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Tahera Corporation - Anuri Mini-bulk Sample and Jericho Exploration Commencing in March |
02/27/2003 |
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TORONTO, Feb 27, 2003 (Canada NewsWire via COMTEX) --
Rockinghorse Property
Tahera Corporation is pleased to announce that Kennecott has begun mobilizing equipment and supplies in preparation for the mini-bulk sample (minimum 2.5 tonnes) program of the Anuri kimberlite. Drilling is expected to commence on March 24, 2003.
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; further exploration is being planned.
Kennecott Canada Exploration Inc. (a member of the Rio Tinto group of companies) 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.
Jericho Claims
Tahera is pursuing development of its wholly-owned Jericho Diamond Project as Canada's next, and Nunavut's first, diamond mine. Tahera's goal is to complete the regulatory approval process for development of the Project during 2003. Tahera completed its Final Environmental Impact Statement for the Project in January 2003, marking a significant milestone in the mine development process in Canada.
During the Jericho Mine development phase, Tahera will continue to explore for additional kimberlites on the Jericho Claims. Previous exploration activities indicate that the claims have high potential for further kimberlite discoveries.
Tahera's spring exploration program is scheduled to mobilize in March 2003, and drilling is planned to commence during April 2003. A budget of approximately $500,000 has been allocated for the spring component of the program. Approximately 10 kimberlite targets will be tested during the program. These kimberlite targets are located within a 10-kilometre radius of the Jericho kimberlite. Targets associated with the potential source of the highly diamondiferous kimberlite float occurrence (see press release dated Dec. 12, 2001), located approximately 900 metres west of the Jericho kimberlite, will be tested during the program.
Michael J. Michaud of SRK Consulting is Tahera's qualified person for its exploration programs.
To find out more about Tahera Corporation (TSX: TAH), visit our website, www.tahera.com.
Tahera Corporation is a unique Canadian junior diamond company in that it has a positive feasibility study completed on an advanced stage diamond development 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'.
%SEDAR: 00003313E
VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: http://www.newswire.ca/cgi-bin/inquiry.cgi?OKEY=21780
For further information: Grant Ewing, Vice President Investor Relations &Corporate Development, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll free: (877) 777-2004
Email: investor@tahera.com
News release via Canada NewsWire, Toronto 416-863-9350
Copyright (C) 2003 CNW, All rights reserved
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