DIAMOND LAND LEASE – Jericho clears next hurdle to development

NUNAVUT - TAHERA DIAMOND CORP. of Toronto has been granted the federal land lease from Indian and Northern Affairs Canada for construction of the Jericho diamond mine near Contwoyto Lake. The Kitikmeot Inuit Association (KIA) has also provided access rights to the site. Tahera has its Class A water licence in hand, and expects the land lease between itself and the KIA to be finalized shortly.

Mobilization of materials, equipment and fuel to the site will now begin, with light loads transported during the first part of February, and heavy loads scheduled to be transported to the site during late February through to the beginning of April.

Tahera expects that mine construction will be substantially complete by the end of 2005, and commercial diamond production will start in early 2006. See also www.Tahera.com.