Tahera Diamond provides update

Tahera Diamond Corporation intends to satisfy the alternative information guidelines recommended by Ontario Securities Commission (”OSC”) Policy 57-603 and Canadian Securities Administrators Staff Notice 57-301.

The Company requested from the OSC, that a management cease trade order (MCTO) 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. After consideration of Tahera’s request, the OSC indicated it would not issue a MCTO at this point in time.

The total number of dry tonnes processed during the fourth quarter of 2007 was 155,000 tonnes at an average grade of 0.79 carats per tonne, resulting in carat production of 122,500 carats compared with 127,500 tonnes at an average grade of 0.78 carats per tonne for carat production of 99,300 carats for the third quarter of 2007. The value of production for the fourth quarter of 2007, based on values of the Government Diamond Valuators, was US$11.6 million, compared with US$8.4 million in the third quarter of 2007. The cash operating cost related to the production of these goods was CAD$18.3 million for the fourth quarter of 2007 compared with CAD$17.9 million for the third quarter. These costs include all mining, processing and related overhead charges for the quarter. Certain of the cash items consumed during these periods were purchased and paid for in a prior period.

The Company has held two valuations for goods produced in 2008. Production from January 1, 2008 to February 5, 2008 yielded 45,026 carats at an average value of US$95.32 per carat for a total value of US$4.3 million. Production from February 6, 2008 to March 12, 2008 included two parcels of goods. Normal run of mine production totalled 31,271 carats at an average value of US$106.96 per carat and a batch test of the F1N lobe yielded 2,768 carats at an average value of US$87.80 per carat. The combined total for the two parcels from the March valuation was 34,039 carats at an average value of US$105.40 per carat for total value of US$3.6 million.

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