Tahera Diamond Corporation receives court approval for Plan Sponsorship Agreement



    TORONTO, Sept. 29 /CNW/ - Tahera Diamond Corporation (TSX-TAH) (the
"Company") announces that it has received approval from the Ontario Superior
Court of Justice for the previously announced Plan Sponsorship Agreement with
0835732 BC Ltd. (the "Plan Sponsor"). The Plan Sponsorship Agreement
contemplates a number of transactions described in the Company's September 26,
2008 press release including the compromise of certain of the Company's
liabilities pursuant to a plan of arrangement (the "CCAA Plan") under the
Companies' Creditors Arrangement Act (the "CCAA"), and will ultimately result
in the Plan Sponsor acquiring 100% of the equity of the Company via a
concurrent reorganization pursuant to the Canada Business Corporations Act
(the "CBCA"). The Plan Sponsorship Agreement is subject to a number of
conditions, including the completion of satisfactory due diligence by the Plan
Sponsor on or before October 31, 2008. No value will remain available to
shareholders as a result of this transaction.
    The Court approval received today also provides for the extension of
Tahera's stay period granted pursuant to its original CCAA filing on
January 16, 2008, until November 30, 2008.
    As a result of entering into the Plan Sponsorship Agreement, the
remaining directors of the Company have elected to resign from their
positions. The Company would like to thank Jonathan Goodman, Colin Benner,
Richard Molyneux, and Peter Gillin for their dedication and commitment to the
Company. Peter Gillin has been appointed Chief Restructuring Officer pursuant
to the Court order to oversee the completion of the CCAA Plan and the
concurrent reorganization under the CBCA. As a result of the appointment of
Mr. Gillin as Chief Restructuring Officer, it is expected that all the
officers of the Company will resign their officership positions.

    FORWARD LOOKING STATEMENTS

    Certain information regarding the Company 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 the uncertainty involved in Court proceedings and the implementation of
the CCAA Plan. As a consequence, the Company'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 the Company 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 - Chief Restructuring Officer
    

    %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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