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Jericho Diamond Mine Goes on Sale

Canadian diamond miner Tahera Diamond Corporation has placed its Jericho diamond mine on sale, the company announced in a release Monday.

Despite being closed in June 2008, due to "financial and operating constraints," Tahera boasts that the Jericho mine had produced a total of 786,000 carats of gem quality diamonds, including over 1,100 stones greater than 10 carats and one stone greater than 58 carats since it opened in 2006.

An updated resource estimate (September 2009) from the Central Lobe kimberlite pipe, above the 280 metre level, estimated indicated resources of 1.14 million tonnes grading 1.40 carats per tonne with an addition .48 million tonnes grading 1.23 carats per tonne in the Inferred resource category. The Central Lobe remains open to depth. Inferred resources from kimberlite pipes located immediately adjacent to the Central Lobe were estimated to contain an additional 3.79 million tonnes grading 0.58 carats per tonne.

Tahera is open to either selling shares of its subsidiary companies or an outright asset sale for those interested in purchasing the mine. The company has developed a website, www.JerichoDiamonds.ca, which it urges interested parties to access in order to gain comprehensive information regarding the mine.

Proposals to purchase the mine are due by March 1, 2010.