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Results for the Three Months Ended March 31, 2003 |
05/12/2003 |
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Download this Press Release
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May 12, 2003
2003 First Quarter Results
The Company’s net loss for the quarter ended March 31, 2003 decreased to $529,000 ($0.002 per common share) compared with $558,000 ($0.002 per common share) during the same period in 2002 representing a 5% decline year-over-year. The cash position decreased to $1,562,000 from $1,942,000 at December 31, 2002. Please refer to the attached Management Discussion and Analysis and the accompanying financial statements and notes for complete details.
Jericho Diamond Project
Tahera Corporation recently retained SRK Consulting to update the Jericho Diamond Project feasibility study. The study will incorporate an updated diamond valuation, and operating and capital cost assumptions will be updated to reflect current conditions. A recent Jericho diamond re-valuation report completed by WWW International Diamond Consultants Limited recommended using a modeled diamond valuation of US$94 per carat for feasibility study purposes (see press release dated April 9, 2003).
The refreshed feasibility study is scheduled for completion within the next 30 days. The original Jericho Diamond Project feasibility study (SRK Consulting (2000), Michael J. Michaud, qualified person) indicates robust economics for a diamond mining operation centered on the land-based Jericho kimberlite. The study shows that the Project will produce 3 million carats over a minimum mine life of eight years.
Tahera will participate in the Final Public Hearings for consideration of its Jericho Diamond Project Environmental Impact Statement (EIS) during the week of May 26 – May 30, 2003. Concluding the Final Public Hearings will represent one of the last milestones of the regulatory approval process.
Exploration
Tahera has concluded its spring exploration program on the Jericho Claims. The program focused on testing winter targets (i.e. lake-based targets) that were prioritized based on topographic, geophysical and kimberlite indicator mineral anomalies. The program consisted of 12 holes totaling 422 metres; no new kimberlites were intersected.
During the Jericho Mine development phase, Tahera will continue to explore for additional kimberlites on its wholly-owned Jericho Claims, as previous exploration activities indicate that the claims have high potential for further kimberlite discoveries.
Tahera is planning a comprehensive 2003 summer exploration program. Tahera will utilize a unique geologic model with potential widespread application for diamond exploration that was developed by its geologic consultant as it prioritizes target areas for detailed diamond exploration activities.
Anuri Kimberlite
Kennecott Canada Exploration Inc. (a member of the Rio Tinto group of companies) completed the Anuri kimberlite mini-bulk sample program in April. Four NQ diamond drill holes were drilled (575.4 metres of kimberlite intersected) during the program, resulting in the recovery of approximately 2.6 tonnes of kimberlite. The kimberlite core will be processed by caustic fusion analysis at Kennecott’s diamond laboratory in Thunder Bay, Ontario. The diamond results from the sample, which are expected in June 2003, will provide a preliminary indication of the diamond grade potential of the Anuri kimberlite.
Tahera is encouraged by both the diamond results reported to date (see press release dated August 22, 2002) and the size potential of the Anuri kimberlite. Several unresolved kimberlite indicator mineral trains exist on the highly prospective Rockinghorse Property, and further exploration is being planned.
Kennecott is the operator of the Rockinghorse Property joint venture. The joint venture agreement provides Kennecott with the option to earn a 25% interest after expenditures of $25,000,000, with Tahera holding a 75% interest. Kennecott has the option to increase its ownership in the property to 62.5% by funding all costs up to a mine development decision, before 2008. The development decision can occur only after a feasibility study, detailed engineering, and necessary permitting have been completed by Kennecott, at its cost.
About Tahera Corporation
Tahera Corporation (www.tahera.com) is a unique Canadian diamond Company in that it has a positive feasibility study completed on an advanced-stage diamond project. Tahera is focused on developing its wholly-owned Jericho Diamond Project as CANADA'S NEXT and NUNAVUT'S FIRST DIAMOND MINE. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton, including the Rockinghorse Property joint venture, where the significantly diamondiferous Anuri kimberlite occurs. The common shares of the Company trade on the Toronto Stock Exchange under the symbol 'TAH'.
For further information:
Tahera Corporation
Grant Ewing - Vice President, Investor Relations & Corporate Development
Tel: (416) 777-1998
Fax: (416) 777-1898
Toll free: (877) 777-2004
Email: investor_relations@tahera.com
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