NUNAVUT – TAHERA DIAMONDS CORP. of Toronto has completed processing ore at its Jericho diamond mine. The processing plant and mine infrastructure are now being prepared for a period of care and maintenance. Staff at the mine has been reduced to a level that will meet these requirements. A final diamond valuation will be completed on May 25, 2008, which will contain diamonds recovered from the cut-off date for the April valuation to the completion of the processing.
The company says that several companies may be interested in buying the Jericho assets. Interested parties who have submitted acceptable expressions of interest are continuing due diligence, which may or may not lead to a formal offer for the assets. Tahera notes that the possibility of a sale is not certain. Accordingly, it is unclear whether or not there will be any value for holders of Tahera’s common shares at the conclusion of the Companies’ Creditors Arrangement Act (CCAA) proceedings.
Updates on Tahera’s situation are available at www.Tahera.com.