Tahera completes Jericho environmental impact statement
Tahera Corp TAH
Shares issued 304,940,970 Jan 24 2003 close $ 0.22
Monday January 27 2003 News Release
Mr. Grant Ewing reports
TAHERA CORPORATION ACHIEVES SIGNIFICANT MILESTONE - FINAL ENV ...
Tahera has completed the final environmental impact statement for the Jericho diamond project. Completing the final environmental impact statement represents a significant milestone in the diamond mine development process in Canada. The environmental impact statement is an extensive document that includes a project description, environmental baseline studies, impact assessments, environmental management plans, reclamation plans and information regarding Tahera's extensive community consultation record. The final environmental impact statement was prepared based on feedback received from regulatory agencies on the draft environmental impact statement. The regulatory agencies, including the Nunavut Impact Review Board, the Nunavut Water Board and various federal authorities, will now conduct a thorough review of the final environmental impact statement submission. The review period is expected to last a minimum of 60 days. The review period will be followed by a series of public hearings conducted in several Nunavut communities. Tahera is optimistic that the public hearings will be conducted during the second quarter of this year.
Tahera is very encouraged by the continued support, indicated by key Nunavut stakeholders, of the company's goal of developing the Jericho diamond project as Nunavut's first diamond mine. Tahera's goal is to receive regulatory approval for development of the project during 2003.
Jericho diamond project
The Jericho diamond project feasibility study (SRK Consulting (2000), Michael J. Michaud, qualified person) indicates robust economics for a diamond mining operation centred on the land-based Jericho kimberlite. The study shows that the project will produce three million carats over a mine life of eight years. Based on a modelled diamond valuation of $75 (U.S.) to $88 (U.S.) per carat for the Jericho diamonds, the gross revenue for the project ranges from $330-million to $390-million with an internal rate of return from 34 per cent to 50 per cent, respectively. The feasibility study indicates a capital cost of approximately $55-million for the project. The total diamond resource of the Jericho project was estimated by SRK Consulting to be approximately six million carats (indicated resource -- 3.7 million tonnes at 1.14 carats per tonne, inferred resource -- 3.4 million tonnes at 0.52 carat per tonne).
Tahera is continuing to assess methods of financing construction of the project; consideration is being given to developing the project through a partnership with one of several diamond enterprises that have expressed an interest. |
