ARAPUA FERTILISER PROJECT UPDATE

RNS Number : 5457S

Harvest Minerals Limited

22 December 2016

 

22 December 2016

Harvest Minerals Limited

("Harvest" or the "Company")

ARAPUA FERTILISER PROJECT UPDATE

Harvest Minerals Limited ("Harvest" or "the Company") is pleased to announce it has signed a Letter of Intent ("LOI") to supply up to 45Kt of KPfértil throughout 2017 to a major coffee producer in the Carmo region, close to the Company's Arapua Fertilizer Project ("Arapua"), located in the Brazilian state of Minas Gerais.

Summary

Harvest Minerals has signed a Letter of Intent with Paulo Veloso, the owner of Veloso Agropecuária Empreendimentos E Participações Ltda. ("Veloso"), one of the largest coffee producers in the region around Arapua and a supplier of coffee beans to several international coffee producers.

KPfértil Specification

KPfértil is the brand name registered by Harvest for its direct application natural fertilizer and remineraliser product from the Company's Maximus prospect, which is part of the Arapua project.

Terms

The LOI is for up to 45kt of KPfértil to be supplied to Veloso during 2017 at an expected price of BRL200 per tonne (approximately US$60 based on today's exchange rate). The LOI is subject to the product demonstrating satisfactory results from the agronomic testwork currently being carried out by Harvest and Santinato & Santinato Cafés at Veloso farms on juvenile and mature coffee crops and the product meeting certain minimum specifications.

Commenting on the LOI, Executive Chairman of Harvest, Brian McMaster stated:

"All the test work we have carried out on KPfértil over the past year has continuously surpassed our expectations. As well as being a K, P, Ca and Mg multi-nutrient product, KPfértil has many additional properties that enhance its suitability as a re-mineraliser and fertilizer. While we continue with the product registration process and testwork with the Ministry of Agriculture, the work we have carried out with Santinato & Santinato Cafés and Veloso has convinced them to sign this LOI. As the year draws to a close, I would like to thank all of our team for their hard work over the past year and for the support of Veloso Agropecuária Empreendimentos E Participações Ltda in reaching this agreement."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries:

Harvest Minerals Limited	Brian McMaster, Chairman	Tel: [phone]
Strand Hanson Limited (Nominated & Financial Adviser)	Rory Murphy James Spinney Ritchie Balmer	Tel: [phone]
Mirabaud Securities LLP (Broker) Beaufort Securities Ltd (Joint Broker) Buchanan (Financial PR)	Rory Scott Jon Bellis Bobby Morse Anna Michniewicz	Tel: + 44 20 7878 3360 Tel: + 44 20 7382 8300 Tel: [phone]

 

END

 

 

LOIAKDDKDBDBBBB