NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Toronto, ON – April 17, 2007 – Tahera Diamond Corporation (TSX:TAH) (the “Company”) announced that it has closed its previously announced public offering (the “Offering”) of 22,500,000 units (“Units”) at a price of $1.00 per Unit for aggregate gross proceeds to the Company of $22,500,000. Each Unit consisted of one common share of the Company (a “Common Share”) and one-half of one common share purchase warrant (each whole common share purchase warrant, a “Warrant”). Each Warrant will entitle the holder to acquire one additional Common Share on or before April 17, 2009 at an exercise price of $1.40 per Common Share.

The Units were sold through a syndicate of underwriters led by GMP Securities L.P. and included National Bank Financial Inc., Paradigm Capital Inc., TD Securities Inc. and Westwind Partners Inc. (collectively, the “Underwriters”).

The Company has granted the Underwriters an over-allotment option to purchase up to that number of additional Common Shares and half-Warrants equal to 15% of the Units sold pursuant to the Offering, exercisable at any time up to 30 days from the closing of the Offering.

The Company intends to use the net proceeds of the Offering for operating costs of the Jericho Diamond Mine, the payment of existing trade payables and for general working capital.

As disclosed in the (final) short form prospectus relating to the Offering, the Company also announces that Grant Ewing, Executive Vice President, Corporate Development, has advised of his intention to step down from his position at the Company to pursue other business interests. The Company is grateful to Mr. Ewing for his contribution to the growth and development of Tahera Diamond Corporation. He will remain with the Company until April 30, 2007 and his duties will be assigned to existing executives for the time being.

Tahera Diamond Corporation (www.tahera.com) is a unique Canadian diamond company. Tahera's primary asset is its wholly-owned Jericho Diamond Mine, which represents Canada's third and Nunavut's first diamond mine. Tahera's exploration strategy is focused on increasing reserves in the area that is within trucking distance of the Jericho mine-site, and advancing the Company's other prospective diamond projects in Canada.

For further information, please contact:
Investor Relations, Tel: (416) 777-1998
Fax: (416) 777-1898, Toll free: (877) 777-2004
Email: investor_relations@tahera.com

Certain statements contained in this news release constitute forward-looking statements. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company’s plans to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statements were made, and readers are advised to consider such forward-looking statements in light of the risks set forth in the Company’s Annual Information Form dated March 30, 2007, a copy of which is available at www.sedar.com.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy any securities in the United States. The securities have not been registered under the U.S. Securities Act of 1933 and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the U.S. Securities Act of 1933.