WELLINGTON, New Zealand, Nov. 15, 2017 /CNW/ - Chatham Rock Phosphate Limited (TSXV: "NZP" and NZAX: "CRP" or the "Company") confirms that it is about to commission a research project to be undertaken by a local University.
As advised in our 1 September update, the research will be aimed at separating valuable by-products (including rare earths) that are also contained within the sandy seafloor matrix that contains the rock phosphate deposit. As our proposed recovery process would already be bringing these sands up to the vessel there would be no mining cost involved, merely the costs of separating these by-products from the sand before it is returned to the sea-floor. Successful recovery of even a tiny proportion of these by-products could add significantly to our future revenue and profitability prospects and also establish a strategic ocean-floor based asset for New Zealand.
As there is no certainty that any of these rare earths can be recovered, it is not yet appropriate to name the actual elements that our sampling programme has determined are present on the sea floor.
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.
SOURCE Chatham Rock Phosphate
For further information: Chris Castle, President and Chief Executive Officer, Chatham Rock Phosphate Limited, 64 21 55 81 85 or [email protected]