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Bigrod40
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News from Canada NewsWire

Tahera Diamond Corporation: Official opening ceremony for the Jericho Diamond Mine held on August 17, 2006
17:00 EDT Thursday, August 17, 2006


TORONTO, Aug. 17 /CNW/ - Tahera Diamond Corporation (TSX-TAH) held the official opening ceremony for its Jericho Diamond Mine today. The Jericho Diamond Mine represents Canada's third, and Nunavut's first, diamond mine. This historic event for Nunavut is the result of a collaborative effort by Tahera and its partners, coupled with the support of the local community and all levels of government.

Construction of the Jericho Diamond Mine was substantially completed during 2005, and the first diamonds were produced in January 2006. Tahera declared commercial production on July 1, 2006.

Over 140 guests and dignitaries attended the opening ceremony at the mine-site, including The Right Hon. Stephen Harper, Prime Minister; The Hon. Paul Okalik, Premier of Nunavut Territory; and The Hon. James Prentice, Minister of Indian Affairs and Northern Development.

"The official opening marks the creation of Canada's newest diamond mine and the first in Nunavut. We are very pleased with the accomplishments of the Tahera team and look forward to many years of successful mining," said Peter Gillin, Chairman and CEO of Tahera.

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Bigrod40
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http://www.conservative.ca/EN/1091/49778
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TAHERA DIAMOND CORP



Tahera Diamond Corporation announces strategic alliance with Teck Cominco Limited
11/15/2006

TORONTO, Nov. 15, 2006 (Canada NewsWire via COMTEX News Network) --
Teck Cominco to purchase $30 million private placement

Tahera Diamond Corporation (TSX-TAH) announces that it has entered into an agreement with Teck Cominco Limited whereby Teck Cominco will purchase, on a private placement basis, 30 million units of Tahera at a price of $1.00 per unit for gross proceeds of $30 million. Units will be comprised of a total of 30,000,000 common shares and 22,109,757 common share purchase warrants. Three series of common share purchase warrants will be issued at closing and consist of 7,369,919 warrants exercisable at a price of $1.20 per share until November 30, 2007; 7,369,919 warrants exercisable at a price of $1.35 per share until November 30, 2008; and 7,369,919 warrants exercisable at a price of $1.50 per share until November 30, 2009. Teck Cominco's initial investment will represent approximately 16% of Tahera's issued and outstanding common shares after the sale of the units, and approximately 24.9% on a fully diluted basis if all warrants issued to Teck Cominco are exercised and excluding the exercise of other existing convertible securities (33% dilution based on the current number of outstanding common shares). Teck Cominco is an arm's length party to Tahera.

Tahera's goal of becoming the leading Canadian-owned diamond exploration and mining company is strengthened significantly by this strategic alliance with Teck Cominco which enables Tahera to draw on the technical and financial strengths of one of the world's leading mining companies. Tahera will use the proceeds from the financing to fund working capital requirements and to fund capital improvements that may be necessary to optimize production from the Jericho Diamond Mine.

"We believe that there are numerous benefits to this strategic alliance with Teck Cominco and it is further fulfillment of Tahera's strategy to be associated with leading industry partners," said R. Peter Gillin, Tahera's Chief Executive Officer. "We believe that Teck Cominco's technical expertise and experience in northern mining will be of great value to Tahera," he said.

Teck Cominco President and Chief Executive Officer Don Lindsay said: "Our investment in Tahera is consistent with our goal of further diversifying our portfolio especially into non-exchange traded commodities. As we continue to actively explore for diamonds, we view this alliance with Tahera and its existing partners as an attractive opportunity to expand our knowledge of all phases of the diamond business from mining through marketing, while helping to add value to the Jericho project."


<<
The agreement also provides for, among other things:

- Teck Cominco providing mining and other technical advice and
assistance in connection with the Jericho project to Tahera pursuant
to a Technical Support Agreement;
- Teck Cominco being provided with the right to nominate a director to
the Tahera board of directors, so long as Teck Cominco maintains at
least a 10% holding of the issued and outstanding common shares of
Tahera;
- In the event of subsequent issues of equity, Teck Cominco will have a
right to maintain its percentage interest in Tahera, so long as Teck
Cominco maintains at least a 10% holding of the issued and
outstanding common shares of Tahera.
>>


The closing of the transaction is subject to a number of conditions, including the entering into of definitive agreements, and obtaining necessary regulatory approvals. The Toronto Stock Exchange has conditionally approved this private placement, which is expected to close on or about November 30, 2006.

As previously disclosed in Tahera's third quarter report, due to lower than expected cash flows from operations, the Company initiated financing discussions, and approached Tiffany & Co. with respect to deferring scheduled repayments of its credit facility. In light of the proposed investment by Teck Cominco, Tiffany & Co. has agreed, subject to entering into formal documentation, to defer scheduled repayments until September 30, 2007. In consideration for such deferral, Tahera has granted to Tiffany marketing rights for any production from the Muskox kimberlite which Tahera would be entitled to under its agreement with De Beers Canada Inc.

As the aggregate number of Tahera common shares issuable in connection with the transaction with Teck Cominco may exceed the maximum number of securities issuable without security holder approval under the rules of the Toronto Stock Exchange (being 25% of the outstanding common shares), Tahera is relying on an exemption from the security holder approval requirements of the TSX Company Manual on the basis of serious financial difficulty. The proposed transaction was considered and reviewed by a special committee of the board of directors of Tahera (comprised of Andrew Adams, Colin Benner, Robert Dickson and Patrick Lavelle, all of whom are free from any interests in the transaction and unrelated to any of the parties involved in the transaction), which was formed specifically to consider this transaction. Upon the recommendation of the special committee, Tahera's board determined that the Company is in serious financial difficulty, that the transaction is designed to improve Tahera's financial position and is reasonable in the circumstances of Tahera. As a result of these determinations, the board authorized Tahera to make application to the TSX for an exemption from the security holder approval requirements, which exemption has been granted by the TSX. Tahera expects that this financing with Teck Cominco will provide Tahera with sufficient cash to meet its financing needs, including working capital and capital improvements that may be necessary to optimize production from the Jericho Diamond Mine.

Tahera has scheduled a conference call at 4:15 p.m. Eastern Standard Time on Wednesday, November 15, 2006. Analysts and investors are invited to participate in the call by dialing 416-644-3433 or toll-free 1-800-732-0232. To access a conference replay (available at 6:15 p.m. EST), dial 416-640-1917 or toll-free 1-877-289-8525 and enter pass code 21209972, followed by the number sign.

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals.

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 has a diamond purchase and marketing arrangement with Tiffany & Co., one of the world's leading jewellers, ensuring that the Company receives competitive market prices for its Jericho diamonds. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton, including the Muskox kimberlite joint venture project with De Beers Canada.

Forward-Looking Information

This press release contains "forward-looking information" that reflects Tahera Diamond Corporation's current expectations. When used in this report, words such as "estimate", "intend", "expect", "anticipate" and similar expressions are intended to identify forward-looking information, which is based on the opinions and estimates of management at the date the statements are made. By their very nature, they are not guarantees of Tahera's future operational or financial performance, and are subject to risks and uncertainties and other factors that could cause Tahera's actual results, performance, prospects or opportunities to differ materially from those expressed in, or implied by forward-looking information. These risks, uncertainties and factors may include, but are not limited to the risks and uncertainties identified in Tahera's latest Annual Information Form filed on www.SEDAR.com. Actual events may differ materially from current expectations. Tahera disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise.

Tahera Diamond Corporation

R. Peter Gillin - Chairman and CEO

Grant Ewing - Executive Vice President

%SEDAR: 00003313E

SOURCE: Tahera Diamond Corporation

Investor Relations, Tel: (416) 777-1998, Fax: (416) 777-1898, Toll free: (877) 777-2004, Email: investor_relations*tahera.com, Website: www.tahera.com

Copyright (C) 2006 CNW Group. All rights reserved.

© 2006 Stockgroup Media Inc. | Disclaimer



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Vin
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T e x
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lawzee....I remember this from two years ago

hedzup, y'all...

--------------------
Nashoba Holba Chepulechi
Adventures in microcapitalism...

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