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Tahera Appoints Chairman, CEO and New Board Members |
10/14/2003 |
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Tahera Corporation’s Board of Directors is pleased to announce the appointment of Mr. R. Peter Gillin as Chairman and Chief Executive Officer, effective immediately. Mr. Gillin has also been elected to Tahera’s Board of Directors. Mr. Gillin’s appointment is for an interim period of time in order to facilitate a smooth transition following the previously announced resignation of his predecessor.
Mr. Gillin was President and Chief Executive Officer of Zemex Corporation, a public company that produced diversified industrial minerals and recycled aluminum, until May 2003 when it was acquired by an international industrial products and mining group. Mr. Gillin is a career investment banker serving as Vice-Chairman of N.M. Rothschild & Sons Canada Limited until 2002, and prior to 1996, as Managing Director at Scotia Capital. He brings to Tahera extensive mining focused financial markets and transaction experience.
Mr. Colin K. Benner has also been elected to Tahera’s Board of Directors. Mr. Benner, a professional engineer, brings a wealth of mine operating experience to Tahera’s Board, having had over 25 years of senior management experience both nationally and internationally in the mining sector. Mr. Benner is currently President and CEO of Breakwater Resources Ltd., and serves on the Board of several Canadian mining companies.
Tahera’s Board of Directors is now comprised of the following individuals: Colin Benner, Robert Dickson, Peter Gillin, Jonathan Goodman, Maxwell Gotlieb, Patrick Lavelle and Paul Stein.
Jericho Diamond Project
The new appointments together with the rest of the Board will focus on assembling a management team to develop Tahera’s wholly-owned Jericho Diamond Project as Nunavut’s first diamond mine. The Jericho Diamond Project feasibility study indicates robust economics for a diamond mine centered on the land-based Jericho kimberlite.
Tahera’s goal is to advance the Jericho Diamond Project to commercial production as quickly as possible. One of the most important steps in the ongoing permitting process is acceptance of the Jericho Project Environmental Impact Statement (EIS) by the regulatory authorities. Tahera anticipates that the public hearings to consider the EIS will be scheduled during the fourth quarter of 2003. This will represent one of the final milestones in the regulatory approval process. In conjunction with permitting activities, Tahera is actively pursuing project financing, and is targeting completion of both permitting and project financing initiatives during 2004. When in production, Tahera will be one of only two Canadian public companies with production from a Canadian diamond source and unique in owning 100% of its mine.
In March 2003, Tahera and Lazare Kaplan signed a Letter of Intent with respect to a diamond marketing and investment agreement. While discussions continue, a definitive agreement has not been signed, and the parties have allowed the Letter of Intent to expire. Tahera intends to finalize plans with respect to its diamond marketing initiatives before the end of 2003. The marketing rights to Canadian diamond production are sought after, and Tahera will ensure that the Company maximizes the value of its diamond marketing rights.
About Tahera Corporation
Tahera Corporation (www.tahera.com), a unique Canadian diamond Company, 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. The common shares of the Company trade on the TSX 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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