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Discovers New Kimberlite in the Jericho Area |
04/05/2001 |
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Discovery
Tahera is pleased to announce the discovery of a new kimberlite approximately six kilometers west of the Jericho kimberlite. The new kimberlite, which is located in a small lake, was the fourth target drilled
during the current exploration program. The exploration program includes airborne and ground geophysical surveys and drilling. This program is scheduled to continue through the spring and summer with an interval during the spring break-up. Tahera plans to spend approximately $2.6 million on
exploration activities in the Jericho area during 2001.
The discovery hole, drilled at a 50-degree angle, encountered kimberlite from approximately 9 meters to 103 meters. A second hole will be drilled into the kimberlite at a right angle to the first hole to provide
better definition of its dimensions. The new kimberlite was discovered following the reinterpretation of existing airborne geophysical data and interpretation of new ground magnetic data from the area.
Microdiamond testing of core samples from the new kimberlite will be carried out and results will be reported when complete.
Martin St. Pierre, Tahera's Vice President Exploration, is responsible for the design and implementation of Tahera's exploration programs.
Jericho Diamond Project
Tahera's wholly owned Jericho Diamond Project is centered on the development of the land-based Jericho kimberlite as Nunavut's first diamond mine. The feasibility study completed in June 2000 confirmed that the Project was economically robust with potential diamond production in excess
of 3,000,000 carats over a minimum of 8 years. The Project recently commenced the regulatory review process.
Tahera continues to explore for additional kimberlites on its highly prospective landholdings in the Jericho area. New discoveries have the potential to add significant value following evaluation and permitting. The new discovery and possible future discoveries will not form part of the scope of the permitting process that is currently underway for the development of the Jericho Diamond Project.
The common shares of the Company trade on The Toronto Stock Exchange under the symbol 'TAH'.
CONTACT: TEL: (416) 777-1998 Grant Ewing, Vice President Investor Relations
FAX: (416) 777-1898 and Corporate Development
E-mail: investor@tahera.com
Internet: www.tahera.com
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