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Tahera Reports Year End Results |
04/24/2001 |
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Download this Press Release
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Toronto - Tuesday April 24, 2001
Financial Results
Tahera Corporation recorded a loss of $4,550,000 ($0.02 per share) for the year ended December 31, 2000, which compares with a loss of $7,340,000 for the year ended December 31, 1999 ($0.05 per share). Operating expenses declined slightly to $3,248,000 for the year ended December 31, 2000 compared to $3,858,000 for the year ended December 31, 1999. Expenditures on exploration and development projects decreased in 2000 to $4,297,000 compared to $5,728,000 during the comparable period in 1999. At December 31, 2000, Tahera's cash balance was $4,213,000.
Jericho Diamond Project
In June 2000, Tahera completed the Jericho Diamond Project feasibility study, which confirmed that the Project is economically robust with potential diamond production in excess of 3,000,000 carats over a minimum of 8 years. Tahera recently commenced the regulatory review period, and is working diligently with the applicable regulatory agencies in order to secure environmental approval for the Project as quickly as possible.
Jericho Area Exploration - Adding Value Through Discovery (100% TAH)
Tahera's vast landholdings in the Jericho area are considered highly prospective for additional kimberlite discoveries. One new kimberlite was discovered during the spring exploration program, and microdiamond analysis is currently underway. The summer program will run from mid June until September, and will entail further prospecting and geophysical surveys in the Jericho area, followed by diamond drilling to test priority kimberlite targets. Tahera plans to spend approximately $2.6 million on exploration activities in the Jericho area during 2001.
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 and the NWT. 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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