Reuters: Market News: UPDATE 1-Rio Verde gets trial mining permit for Brazil project

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UPDATE 1-Rio Verde gets trial mining permit for Brazil project Apr 10th 2012, 10:42 April 10 | Tue Apr 10, 2012 6:42am EDT April 10 (Reuters) - Rio Verde Minerals Development Corp said it got a trial mining permit for its Fosfatar phosphate project in Brazil. The trial mining permit, known as Guia de Utilizacao, is renewable up to 36 months, the company said. Rio Verde develops fertilizer projects, including one potash project, in north and northeastern Brazil. "The granting of the trial mining license ... keeps us on track to make the transition from developer to producer with the aim to start production by end of 2012," Chief Executive Stephen Keith said in a statement. The permit has been given by the Brazilian National Department of Mineral Production and allows the company to trial mine up to 100,000 tonnes of phosphate bearing material per year. Rio Verde said the Fosfatar project is located close to several fertilizer consumers and the port city of Belem in the state of Para. Shares of Rio Verde closed at 34 Canadian cents on Monday on the Toronto Stock Exchange.

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