Tahera announces extension to CCAA stay period



    TORONTO, Jan. 23 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX: TAH) announces today that it has received an extension to the
previously announced stay period under the Companies' Creditors Arrangement
Act (CCAA), which was previously set to expire on January 23, 2009. The court
approved extension is now in place until February 27, 2009.
    During the extension of the stay period, the Company, will continue with
efforts to complete a sale of its remaining assets in consultation with Caz
Petroleum Inc. ("Caz"), the Company's leading secured creditor.
    No value is expected to remain available to shareholders as a result of
the foregoing.

    %SEDAR: 00003313E




For further information:

For further information: Tahera Diamond Corporation: Andrew Gottwald -
Chief Restructuring Officer, Tel: (416) 777-1998, Fax: (416) 777-1898,
Website: www.tahera.com; Caz Petroleum Inc.: Paul Champagne - President, Ph:
(416) 616-6222 or paulcchampagne@aol.com

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TAHERA DIAMOND CORPORATION

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