March 10, 2003

News Release: Tahera Corporation & Lazare Kaplan to enter into comprehensive Off-Take and Investment Agreement for Tahera's Jericho Diamond Project

In a major development for the Company, Tahera Corporation (TSX: TAH) announced today that it has signed a Letter of Intent (LOI) with Lazare Kaplan International Inc. (AMEX: LKI), one of world's premier diamond companies, providing for the parties to enter into a comprehensive Off-Take and Investment Agreement for Tahera's Jericho Diamond Project. Under the terms of the proposed Off-Take Agreement, Lazare Kaplan will purchase 100% of the production from Tahera's Jericho Diamond Project, subject to Tahera's option to market up to 25% of the mine's diamond production independently. Concurrent with the execution of definitive agreements, Lazare Kaplan will receive warrants entitling it to purchase US$4 Million of common shares of Tahera at a price of Cdn. $0.22 per share. The warrants will have a maturity of one year from the closing of the Jericho Diamond Project financing. Based upon the current issued and outstanding common shares of Tahera, exercise of the warrants by Lazare Kaplan and the resulting investment of US$4 Million would result in Lazare Kaplan owning approximately 10% of Tahera's outstanding common shares. The investment by Lazare Kaplan of up to US$4 Million is subject to Tahera securing the balance of funding for development and operation of its Jericho Diamond Project.

Marketing and Polishing Agreement

For the duration of the Jericho Diamond Project, Tahera will have the right to convert the Off-Take Agreement with Lazare Kaplan to a rough-diamond marketing agreement. In addition, Tahera will have the right to participate in a joint venture with Lazare Kaplan as equal partners for the polishing of diamonds produced by the project, including special stones. These agreements will allow Tahera to maximize revenue from its diamond production.

Following its investment, Lazare Kaplan will have certain rights to designate one member to Tahera's Board of Directors. Lazare Kaplan will also have the right to participate in Tahera's other diamond projects under the same terms and conditions as set forth in the LOI.

The parties will endeavor to finalize definitive documentation by July 2003. Completion of the transaction contemplated in the LOI is subject to entering into definitive agreements and Tahera obtaining all requisite approvals, including the approval of the Toronto Stock Exchange, and satisfactory completion of due diligence by Lazare Kaplan.

Mr. Joseph I. Gutnick, CEO of Tahera Corporation stated, "We are extremely pleased with the opportunity to have a partner of the caliber of Lazare Kaplan International. Lazare Kaplan's reputation in the diamond industry is unsurpassed. We look forward to many years of partnering and prosperity with Lazare Kaplan".

Lazare Kaplan International Inc. (www.lazarediamonds.com) sells its diamond and diamond jewelry products through a worldwide distribution network. The Company is renowned for its "ideal-cut" diamonds, which it markets internationally under the brand name Lazare Diamonds(R).

The Jericho Diamond Project

Tahera is pursuing development of its wholly-owned Jericho Diamond Project as CANADA'S NEXT, and NUNAVUT'S FIRST, DIAMOND MINE. The Environmental Impact Statement for the Project was completed in January 2003. Tahera's goal is to complete the regulatory approval process for development of the Project during 2003.

The Jericho Diamond Project feasibility study, completed by SRK Consulting, considered the economics of constructing a diamond mining operation centered on the land-based Jericho kimberlite pipe. The feasibility study indicates that 3,000,000 carats will be produced over a minimum mine- life of 8-years. The Project shows excellent economics with a base case IRR of 34.3%, with an upside to increase reserves.

During the Jericho Diamond Mine development phase, Tahera will continue to explore for additional kimberlites on the Jericho Claims. Previous exploration activities indicate that the claims have high potential for further kimberlite discoveries.

Michael J. Michaud of SRK Consulting is Tahera's qualified person for its exploration programs.

About Tahera Corporation

Tahera Corporation (www.tahera.com) is a unique Canadian diamond Company in that it has a positive feasibility study completed on an advanced stage diamond project. Tahera is focused on developing its wholly-owned Jericho Diamond Project as CANADA'S NEXT, and NUNAVUT'S FIRST, DIAMOND MINE. Tahera has several other prospective diamond projects in Canada's prolific Slave Craton, including the Rockinghorse Property joint venture, where the significantly diamondiferous Anuri kimberlite occurs. The common shares of the Company trade on the Toronto Stock Exchange under the symbol 'TAH'.

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For further information: Tahera Corporation, Grant Ewing - Vice
President, Investor Relations & Corporate Development, Tel: (416) 777-1998,
Fax: (416) 777-1898, Toll free: (877) 777-2004,
Email: investor_relations(at)tahera.com

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