Wednesday, 22 August 2018

Announcement

GENERAL: CRP: Chatham advises outcome of Judicial Review

12 Dec 2017 10:10NZX
NEWS RELEASE 17-37
December 11, 2017

Chatham advises outcome of judicial review

WELLINGTON New Zealand - Chatham Rock Phosphate Limited (TSXV: "NZP" and
NZAX: "CRP" or the "Company") advises that the outcome of a judicial review
requested by Chatham in respect to certain costs charged by the Environmental
Protection Authority (EPA) has been released.

The Judge has dismissed our application for the review and as a result the
High Court proceedings where the EPA is seeking payment of these costs will
now resume with the likely outcome that we will be required to pay the costs
invoiced by the EPA.

Our financial results for the last two years have been prepared on a
conservative basis, assuming a worse-case scenario and therefore the decision
will have a limited effect on our formal balance sheet position. However, the
decision does have a negative impact on our cash flow position which we will
be taking steps to remedy.

We will be reviewing the judgment in detail over the next few days and taking
legal advice on appropriate next steps.

For further information please contact:

Chris Castle
President and Chief Executive Officer
Chatham Rock Phosphate Limited
64 21 55 81 85 or chris@crpl.co.nz

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.
End CA:00311786 For:CRP    Type:GENERAL    Time:2017-12-12 10:10:35
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Chatham Rock Phosphate
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