Nautilus Minerals Inc.

Nautilus Minerals Inc.

June 01, 2012 10:03 ET

Nautilus Identifies Potential Delay to Vessel Build

TORONTO, ONTARIO--(Marketwire - June 1, 2012) - Nautilus Minerals (TSX:NUS)(AIM:NUS)(OTCQX:NUSMF) announces that there may be a delay in the finalisation of funding for the vessel to be used in connection with its Solwara 1 Project and a potential consequential delay to the program for the vessel build. In turn, this may result in a delay to the commencement of operations at Solwara 1.

Nautilus and its strategic partner, Harren & Partner, have been negotiating the terms of third party financing related to the production support vessel for its first development project, Solwara 1, in Papua New Guinea. The vessel is planned to be owned and operated by the joint venture company (Vessel JV) to be formed by the parties (see links section for full press release).

Harren & Partner has advised that it will no longer be able to contribute the full amount of the equity to the Vessel JV contemplated by the Agreement signed by the parties in April 2011. The change to Harren & Partner's position, linked to a tightening of banking rules in the current European crisis and the depressed shipping market, may delay the finalisation of the terms of the third party funding and result in a consequential delay to the program for the vessel build.

Harren & Partner and Nautilus continue to work together to resolve the change in funding requirements, which includes evaluating alternative vessel and associated funding solutions.

As at April 30, 2012 Nautilus held US$119.1M in cash and cash equivalents.

Conference Call

A Conference Call and Webcast will be held next week, details of which will be provided in due course.


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About Nautilus Minerals Inc.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has been granted all necessary environmental and mining permits.

Nautilus also holds approximately 600,000 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) and (AIM:NUS) stock exchanges and (OTCQX:NUSMF). Its corporate office is in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, global mining group Anglo American, which holds an 11% interest and MB Holdings, an Oman based group with interests in mining, oil & gas, which holds a 9.98% interest.

Neither the TSX, London Stock Exchange, or the OTCQX accepts responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Nautilus Minerals Inc. (Toronto)
    Investor Relations
    +1 (416) 551 1100

    Numis Securities Limited
    Nominated adviser: Alastair Stratton/Stuart Skinner
    Corporate broking: James Black
    + 44(0) 20 7260 1000

    Dahlman Rose & Co., LLC
    Christopher R. Weekes
    +1 212 372 5766