Tahera Diamond Corporation provides update

04/11/2008

TORONTO, April 11 /CNW/ - 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 requested from the OSC, that a management cease trade order ("MCTO") related to the Company's securities be imposed against some or all persons who have been directors, officers or insiders of the Company since September 30, 2007. After consideration of Tahera's request, the OSC indicated it would not issue a MCTO at this point in time. The OSC requested that Tahera provide bi-weekly up-dates by way of news release, in accordance with the alterative information guidelines under Policy 57-603 and Staff Notice 57-301. This press release constitutes the first bi-weekly up-date of the Company under the alternative information guidelines.

Operational Update

The total number of dry tonnes processed during the fourth quarter of 2007 was 155,000 tonnes at an average grade of 0.79 carats per tonne, resulting in carat production of 122,500 carats compared with 127,500 tonnes at an average grade of 0.78 carats per tonne for carat production of 99,300 carats for the third quarter of 2007. The value of production for the fourth quarter of 2007, based on values of the Government Diamond Valuators, was US$11.6 million, compared with US$8.4 million in the third quarter of 2007. The cash operating cost related to the production of these goods was CAD$18.3 million for the fourth quarter of 2007 compared with CAD$17.9 million for the third quarter. These costs include all mining, processing and related overhead charges for the quarter. Certain of the cash items consumed during these periods were purchased and paid for in a prior period.

The Company has held two valuations for goods produced in 2008. Production from January 1, 2008 to February 5, 2008 yielded 45,026 carats at an average value of US$95.32 per carat for a total value of US$4.3 million. Production from February 6, 2008 to March 12, 2008 included two parcels of goods. Normal run of mine production totalled 31,271 carats at an average value of US$106.96 per carat and a batch test of the F1N lobe yielded 2,768 carats at an average value of US$87.80 per carat. The combined total for the two parcels from the March valuation was 34,039 carats at an average value of US$105.40 per carat for total value of US$3.6 million.

As previously reported, mining was suspended at the Jericho mine on February 6, 2008, to conserve cash and fuel inventory while restructuring efforts continued. Processing of ore is now expected to continue until the end of the third week of April 2008. All mining contractors have now demobilized their equipment, supplies, and personnel. The Company has purchased certain items required for the Care & Maintenance period, which is expected to begin shortly after production is completed as the mine site assets are properly prepared for a period of inactivity.

As previously announced, Tahera has initiated a court approved marketing process of the assets of the Company, which requires interested parties to submit written expressions of interest by no later than April 28, 2008. Blair Franklin Capital Partners have been retained to manage and provide guidance during the marketing process. 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.

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