TORONTO, May 9 /PRNewswire-FirstCall/ - Tahera Diamond Corporation
("Tahera" or the "Company") (TSX-TAH). As previously announced, the Company
intends to satisfy the alternative information guidelines recommended by
Ontario Securities Commission ("OSC") Policy 57-603 and Canadian Securities
Administrators Staff Notice 57-301.

    The Company has completed processing at the Jericho Mine. The
processing plant and mine infrastructure are now being prepared for a
period of care and maintenance. It is expected that this exercise will take
a number of weeks to complete. Staff at the mine will be reduced to a level
that will meet the care and maintenance work requirements. A final diamond
valuation will be completed in May 2008, which will contain diamonds
recovered from the cut-off date for the April valuation to the end of the
processing.

    As previously announced, on January 16, 2008, Tahera entered into
protection under the Companies' Creditors Arrangement Act (CCAA). The stay
period under the court order extends to June 30, 2008. As discussed in the
biweekly update of April 25, 2008 the Company was seeking expressions of
interest in respect of its business and assets by April 28, 2008 pursuant
to the Court ordered Marketing Process. The Company has received a number
of preliminary expressions of interest and these are in the process of
being analyzed. It is expected that a number of parties will be invited to
participate in the next stage of the Marketing Process.

    At this time there is no certainty as to the outcome of the Marketing
Process. Accordingly, it is unclear whether or not there will be any value
for holders of Tahera's common shares at the conclusion of the CCAA
proceedings.

    FORWARD LOOKING STATEMENTS

    Certain information regarding Tahera in this news release including
management's assessment of future plans and operations and the timing
thereof, may constitute forward-looking statements under applicable
securities laws and may necessarily involve risks including, without
limitation, risks associated with mineral exploration, development,
exploitation, production, marketing and transportation, loss of markets,
volatility of commodity and diamond prices, currency fluctuations,
imprecision of reserve and resource estimates, environmental risks,
competition from other producers, inability to retain services, delays
resulting from or inability to obtain required regulatory approvals, the
ability to access sufficient capital and the uncertainty involved in Court
proceedings and the implementation of a Plan under the CCAA. As a
consequence, Tahera's actual results, performance or achievements could
differ materially from those expressed in, or implied by, these
forward-looking statements and, accordingly, no assurance can be given that
any events anticipated by the forward looking statements will transpire or
occur, or, if any of them do so, what benefits Tahera will derive
therefrom. Readers are cautioned that the foregoing list of factors is not
exhaustive. Furthermore, the forward-looking statements contained in this
news release are made as of the date this news release and the Company does
not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by
applicable securities laws.

    Tahera Diamond Corporation

    R. Peter Gillin - Chairman and CEO

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