Nautilus Minerals Inc.

Nautilus Minerals Inc.

June 11, 2015 07:30 ET

Nautilus and State Nominee Agree to Extend Option Exercise Date

TORONTO, ONTARIO--(Marketwired - June 11, 2015) - Nautilus Minerals Inc. (TSX:NUS) (OTCQX:NUSMF) (the "Company" or "Nautilus") announces that it has agreed to extend by six months the exercise date of the options granted to its joint venture partner in the Solwara 1 Project.

On December 11, 2014, the Company and the nominee of the Independent State of Papua New Guinea, Eda Kopa (Solwara) Limited (a wholly owned subsidiary of Petromin PNG Holdings Limited) (State Nominee) formed a joint venture in respect of the Solwara 1 Project. Under the terms of that joint venture, the State Nominee took an initial 15% interest which is fully funded, with the option to take up to a further 15% interest within 12 months upon paying certain amounts pursuant to a formula described in the agreement (see Links section). The option was exercisable in three 5% lots within 6, 9 and 12 months respectively from the date the joint venture was formed. If the State Nominee does not exercise any of the 5% options within the relevant time period then that option and any subsequent options are deemed to have lapsed.

To facilitate further discussion between the Company and the State Nominee, the Company has agreed to extend the exercise date of the three 5% options by six months respectively.


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About Nautilus Minerals Inc.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.

Nautilus also holds approximately 420,000 km2 of highly prospective exploration acreage in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.

A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and trades on the OTCQX:NUSMF. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 28.14% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.89% holding and global mining group Anglo American, which holds a 5.99% interest (each on a non-diluted basis, excluding loan shares outstanding under the Company's share loan plan).

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