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Tahera Corporation |
10/24/2003 |
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Tahera Corporation is conducting a review of its assets following the recent appointment of new senior management and board members.
Jericho Diamond Project
Tahera will continue to focus on developing its core asset, the 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 is targeting completion of both permitting and project financing initiatives during 2004, and plans to advance the Jericho Project to commercial production as quickly as possible. When the Jericho Project is 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.
Tahera holds extensive exploration landholdings in the immediate area of the Jericho kimberlite referred to as the Jericho Claims. During the Jericho Mine development phase, Tahera will continue to conduct exploration programs on the Jericho Claims, as previous exploration activities indicate that the claims have high potential for further kimberlite discoveries.
Anuri Kimberlite
Tahera’s Rockinghorse property joint venture is considered the Company’s second core asset. Tahera is the operator of the joint venture, and holds a 75% interest in the property, with Kennecott Canada Exploration Inc. holding a 25% interest. The significantly diamondiferous Anuri kimberlite is located near the centre of the property.
Tahera plans to conduct a comprehensive exploration program on the property during 2004. Further evaluation of the Anuri kimberlite is planned, and kimberlite drill targets within close proximity to the Anuri kimberlite will be developed and tested. Tahera considers the property to be very prospective for further discovery, as a number of unresolved kimberlite indicator mineral trains occur on the property.
Other Exploration Assets
Tahera has interests in several other diamond exploration properties throughout Nunavut and the Northwest Territories, including the Hood River property and the ICE Claims. Tahera will consider joint venture opportunities with respect to these properties, as they are considered non-core assets. Senior management and the directors of Tahera are in the process of assessing the value at which these property interests should be carried on Tahera's balance sheet. Commitments made by Tahera or others to carry out further exploration of these properties will likely have a significant effect on the outcome of this determination. It is possible that the carrying value of these properties will either be materially or entirely written down for accounting purposes following the conclusion of these assessments.
Tahera is actively assessing other diamond exploration opportunities, and may acquire interests in new diamond properties as a result of these efforts.
Further to the recently announced private placement financing, please visit Tahera’s website to access the Company’s investor presentation.
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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