Tahera delays filing of statements

Tahera Diamond Corporation announces that it will not be able to meet the deadline of March 31, 2008 for the filing of its 2007 audited financial statements and related management discussion and analysis of financial condition (MD&A).

As previously announced, Tahera has obtained an order from the Ontario Superior Court of Justice providing protection for Tahera under the Companies’ Creditors Arrangement Act. Since the focus of Tahera is currently on conserving cash until it can secure financing and/or restructure its operations under the CCAA, it was deemed in the best interest of the Company and its shareholders to delay the preparation and filing of audited financial statements for the time being. Tahera does not know at this point in time when it would be in a position to prepare and file its financial statements and MD&A, as such filings will be driven by the outcome of its financing and restructuring efforts.

Pending the filing of its financial statements and MD&A, the Company intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission (”OSC”) Policy 57-603 and Canadian Securities Administrators (”CSA”) Staff Notice 57-301. The Company will request from the Canadian securities regulators, that a management cease trade order related to the Company’s securities be imposed against some or all persons who have been directors, officers or insiders of the Company since September 30, 2007, which cease trade order would generally not affect the ability of persons who have not been directors, officers or insiders of the Company since that date to trade in the Company’s securities. If Tahera has not filed its audited financial statements for the 2007 year by May 31, 2008, the OSC may issue an Issuer Cease Trade Order as such term is defined in OSC Policy 57-603. In accordance with the alternative information guidelines of the OSC, Tahera intends to file throughout the period in which it is in default the same information as it is required to provide to its creditors at the time the information is provided to such creditors in the same manner as it would file a material change report under securities regulations.

The Company also anticipates having to postpone its annual meeting of shareholders until such time as audited annual financial statements for the 2007 financial year are prepared and available for mailing.

As part of the management cease trade order, the Company is required to issue regular updates. Within the coming weeks the Company intends to provide un-audited financial and operational results as they are available.

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