Shares in Tahera (TAH-T) were trading nearly 7% higher in afternoon trade in Toronto on Jan. 27, after the company announced that it had submitted the final environmental impact statement for the Jericho diamond project in Nunavut.
The EIS will now face a minimum 60-day review period by the Nunavut Impact Review Board, the Nunavut Water Board, and various other federal authorities. Thereafter, public hearings will be scheduled in several Nunavut communities.
Tahera hopes to gain regulatory approval for development during 2003.
The Jericho properties lie along the northwestern and northeastern shores of Contwoyto Lake, 26 km north of the Lupin gold mine, and 420 km northeast of Yellowknife. Six kimberlites have been found on the Jericho properties to date.
The proposed Jericho mine project centres on the land-based Jericho multi-phase pipe, which contains a total resource of 7.1 million tonnes grading 0.84 carat per tonne, equivalent to 5.9 million carats. A June 2000 feasibility study by SRK Consulting concluded that a combined open-pit and underground mining operation could produce an estimated 3 million carats over a life of eight years, based on a probable minable reserve of 2.5 million tonnes grading 1.19 carats per tonne. A re-evaluation of the diamonds by WWW International Diamond Consultants in early 2000 indicated a value range of US$75-88 per carat.
Capital costs for the open-pit operation are estimated at $44.5 million, plus a further $10.4 million for underground and sustaining costs. Operating costs over the life of mine are projected at $52 per carat.
Tahera is looking at financing options for Jericho’s construction, including an alliance with one of several interested diamond companies.
In late afternoon trade in Toronto on Jan. 27, Tahera shares were 1.5 higher at 23.5.
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