CCAA APPLICATION – Tahera granted protection

TORONTO - TAHERA DIAMOND CORP. has obtained an order from the Ontario Superior Court of Justice granting Tahera and its subsidiary protection pursuant to the provisions of the Companies' Creditors Arrangement Act (CCAA). The Court has granted CCAA protection for an initial period of 30 days expiring on Feb. 14, 2008, to be extended or terminated thereafter as the Court deems appropriate.

While under CCAA protection, management will remain responsible for the day-to-day operations under the supervision of a Court-appointed monitor, PRICEWATERHOUSECOOPERS, which will be responsible for monitoring Tahera's ongoing operations, assisting management with the development and filing of a restructuring plan, liaising with creditors and other stakeholders and reporting to the Court.

Tahera developed and operates the Jericho diamond mine in Nunavut (www.Tahera.com).