Korella North Mine - Update on Mining Lease Application

GENERAL

Fri, Nov 10 2023 02:43 pm

NEWS RELEASE 23-25 November 9, 2023

KORELLA NORTH MINE – UPDATE ON MINING LEASE APPLICATION

WELLINGTON New Zealand

Chatham Rock Phosphate Limited (TSXV: “NZP” and NZX: “CRP” or the “Company”) is pleased to announce that the Korella North Mine project continues to steadily progress its Mining Lease Application. The latest milestone was a pre-lodgment meeting with the Department of Resources in Townsville held on November 1st, 2023. The draft Mining Lease Application for Korella North was discussed and areas of interest requiring further advice identified.

In parallel a pre-lodgment meeting with the Department of Environment over the draft Environmental Assessment Application is now being arranged.

Negotiations with the landowner and native title holders are well advanced.

The ability to make this Mining Lease Application flows from the completion of the NI 43 -101 technical report that identified the 2.7 million tonnes resources upon which the Korella North Mine is based.

The Mining Lease Application covers some 118 hectares of which initially only three hectares of the resource will be mined. This selected area contains a total of 390,000 tonnes within the 22 metres thick Monastery Creek Phosphate Member.

Further updates on the formal lodgment will be reported in due course.

For further information please contact:

Chris Castle
President and Chief Executive Officer
Chatham Rock Phosphate Limited
64 21 55 81 85 or [email protected]

Statements about the Company’s future expectations and all other statements in this press release other than historical facts are “forward looking statements”. Such forward-looking statements are based on numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent in mineral exploration and development, which may cause the actual results, performance, or achievements of the Company to be materially different from any projected future results, performance, or achievements expressed or implied by such forward-looking statements.

Neither the Exchange, its Regulation Service Provider (as that term is defined under the policies of the Exchange), or New Zealand Exchange Limited has in any way passed upon the merits of the Transaction and associated transactions, and has neither approved nor disapproved of the contents of this press release.