TORONTO, Mar 22, 2006 (Canada NewsWire via COMTEX News Network) -- Tahera Diamond Corporation (TSX-"TAH") announces that the Joint Venture Management Committee (the JVMC) for the Tibbet to Contwoyto Winter Road Joint Venture, have notified Tahera that the winter ice road servicing the mines north of Yellowknife, including the jericho diamond mine, has been closed indefinitely due to unseasonably warm weather and deteriorating ice conditions in the southern end of the road. While the return of cold weather may allow the road to reopen for certain critical loads, it is very likely the road may be closed for the season. Tahera uses this ice road to resupply its Jericho Mine with bulk supplies and heavy equipment, most notably fuel and bulk explosives.

During the period the winter road was open to the Jericho site, Tahera received 60% of its planned loads including over half of its planned fuel supply and currently has 6.0 million liters of fuel on site. Despite this lower supply, Tahera expects diamond processing and diamond production to be maintained at planned levels. Tahera is confident it will be able to maintain kimberlite mining at required levels and will take immediate actions to defer waste stripping and capital projects into the following year to mitigate the impact of the reduced fuel supply. The Jericho diamond mine processing plant continues in the commissioning and ramp up phase and is expected to reach the nominal design production rate of 2000 tonnes per day in April.

Should air transport of supplies be required, the price differential is estimated at 0.75 cents per kilogram or litre over trucking rates. Tahera believes its cost exposure to add air freight costs in order to operate at budgeted capacity, if required, would be approximately $3 million.

Tahera also announces that its large diameter Muskox kimberlite drilling program is now underway. Tahera does not expect the early road closure to materially impact this program.

Tahera has scheduled a conference call at 2:00 p.m. Eastern Standard Time this afternoon, Wednesday March 22, 2006, with dial in numbers to be released shortly.

Forward Looking Statements

The above contains forward-looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward-looking statements. Although we believe the expectations reflected in our forward-looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

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