TORONTO, June 6 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX-TAH). As previously announced, the Company intends to satisfy
the alternative information guidelines recommended by Ontario Securities
Commission ("OSC") Policy 57-603 and Canadian Securities Administrators Staff
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. Staff at the mine have been reduced to a level that will meet the
care and maintenance work requirements. A final diamond valuation was
completed on May 25, 2008, which contained all remaining diamonds recovered
from the cut-off date for the April valuation to the completion of processing.
There were 5,163 carats valued at an average price of $105.84 per carat.
As previously announced a number of expressions of interest were
received, as part of the Company's Marketing Process, and continue to be
assessed for their merit. Interested parties who have submitted acceptable
expressions of interest are continuing due diligence assessment, which may or
may not lead to a formal offer for the assets.
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.
As previously announced, on January 16, 2008, Tahera entered into
protection under the Companies' Creditors Arrangement Act (CCAA). The stay
period under the court order extends to June 30, 2008.
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.
For further information:
For further information: Tahera Diamond Corporation, R. Peter Gillin -
Chairman and CEO; Investor Relations: Tel: (416) 777-1998, Fax: (416)
777-1898, Toll free: (877) 777-2004, Email: email@example.com,