ARAPUA PROJECT ENVIRONMENTAL LICENSE GRANTED

RNS Number : 2401J

Harvest Minerals Limited

08 September 2016

 

8 September 2016

Harvest Minerals Limited

("Harvest" or the "Company")

ARAPUA FERTILISER PROJECT UPDATE - ENVIRONMENTAL LICENSE GRANTED

Harvest Minerals Limited ("Harvest" or "the Company") is very pleased to announce that it has received the environmental license for the Maximus project at its Arapuá Phosphate Project in Brazil.

Following the granting of the required Municipal and Federal operating approvals, the environmental license - State Autorização Ambiental de Funcionamento (AAF), was granted to the Company's wholly owned Brazillian subsidiary Triunfo Fertilizantes and Mineração Ltda on the 5 September 2016 by the Secretary of State for Environment and Sustainable Development of Minas Gerais (SEMAD) under the registered number 04883/2016.

As previously announced, the AAF is a precursor to the lodgment of the trial mining permit.  Given the granting of the AAF, the trial mining permit application has been lodged with the National Department of Mineral Production (DNPM).

The AAF is valid for a period of four years and provides for a "rolling" 50,000 tonnes of production, which means that the Company can produce in batches of 50,000 tonnes at a time, for a period of up to four years. This production capacity is greater than the original expectation of a maximum of 100,000 tonnes per annum.  The grant of the AAF also permits Harvest to commence site works ahead of the commencement of production. Accordingly, the Company is finalising arrangements with a contract miner and expects to make an announcement concerning mobilisation of the contractor in the coming week.

Recent Exercise of Warrants

Additionally, the Company acknowledges that certain of the Company's warrant holders have exercised their warrants in recent days, resulting in further application monies of approximately US$400,000 being received by the Company. These additional funds have been included in the Company's working capital treasury and confirm the Company's position that it has sufficient funding available to complete its current work programme at Arapuá, including bringing Maximus into trial mining production as well as the expansion of the Maximus mineable area.

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

"The team at Harvest is focused on bringing the Maximus target into trial production by the end of the year, and the award of the environmental license brings us another step closer to that goal. With the available funds from the last placement in January, we have progressed the project to the point when we are now able to commence site works, which is a credit to all involved. Additionally, we welcome current shareholders exercising their warrants which is a vote of confidence for our growth strategy". 

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]

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

 

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