Ex-navy divers and minewarfare sailors have been fundraising for the Vernon Monument, which will stand in a pond at the centre of Gunwharf Quays where HMS Vernon was until 1996.
The recession has hit their efforts to raise the £120,000 needed to fund the statue, but the group has renewed hope after getting the go-ahead from the Charity Commission.
Project manager David Carey said: 'We're extremely pleased to have charitable status because it gives us the legitimacy to approach organisations and move towards our total.
'We have a lot of support in the Portsmouth area and with that we hope to keep progressing.'
While the statue is of a diver working on a mine, the monument is also for Portsmouth's minewarfare community.
Retired Lieutenant Commander Rob Hoole, who is vice chairman of the Minewarfare and Clearance Diving Officers' Association, said: 'There are lots of people in this area who served in the minehunters and we're very proud of our time at HMS Vernon.
'The two elements work together, and we both share the fact that we face risk regularly.'
The chosen sculptor is Australian Les Johnson, who has previously built a statue of Nottingham Forest manager Brian Clough and a giant 14ft work on the abolition of slavery that sits in Hyde Park, London.
He said: 'Whenever I do a project, I like to mull the subject over first, and you can't help but be in awe of what these people did.
'To be risking their lives on a daily basis is a tremendous achievement.
HISTORY LINESHMS Vernon was established on April 26, 1876, as the Royal Navy's torpedo branch.
On October 1, 1923, Vernon moved ashore from a collection of old warships and new departments were set up to cover mining,
In the Second World War, Vernon took on responsibility for mine disposal and mine counter-measures. Staff caught enemy mines and developed counter-measures.
In 1995, minewarfare training was relocated to HMS Dryad and navy diving training moved into new accommodation on Horsea Island.
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