Tahera Posts Higher Net Loss for Q3

Canadian diamond miner Tahera Corp reported a slightly higher net loss for the third quarter ending September 30 of CA$571,000 ($472,000) compared with CA$444,000 ($367,000) in the year-earlier quarter.

Tahera, developing its wholly owned Jericho Diamond Project as Nunavut’s first diamond mine, also said operating expenses increased moderately to CA$615,000 ($509,000) while the firm’s cash balance was CA$12.05 million ($9.97 million).

Planning for the 2005 exploration program is underway. Its exploration efforts will focus on building additional diamond reserves in the area of the planned Jericho development.

In this regard, further evaluation is planned of several diamondiferous kimberlites on both the Polar Group and the Jericho Claims which are close to the Jericho Diamond Project.

Federal approval of the Jericho Diamond Project was received in June 2004, marking the successful completion of the environmental review process.

Tahera is now working toward finalizing the required authorizations for the project, including the water license and land leases. The dates for the final water permit hearing have been set for December 6 and 7.

This schedule meets Tahera’s timetable for development of the project, which sees the start of construction early next year, and the commencement of commercial production in early 2006.