TORONTO, May 30, 2006 (Canada NewsWire via COMTEX News Network) -- Tahera Diamond Corporation (TSX-TAH) announces that it has entered into an agreement to sell on an underwritten private placement basis 1,700,000 flow-through common shares from treasury at a price of $3.80 per share for gross proceeds of $6,460,000. Closing is anticipated to occur on or about June 8, 2006, and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange. The proceeds from this financing will be utilized to fund the Company's exploration work on its diamond projects in Nunavut.

    Tahera Diamond Corporation
    R. Peter Gillin - Chairman and CEO
    Grant Ewing - Executive Vice President


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SOURCE: Tahera Diamond Corporation

Investor Relations, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll free: (877)
777-2004, Email: investor_relations@tahera.com, Website: www.tahera.com