New Zealand: CRP to Extend Contract Arrangements with Boskalis

The $1 million support for Chatham Rock Phosphate’s share purchase plan reflects three years of strong progress, Chief Executive Chris Castle said.

The company announced today it is on track to raise $1 million in new capital from its shareholder share purchase plan. The plan closes today at 5pm and allotment of shares is intended to take place early next week.

Mr Castle said the board of CRP is thrilled by progress with the latest capital raising and the enthusiastic response from shareholders. He noted it has been assisted by growth in the share register with the total number of shareholders rising from 300 in September to 430.

The latest milestones have been achieved on the third anniversary of the company being granted its prospecting licence, in February 2010.

In the ensuing period the company has:

· increased its market value from $2.5 million to $48 million

· raised $21 million from investors

· applied for a mining licence in September 2012

· established a core management team of nine people plus numerous experts

· built a strong working relationship with a 50-strong team at Boskalis

· attracted three cornerstone investors (Boskalis, Subsea Investments and Odyssey Marine)

· strengthened its board with three new directors.

CRP is planning to file its marine consent application in the second quarter of this year. Planning also continues to list on an overseas exchange and extend contract arrangements with Boskalis in the next few months.

[mappress]

Press Release, February 13, 2013