NZX Announcement: Media Release - Aorere invests in Chatham Rock Phosphate

Media Release

22 August 2014

Aorere invests in Chatham Rock Phosphate

Aorere Resources will invest $500,000 in Chatham Rock Phosphate, independent chairman Dene Biddlecombe announced today.

“The independent directors think the shares represent outstanding value.”

Mr Biddlecombe said the terms of the private placement – one of a number CRP is currently undertaking – will be confirmed in the next few days.

“CRP is making strong progress with its Marine Consent application and we remain very confident the company will be granted its environmental permit by the end of the year.

We are familiar with the quality of the scientific research and level of consultation undertaken by the CRP team and we believe none of the submissions made have raised any deal breakers.

Mr Biddlecombe said Aorere’s investment would be made from some of the proceeds of the recent shareholder rights issue.

“We think it’s the best investment we can make for our shareholders and are delighted it will enable Aorere to build up its holding.”

Mr Biddlecombe said he was unimpressed by the uninformed and premature report issued by staff of the Environmental Protection Authority earlier this week. 

“A cursory look shows it is riddled with mistakes and fails to even consider much of the information received more recently.  Had this information been assessed it would have addressed many of the issues raised by the report’s authors. 

“It’s a big concern such a report was issued at this time, given it has only confused interested parties, the Decision Making Committee and investors.  The EPA should look carefully at its processes in the light of the – hopefully short-term - damage its actions have caused to CRP’s share price.”

Dene Biddlecombe, Chairman, Aorere Resources, +64 27 230 0166 or dene@aorereresources.co.nz