Tahera 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 has completed processing at the Jericho Mine. The processing plant and mine infrastructure are now being prepared for a period of care and maintenance. It is expected that this exercise will take a number of weeks to complete. Staff at the mine will be reduced to a level that will meet the care and maintenance work requirements. A final diamond valuation will be completed in May 2008, which will contain diamonds recovered from the cut-off date for the April valuation to the end of the processing.

Tahera has already entered into protection under the Companies’ Creditors Arrangement Act (CCAA). The stay period under the court order extends to June 30, 2008. The Company has received a number of preliminary expressions of interest and these are in the process of being analyzed. It is expected that a number of parties will be invited to participate in the next stage of the Marketing Process.

At this time there is no certainty as to the outcome of the Marketing Process. Accordingly, it is unclear whether or not there will be any value for holders of Tahera’s common shares at the conclusion of the CCAA proceedings.

Source : http://www.tahera.com/

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