Tahera Diamond Corporation announces deferral of scheduled repayments

    TORONTO, Sept. 28 /CNW/ - Tahera has entered into an amending agreement
for its credit facility with Tiffany & Co. which defers all scheduled
repayments of principal and interest under the credit facility until
December 31, 2007. These payments were scheduled to commence on September 30,
2007. The Company is continuing discussions with respect to its comprehensive
financing plan and hopes to make an announcement in this respect in the coming

    Tahera Diamond Corporation (www.tahera.com) is a unique Canadian diamond
company. Tahera's primary asset is its wholly-owned Jericho Diamond Mine,
which represents Canada's third and Nunavut's first diamond mine. Tahera has a
diamond purchase and marketing arrangement with Tiffany & Co., one of the
world's leading jewellers, ensuring that the Company receives competitive
market prices for its Jericho diamonds.

    Forward-Looking Information

    This press release contains "forward-looking information" that reflects
Tahera Diamond Corporation's current expectations. When used in this report,
words such as "estimate", "intend", "expect", "anticipate" and similar
expressions are intended to identify forward-looking information, which is
based on the opinions and estimates of management at the date the statements
are made. By their very nature, they are not guarantees of Tahera's future
operational or financial performance, and are subject to risks and
uncertainties and other factors that could cause Tahera's actual results,
performance, prospects or opportunities to differ materially from those
expressed in, or implied by forward-looking information. These risks,
uncertainties and factors may include, but are not limited to the risks and
uncertainties identified in Tahera's latest Annual Information Form filed on
www.SEDAR.com. Actual events may differ materially from current expectations.
Tahera disclaims any intention or obligation to update or revise any
forward-looking information, whether as a result of new information, future
events or otherwise.

    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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