TORONTO, Jan. 23 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX: TAH) announces today that it will suspend mining activities
at the Jericho mine in approximately two weeks. The suspension of mining will
preserve the Company's existing cash position and fuel inventory at the mine
while it works on its previously announced re-structuring plan. Following the
suspension of mining activities, ore processing and diamond recovery are
planned to continue for approximately two months or until the high-grade ore
stockpiles are exhausted. A concerted effort is being made with respect to
mining over the next two weeks to maximize high-grade ore stockpiles. Nuna
Logistics have agreed to provide site services, as required, once mining
operations have been suspended and while ore processing continues.
The Company will assess all options during this period with a goal of
continuing operations at its Jericho Mine.
FORWARD LOOKING STATEMENTS
Certain information regarding Tahera in this news release including
management's assessment of future plans and operations and the timing thereof,
may constitute forward-looking statements under applicable securities laws and
may necessarily involve risks including, without limitation, risks associated
with mineral exploration, development, exploitation, production, marketing and
transportation, loss of markets, volatility of commodity and diamond prices,
currency fluctuations, imprecision of reserve and resource estimates,
environmental risks, competition from other producers, inability to retain
services, delays resulting from or inability to obtain required regulatory
approvals, the ability to access sufficient capital and the uncertainty
involved in Court proceedings and the implementation of a Plan under the CCAA.
As a consequence, Tahera's actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that
any events anticipated by the forward looking statements will transpire or
occur, or, if any of them do so, what benefits Tahera will derive therefrom.
Readers are cautioned that the foregoing list of factors is not exhaustive.
Furthermore, the forward-looking statements contained in this news release are
made as of the date this news release and the Company does not undertake any
obligation to update publicly or to revise any of the included forward-looking
statements, whether as a result of new information, future events or
otherwise, except as may be required by applicable securities laws.
Tahera Diamond Corporation
R. Peter Gillin - Chairman and CEO
For further information:
For further information: Investor Relations, Tel: (416) 777-1998, Fax:
(416) 777-1898, Toll free: (877) 777-2004, Email:
firstname.lastname@example.org, Website: www.tahera.com