
First of all, you can simplify your stored procedure to be:
CREATE PROCEDURE dbo.MinMax
AS
SELECT
MIN(ColorsId) AS MinColorsId,
MAX(ColorsId) AS MaXColorsId
FROM dbo.DiamondInfoes
There's absolutely no need nor any point in having that table variable - it only puts strain on your TempDB.
Next - if you're on .NET 4.0 and using the database-first approach - you can import that stored procedure into your EDMX model from the wizard:

Next, go to the Model Browser in Visual Studio and find your newly imported stored procedure in the physical "store" section of your model. On your stored procedure, right-click and pick Add Function Import:

Now a dialog box pops up which gives you the opportunity to pick what this stored procedure returns - in your case, you said you already have a type that represents that result - so in your case, you should find this type in the dropdown for Entities - pick it and close the dialog:

You should now have a method on your ObjectContext-derived class that represents this stored procedure, and returns an entity of your chosen type.