Ann: MINE: CRP: CRP outlines progress at Toronto

• Release Date: 06/03/13 12:56
• Summary: MINE: CRP: CRP outlines progress at Toronto conference
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CRP
06/03/2013 10:56
MINE

REL: 1056 HRS Chatham Rock Phosphate Limited

MINE: CRP: CRP outlines progress at Toronto conference

6 March 2013
CRP Progress outlined in speech at PDAC
Chatham Rock Phosphate is moving rapidly towards its target of production in
2015, Chief Executive Chris Castle told a New Zealand Government-hosted
function at the Prospectors and Developers Assocciation of Canada conference
in Toronto.
PDAC is the pre-eminent annual event for the international mining community.
CRP holds a prospecting licence over 4726 sq km of ocean 450 km offshore in
the New Zealand EEZ containing a well defined deposit of 25 million tonnes of
medium grade rock phosphate.
"The in-situ value of this deposit is roughly $US4.3 billion. Our estimated
recovery costs for life of mine are roughly $US2.3 billion in present
dollars. So in simple terms the project could over time potentially earn $US2
billion."
Mr Castle told guests the company had made remarkable progress over the past
year.  In the two years after being granted the licence in February 2010 CRP
raised about $US3 million of the $US25 million it needs. But in the past
year, it has raised another $US15 million in difficult market conditions.
"Most of this has been very actively invested in the project, leading to the
mining licence application in September 2012 and the imminent application for
the environmental consent.
"The market value of the company is now $40 million.  We have signed
contracts with Boskalis as our "contract miner', which is now well advanced
on the design process and Boskalis also became a shareholder.  We have three
new cornerstone investors (Subsea, Boskalis and Odyssey Marine), shareholder
numbers have increased 50 per cent and a visible and positive profile in New
Zealand due to our extensive stakeholder communications programme."
Mr Castle said already in 2013 CRP has appointed three new directors.  Other
expected milestones will be filing an environmental impact assessment in the
second quarter of the year.
"We also expect that our proposed overseas listing will finally occur and we
expect to finalise further contract arrangements with Boskalis in the next
few months."
Mr Castle attributed some of the company's rapid progress to fortuitous
meetings at a variety of conferences and industry meetings.
"We met the right people at the right time, mostly by going to conferences."
These included meeting Boskalis and other leading dredging companies, Odyssey
Marine and through that company Subsea Minerals.  Key individuals include Cam
McKenzie of Kenex, Robert Goodden (now a director) and Najib Moutia (now
sales and strategy vice president).
Mr Castle commended NZP&M and GNS Science for showcasing to the mining world
at PDAC what New Zealand has to offer in the way of mineral development
opportunities. "This includes access to historical information, a new
legislative regime, a can-do attitude from officials, and a government that
really, really wants to put some mineral development runs on the board.
"I've been at the NZP&M/GNS Science booth for quite a bit of the time during
the last two days and it's obvious that there is quite a bit of interest in
what we have to offer. We just need to build on that. Casual contacts often
lead somewhere."
During his overseas trip Mr Castle has also met with senior managers at OCP,
the Moroccon supplier of most of New Zealand's rock phosphate, and attended
an international fertiliser conference in Egypt.
Chris Castle - +64 21 55 81 85 or [email protected]
End CA:00233834 For:CRP    Type:MINE       Time:2013-03-06 10:56:13