Tahera steps up diamond hunt

Vancouver — With joint venture partners in place, Tahera (TAH-T) is intensifying its hunt for diamonds in Nunavut and the Northwest Territories.

At the Rockinghorse property in Nunavut, Tahera and partner, Kennecott Canada Exploration aim to spend at least $1.5 million this year. Slated to start next month, the partners plan to run geophysical surveys followed by a delineation-drilling program over the Anuri kimberlites. Approximately 25 kimberlite targets will be drilled within a 20-km radius of the diamondiferous kimberlites.

Kennecott is the operator of the joint venture, and holds an option to earn a 62.5% interest in the property by funding all costs up to a mine development.

At the nearby Jericho claims some 420 km northeast of Yellowknife, and 170 km northeast of the Ekati diamond mine, the partners have tabled a $1 million budget for the year. Kennecott will target the area 900 metres west of the Jericho pipe where diamondiferous kimberlite float was discovered in 2001, as well as several kimberlite targets in the Bird Lake area some 8-km to the south.

Last year Kennecott inked a letter of understanding to incorporate Tahera’s Jericho claims into the existing joint venture by September 2002. Tahera is continuing to seek regulatory approvals for the project in hopes of entering commercial production by 2003, while Kennecott explores for additional kimberlites on the property.

On the Ice claims in the Northwest Territories, Tahera and joint venture partner BHP Billiton (BHP-N) are expected to table a work program by the second quarter of this year. Last year’s program consisted of till sampling and geophysical surveys.

BHP Billiton can earn up to a 60% interest in discovered kimberlites, and up to a 70% interest in new discoveries, by funding all exploration and evaluation activities on the property and financing the construction of the first diamond mine.

Tahera has raised cash over the past few years by completing a three-staged financing with Edensor Nominees Ltd. The Australian-based company is a trustee for the Joseph Gutnick family trust. Edensor now owns 104 million shares in the junior, representing approximately 35% of the issued and outstanding shares. Gutnick, previously filed a notice of intention to sell some of its Tahera shares but now Edensor has decided to hold onto its stake.

“I am committed to building Tahera into a leading Canadian diamond producer”, says Gutnick. “In the future, Edensor may elect to buy or sell Tahera shares in the course of managing its investments, however, any future transactions will be performed in a manner to ensure that Tahera’s market will not be negatively affected”.