TORONTO, May 23 /PRNewswire-FirstCall/ -- 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 Notice 57-301.
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. It is expected that this exercise will take a number of weeks to complete. Staff at the mine has been reduced to a level that will meet the care and maintenance work requirements. A final diamond valuation will be completed on May 25, 2008, which will contain diamonds recovered from the cut-off date for the April valuation to the completion of the processing.
As previously announced a number of expressions of interest were received, as part of the Marketing Process, and continue to be assessed for their merit. Interested parties who have submitted acceptable expressions of interest are continuing due diligence, 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.
Tahera Diamond Corporation
R. Peter Gillin - Chairman and CEO
