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- Release Date: 08/02/12 10:30
- Summary: GENERAL: CRP: Chatham Rock Phosphate welcomes new neighbour
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CRP
08/02/2012 08:30
GENERAL
REL: 0830 HRS Chatham Rock Phosphate Limited
GENERAL: CRP: Chatham Rock Phosphate welcomes new neighbour
Chatham Rock Phosphate welcomes new neighbour
8 February 2012
Chatham Rock Phosphate today welcomed news that another company has been
recently granted an exploration permit to explore rock phosphate reserves on
the Chatham Rise.
The L&M Group, which has a wide range of petroleum exploration and onshore
mining interests, has been granted a permit by New Zealand Petroleum and
Minerals to explore seafloor phosphate deposits over a wide area to the west,
south and east of the marine phosphate permit held by CRP (see diagram
below).
L&M holds 90 per cent of Chatham Phosphate Ltd, with the balance held by
veteran geoscientist Roger Gregg.
CRP managing director Chris Castle said he was delighted another company
recognised the potential of the area.
"It reinforces the enormous potential value we see in the area, which is
being constantly confirmed as we gather new technical data. Chatham holds a
large area which has more unknowns but which could have real prospectivity
for both rock phosphate and for glauconite. "
Mr Castle noted Chatham chairman Geoff Loudon has had a distinguished career
in the mining industry and is widely recognised as an astute investor.
"CRP has done a huge amount of work over the past couple of years that would
be of benefit to Chatham. There are many potential synergies that can be
achieved, particularly relating to environmental monitoring and scientific
research."
CRP is a New Zealand owned and operated company established to explore and
extract this country's only significant rock phosphate resource, located on
the seabed in sandy silt 400 metres below the surface and 450 km east of
Christchurch on the Chatham Rise and expects to apply for a mining licence
during 2012.
Chatham Rise rock phosphate can offer benefits that include a reduced carbon
footprint through much lower transport costs, fewer run-off effects on
farmland when using it as a direct-application product and low cadmium
content.
"We would like to welcome Chatham to what is an exclusive neighbourhood, and
one we believe will achieve a growing value. We look forward to talking with
them to explore ways we can cooperate and share knowledge."
Chris Castle 021 55 81 85 or [email protected]
End CA:00219274 For:CRP Type:GENERAL Time:2012-02-08 08:30:07
