TORONTO, Feb. 11 /CNW/ - Tahera Diamond Corporation ("Tahera" or the "Company") (TSX: TAH) announces today that it has received an extension to its previously announced stayed period under the Companies' Creditors Arrangement Act (CCAA). The court approved extension is now in place until June 30, 2008. During this time the company will continue to pursue financing alternatives and possible corporate transactions.

As previously announced, mining was suspended at the Jericho Mine on February 6, 2008 to conserve cash and fuel inventory while restructuring efforts are ongoing. Processing of ore will continue for approximately two months or until stockpiles are depleted. The future operations at the Jericho mine will continue to be assessed in the context of the overall corporate restructuring.

FORWARD LOOKING STATEMENTS

Certain information regarding Tahera in this news release including management's assessment of future plans and operations and the timing thereof, may constitute forward-looking statements under applicable securities laws and may necessarily involve risks including, without limitation, risks associated with mineral exploration, development, exploitation, production, marketing and transportation, loss of markets, volatility of commodity and diamond prices, currency fluctuations, imprecision of reserve and resource estimates, environmental risks, competition from other producers, inability to retain services, delays resulting from or inability to obtain required regulatory approvals, the ability to access sufficient capital and the uncertainty involved in Court proceedings and the implementation of a Plan under the CCAA. As a consequence, Tahera's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any events anticipated by the forward looking statements will transpire or occur, or, if any of them do so, what benefits Tahera will derive therefrom. Readers are cautioned that the foregoing list of factors is not exhaustive. Furthermore, the forward-looking statements contained in this news release are made as of the date this news release and the Company does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Tahera Diamond Corporation

R. Peter Gillin - Chairman and CEO

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