UEX Corp T.UEX

RE: uex - so what?

[Harvard99]

bmobaj That's a BIG "IF". Never invest in IF's or MAYBE's but on the REAL THINGY BABIES. UEX is a BIG POS going nowhere but DOWN Bagholders. YeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeHaaaaaaaaaaaaaaaaaaaaaaaaaa! I expect TAH to blow past UEX before the weeks out, maybe tomorrow. Tahera and De Beers Sign a Heads of Agreement for exploration and development on De Beers'property adjacent to the Jericho claims 6/8/04 TORONTO, Jun 08, 2004 (Canada NewsWire via COMTEX) -- Tahera Corporation (the Company) announces that it has entered into an agreement with De Beers Canada Exploration Inc. with respect to exploration and potential development of a property adjacent to the Company's Jericho Diamond Project in Nunavut. Tahera will ea rn a 50% interest in the property and any production therefrom through expenditures of C$11.0 million by 2008. The property encompasses approximately 36,000 hectares and includes four known diamondiferous kimberlites, the most prospective is located 14 kilometres west of the proposed Jericho processing plant. Each party may increase its interest in individual development projects depending on the project value. For projects with a defined value of C$750 million or less, Tahera will be operator and may increase its interest to 75% by making certain payments to De Beers. For large scale projects involving the construction of a new processing plant De Beers will be the operator and may increase its interest to 70% by making certain payments to Tahera. The agreement provides for one or more projects to be developed individually. The operator in each case will market the production. 'This agreement has great benefits for Tahera by potentially extending the economic life of the proposed Jericho plant while potentially allowing for the De Beers kimberlites, which may not otherwise sustain a stand alone project, to be mined', said R Peter Gillin, Chairman and CEO of Tahera. 'Tahera also obtains a substantial interest in any large scale projects which would be beyond our resources to develop independently,'he continued. 'This agreement is the first of its kind for De Beers and we are very pleased to be their partner.'Mr. Gillin said. 'The agreement foresees several possible development outcomes and caters for these eventualities in terms of ownership, operatorship, economic returns and marketing. It tailors risks and rewards to outcomes and both companies stand to benefit in all scenarios,'said Richard Molyneux, President and CEO of De Beers Canada. 'We consider Tahera to be an excellent partner, not only because of the synergies arising from the adjacent properties, but because they have the necessary management skills to achieve full value for all stakeholders,'he added. This exploration and development agreement has no impact on Tahera's current development plan with respect to its wholly owned Jericho Diamond Project, or on Tahera's exploration activities on its wholly owned exploration and development properties. As previously announced (see press release dated June 7, 2004), Tahera has received federal approval of the Jericho Project, paving the way for development of Nunavut's first diamond mine. Tahera plans to commence construction of the Jericho Project in early 2005, subject to finalizing the required permits and authorizations for the Project, including the water permit and land leases, and completing project financing. The Property The property covered by the agreement with De Beers is located north west of Tahera's Jericho claims and covers an area of approximately 36,000 hectares. Four diamondiferous kimberlites have been discovered on the claims to date, and both parties consider the property to be prospective for further discovery. Most of the kimberlites have been assessed by preliminary delineation drilling and microdiamond analysis. The Muskox pipe, situated 14 kilometres west of Tahera's Jericho pipe, has been assessed by a small mini- bulk sample. The following results were returned from the Muskox sample: ------------------------------------------------------------------------- Hole Type Tonnes Treated Carats Recovered Sample Grade (+1.0mm) (ct/hundred tonnes) ------------------------------------------------------------------------- Reverse Circulation 11.5 5.3 46 cpht ------------------------------------------------------------------------- Core 35.5 11.5 32 cpht ------------------------------------------------------------------------- A large area of the Muskox kimberlite has not been evaluated by the sampling conducted to date, and thus a representative diamond grade has not been determined. The Muskox kimberlite is significantly larger than Tahera's Jericho pipe; the inferred surface trace of the kimberlite measures approximately 250 metres by 270 metres. Several unsourced kimberlite indicator mineral trains exist on the property, and a number of geophysical targets require drill testing. Transaction Summary Over the period of 2004 - 2008 Tahera will design, conduct, execute, and fund programs (including some or all of exploration, valuation bulk sampling, scoping study, and feasibility study) and complete expenditures of C$11 million to earn a 50% general profit interest (GPI) in the property. Further activity on the rest of the property will be funded based on each party's interest and standard dilution provisions apply if one party elects not to continue funding. In the event of the identification of an economically feasible development project as determined by an independent consultant, Tahera will be operator of development projects with defined value of less than or equal to C$750 million and De Beers will be operator of development projects that exceed that value. Development project values are defined as undiscounted estimated revenues less operating costs and capital expenditures. Each party will market 100% of the production from the projects they operate and remit the appropriate proportion of net cash flow to the other party. By means of an arithmetical formula for each individual project, Tahera can elect to increase its ownership to 75% and De Beers to 70% depending on the outcome of the feasibility studies. This is the first agreement in which De Beers Canada has invited another diamond company to conduct an exploration and development program as the operator on its lands. Both parties recognize the importance of this agreement as it greatly facilitates the potential development of modest scale diamond projects on this land package due to the synergies that may exist with the planned Jericho development (i.e. utilizing the Jericho diamond plant after the Jericho reserves are depleted). Large-scale development projects on the De Beers property would be advanced on behalf of Tahera and De Beers on a stand- alone basis with De Beers as the operator. Tahera plans to commence an aggressive exploration program on the property that will focus on delineation and prioritization of kimberlite drill targets, and further evaluation of the Muskox pipe. The budget for the 2004 summer program will be finalized during the month of June, and the exploration program will commence in July. Dr. Jonathan Fowler, P.Geol., De Beers Canada, is the qualified person with respect to the technical data reported in this release. Tahera has scheduled a conference call at 11:00 a.m. Eastern Standard Time on Wednesday June 9, 2004 to discuss this announcement and other recent developments. Analysts and investors are invited to participate in the call by dialing 416-640-4127 or toll-free 1-800-814-4860. To access a conference replay dial 416-640-1917 or toll-free 1-877-289-8525 and enter pass code 21053496, followed by the number sign. About Tahera Corporation Tahera Corporation (www.tahera.com), a unique Canadian diamond Company, 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. The common shares of the Company trade on the TSX under the symbol 'TAH'. %SEDAR: 00003313E VIEW ADDITIONAL COMPANY-SPECIFIC INFORMATION: https://www.newswire.ca/en/releases/orgDisplay.cgi?okey=21780 For further information: Tahera Corporation: R Peter Gillin, Chairmanand CEO; Grant Ewing, Executive Vice President, Corporate Development, Tel:[phone], Fax: [phone], Toll free: [phone], Email:investor_relations(at)tahera.com, Website: www.tahera.com News release via Canada NewsWire, Toronto 416-863-9350 Copyright (C) 2004 CNW, All rights reserved