TORONTO, May 15, 2006 (Canada NewsWire via COMTEX News Network) -- Tahera Diamond Corporation (TSX-TAH) (the "Company" or "Tahera") is pleased to announce that its shareholders have approved the one-for-five share consolidation of its common shares at the annual and special meeting of shareholders held this morning. The Company has filed articles of amendment to effect the consolidation and Tahera's common shares are anticipated to start trading on the Toronto Stock Exchange, on a consolidated basis, on or about Thursday, May 18, 2006.

On April 19, 2006, the Company mailed to its registered shareholders a letter of transmittal relating to the consolidation of its common shares. To receive certificates representing common shares of Tahera, on a post- consolidated basis, registered shareholders should follow the instructions set out in the letter of transmittal and send their Tahera common share certificates, together with the letter of transmittal, to Computershare Investor Services Inc., the registrar and transfer agent of the Company. Computershare will then mail back the new share certificates to which the registered shareholder is entitled in accordance with the instructions given in the letter of transmittal. If you are a beneficial holder of Tahera shares (i.e. you hold your Tahera shares through a brokerage account), your broker will be responsible for distributing to you the appropriate number of Tahera common shares.

    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