Tahera Diamond Corporation provides update



    TORONTO, June 26 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX-TAH) announces that it has received an extension to its stay
period entered under the Companies' Creditors Arrangement Act (CCAA) from the
Ontario Superior Court of Justice. The original CCAA filing occurred on
January 16, 2008 and the stay period was subsequently extended to June 30,
2008. The stay period is now in effect until September 30, 2008 and is
intended to provide sufficient time for the Company to complete its sales
process. In addition, the order also provides an extension for Tahera to
conduct its annual meeting of shareholders to a date no later than six months
after the date of implementation of a Plan of Arrangement or Compromise under
the CCAA proceedings.
    As previously announced, a number of expressions of interest were
received as part of the Company's formal Marketing Process. 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. The Company and other stakeholders are working closely with potential
buyers in order to facilitate a formal offer and will provide shareholders
with updates in this regard as information is available.

    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

    %SEDAR: 00003313E




For further information:

For further information: Investor Relations, Tel: (416) 777-1998, Fax:
(416) 777-1898, Toll free: (877) 777-2004, Email:
investor_relations@tahera.com, Website: www.tahera.com

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TAHERA DIAMOND CORPORATION

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