Tahera obtains CCAA protection



    TORONTO, Jan. 16 /CNW/ - Tahera Diamond Corporation ("Tahera" or the
"Company") (TSX: TAH) announced that further to its previous press release, it
has obtained an order from the Ontario Superior Court of Justice granting
Tahera and its subsidiary protection pursuant to the provisions of the
Companies' Creditors Arrangement Act ("CCAA"). The Court has granted CCAA
protection for an initial period of 30 days expiring on February 14, 2008, to
be extended or terminated thereafter as the Court deems appropriate.
    While under CCAA protection management will remain responsible for the
day-to-day operations, under the supervision of a Court appointed monitor,
PricewaterhouseCoopers Inc., who will be responsible for monitoring Tahera's
ongoing operations, assisting management with the development and filing of a
restructuring plan, liaising with creditors and other stakeholders and
reporting to the Court.

    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 Mystique 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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