Ontario Securities Commission Declines to Issue Tahera Cease Trade Order

The Ontario Securities Commission (OSC) has indicated to Tahera Diamond Corporation that it will not at this time issue the management a cease trade order related to the company’s securities that the miner recently requested. The OSC has however requested that Tahera provide bi-weekly updates by way of a news release.

Highlights from the update show that Tahera processed a total of 155,000 dry tons of ore during the fourth quarter of 2007 at an average grade of 0.79 carats per ton, resulting in a 122,500 carat production total.

The value of production for the fourth quarter of 2007 was US$11.6 million, compared with $8.4 million in the third quarter. Cash operating costs totaled CAD18.3 million ($17.9 million), compared with CAD17.9 million ($17.5 million) in the third quarter.

The Canadian mining company, which owns Jericho mine, did not meet the March 31 filing deadline for its 2007 financial statement. It was at this point that the company also announced it would request a management cease trade order from the OSC.

Mining operations at Jericho were suspended February 6 when the miner determined that its cash flow and cash on hand would not allow it to meet its general obligations and its obligations with respect to the 2008 winter road resupply.