Maximus Landholder Agreement

RNS Number : 5616H

Harvest Minerals Limited

18 August 2016

 

18 August 2016

Harvest Minerals Limited

("Harvest" or the "Company")

LANDOWNER AGREEMENT FOR ARAPUÁ FERTILIZER PROJECT

Harvest Minerals Limited (AIM:HMI) is pleased to announce that following the successful completion of the independent Scoping Study (the "Study") for its Maximus Direct Application Natural Fertilizer (DANF) Project as announced on 10 August 2016, the Company's wholly owned Brazillian subsidiary Triunfo Fertilizantes and Mineração Ltda has signed a lease agreement with the owner of the land which incorporates the current resource at Maximus. The agreement allows the Company to carry out trial mining and associated activities on the property, once the trial mining permit has been awarded to the Company.

The terms of the agreement are as follows:

·    The lease covers an area of approximately 23ha which includes the current resource and sufficient additional land for construction of processing and storage facilities.

·    The lease is for an initial three years and renewable for a further three years.

·    Harvest has the sole right to cancel the agreement at any time, with 30 days written notice.

·    Harvest has first option over purchasing the property should the current owner wish to sell.

Under the terms of the Brazillian Mining Code (1967) and its Regulation (1968), the agreement will be re-negotiated when the project moves to commercial production, subject to the Company successfully applying for a full mining licence.

Next steps

The initial chemical and physical tests, following the Brazilian Ministry of Agriculture, Livestock and Food Supply (MAPA) guidelines are underway and the results are expected next week.

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

"Following the successful scoping study, we are focussed on bringing the Maximus target into trial production by the end of the year. The signing of the lease agreement is another key step towards that goal and, whilst our trial mining permit application is being processed, we are engaging with potential mining contractors in order to have them in place soon after the permit is issued."

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 73828300 Tel: [phone]

 

END

 

 

AGRGGUAPRUPQGUR