14 March 2017
Harvest Minerals Limited
("Harvest" or the "Company")
ARAPUA FERTILISER PROJECT
POSITIVE UPDATE ON PERMITTING
Harvest Minerals Limited (AIM:HMI) is pleased to provide an update on the future permitting at its 100% owned Arapuá Fertilizer Project ("the Project") in Minas Gerais State, Brazil.
Highlights
· Trial Mining Permit extended, allowing Harvest to continue mining on a rolling 50kt basis;
· Full Mining Licence application to be submitted in April 2017;
Trial Mining Permit and Mining Concession
As previously announced on 22 December 2016, Harvest was granted a trial mining permit (Guia de Utilização) which remains in place until 28 April 2017.
Following consultation with the Departamento Nacional de Produção Mineral ("DNPM"), and given the positive developments and results at the Project to date, including the increased Mineral Resource estimate as announced on 27 February 2017, Harvest has elected to submit an application for a Full Mining Licence ("FML"). This application will be lodged during April 2017.
Having already applied to extend the Trial Mining Permit, Harvest can automatically continue operating under the Trial Mining Permit without interruption until a decision on the FML is reached.
As part of the FML application process, Harvest will submit a Final Exploration Report to the DNPM detailing all of the geological, metallurgical and agronomic work Harvest has completed at the Project to date. Once this is approved, Harvest has a further one year to submit a feasibility study and the respective application to the DNPM.
Approval of the FML is likely to take between 1-2 years depending on when Harvest decides to submit the feasibility study. As noted above, Harvest can continue to operate without interruption during this period. Harvest remains fully funded to complete the work associated with the FML application.
Commenting on the update, Executive Chairman of Harvest, Brian McMaster stated:
"By starting the process of applying for a Full Mining Licence, including submitting an extension application for the Trial Mining Permit, Harvest is putting in place the foundations for a long term and sizable fertilizer project. We are progressing with our product's testwork and certification and remain on track."
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquiries:
Harvest Minerals Limited |
Brian McMaster, Chairman |
Tel: +44 20 7495 4323 |
Strand Hanson Limited (Nominated & Financial Adviser) |
Rory Murphy James Spinney Ritchie Balmer |
Tel: +44 20 7409 3494 |
Mirabaud Securities LLP (Broker) Beaufort Securities Ltd (Joint Broker) Whitman-Howard Ltd Buchanan (Financial PR) |
Rory Scott Jon Bellis Grant Barker Bobby Morse Anna Michniewicz |
Tel: + 44 20 7878 3360 Tel: + 44 20 7382 8300 Tel: + 44 20 7659 1225 Tel: +44 20 7466 5000 |
