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Tahera Options Navigator's JH Claims In The Jericho Area |
04/23/2001 |
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Toronto - Monday April 23, 2001
Tahera Corporation is pleased to announce that it has entered into an agreement with Navigator Exploration Corp. that gives Tahera the option to earn a 51% interest in Navigator's JH1 and JH1A Claims (the "JH Claims"). The JH Claims comprise approximately 370 hectares and are located adjacent to Tahera's extensive landholdings in the Jericho area, approximately 27 kilometers southeast of the Jericho kimberlite. Interpretation of historical airborne geophysical data has defined at least two priority kimberlite targets on the JH Claims.
To earn a 51% interest, Tahera must complete the following exploration programs:
1. within one year of signing the agreement:
a) conduct a ground geophysical program that includes electromagnetic and magnetic surveys over at least two of Navigator's priority kimberlite targets on the JH Claims; and
b) core drilling on at least one of the priority kimberlite targets. A minimum of 50 meters of core will be collected from each kimberlite discovered and analyzed for diamonds and indicator minerals.
2. within four years of signing the agreement:
a) complete 1,500 meters of drilling; and
b) collect and process a minimum mini-bulk sample of 10 tonnes of kimberlite.
JH1 is subject to a 2% gross overriding royalty, which may be reduced to 1% for a payment of C$3.5 million, and JH1A is subject to a 1% gross overriding royalty.
Within 90 days of completing its earn-in to 51%, Tahera may elect to increase its interest in the JH Claims to 70% by completing a feasibility study. The feasibility study must be completed within four years of earning a 51% interest in the JH Claims, and Tahera must spend a minimum of C$500,000 in each of the 12 month periods following the date that the feasibility study commences.
Tahera continues to explore for additional kimberlites on its highly prospective landholdings in the Jericho area. This new option agreement with Navigator provides Tahera with additional diamond exploration potential in the Jericho Diamond Project region. New discoveries in the Jericho area have the potential to add significant value following evaluation and permitting.
The common shares of the Company trade on The Toronto Stock Exchange under the symbol "TAH".
Tahera Corporation is focused on exploring its highly prospective landholdings in Nunavut Territory. In conjunction with this diamond exploration focus, Tahera is committed to bringing its wholly-owned Jericho Diamond Project to commercial production. Tahera also has interests in extensive joint venture exploration landholdings in Nunavut and the NWT.
For further information, please contact:
Grant Ewing
Vice President Investor Relations and Corporate Development
Tel: (416) 777-1998
Fax: (416) 777-1898
Toll Free: (877) 777-2004
Email: investor@tahera.com
Web site: www.tahera.com
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