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Tahera Appoints Additional Executives and Directors |
09/27/1999 |
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Exploration and Feasibility Study Update
TAHERA CORPORATION
(TSE:TAH)
TORONTO, Sept. 27 /CNW/ - Tahera Corporation (''Tahera'') is pleased toannounce the appointment of Andre Louw (B.Sc. - Hon, MBA) as a Director of thecorporation. Following the completion of certain regulatory matters, Mr. Louwwill also be appointed President and Chief Operating Officer. Mr. Louw bringsa wealth of diamond operations and marketing experience to Tahera. Glenn Laingresigned as President and Director of Tahera effective September 23, 1999.
Mr. Louw began his career as an exploration geologist in 1973, working atOkiep Copper Company Limited and African Selection Trust Exploration (Pty)Limited -- a subsidiary of BP Minerals International Ltd. Following completionof his MBA, majoring in Financial and Strategic Management, he worked asSenior Manager - Mining Investment Research at Sanlam, South Africa's largestinvestment manager. From 1991 until 1999, Mr. Louw was Managing Director ofODM (Ocean Diamond Mining Holdings Limited).
In addition to the above appointment, Roy Meade has been appointed as aDirector and Deputy Chairman of the corporation. Roy Meade, a professionalmining engineer with 26 years experience in the mining industry, is Presidentand Chief Executive Officer of Nelson Gold Corporation Limited, and willprovide technical expertise as coordinator of the Jericho Diamond Projectfeasibility study.
Patricia Sheahan has been appointed as a Director of the corporation. Ms.Sheahan is a geologist and President of Konsult International Inc., atechnical information subscription service that serves a global list of miningclients. Ms. Sheahan's association with diamonds began in the early 1960'swhen she was involved with diamond exploration activities conducted bySelection Trust in the James Bay Lowlands area. She currently serves as aDirector for a number of other resource companies.
The appointments of Andre Louw and Patricia Sheahan to the Board ofDirectors are subject to shareholders approving an amendment to thecorporation's articles that permit an increase in the number of directors ofthe corporation.
The above appointments reflect Tahera's continued focus on developing itswholly owned Jericho Diamond Project, and continuing diamond explorationactivities over its extensive and prospective landholdings.
Exploration Update
Tahera's 1999 summer exploration program consisted of a comprehensivequaternary and geological mapping program, and an extensive glacial till andkimberlite float sampling program over the entire Jericho and Contwoytoregions. Ground geophysical surveys were also conducted over selected areas.
In the Contwoyto region, an extensive kimberlite float train was mappedand sampled over an area encompassing 18 km in a N-S direction, and up to 3 kmwide in places. One kimberlite, the Contwoyto-1 pipe, has been discovered thusfar in the Contwoyto region. The abundance of kimberlite float collected andthe aerial extent over which it has been mapped, coupled with the extensivenumber of kimberlite indicator minerals present in the area indicates thatadditional kimberlites may be present in the Contwoyto region.
In addition to two specific target areas identified thus far in theContwoyto region, four site specific areas in the Jericho region have beenselected for kimberlite target generation. Following completion of sampleprocessing and data interpretation, kimberlite targets will be prioritized fora winter exploration drilling program.
Processing of the Contwoyto-1 mini-bulk sample is progressing, withresults expected in October.
Feasibility Update
The Jericho Diamond Project feasibility study is proceeding. SRKConsulting Engineers are performing environmental, resource optimization, andmine design studies, and DRA (Mineral Plant Design Engineers) will provide adetailed diamond plant and mine infrastructure design for incorporation in thefeasibility study. Associated Mining Consultants will provide mining costanalysis and tie together the various elements of the study. Tahera plans toprovide a more detailed update on the feasibility study during the fourthquarter.
Tahera Corporation (TAH:TSE) is engaged in the exploration for anddevelopment of diamond deposits in Canada's Northwest Territories and Nunavut.
%SEDAR: 00003313E
For further information: Grant Ewing, Vice President Investor Relations and Corporate Development, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll Free: (877) 777-2004, Email: investor(at)tahera.com, www.tahera.com
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