Nautilus Minerals Inc.

Nautilus Minerals Inc.

May 07, 2013 07:43 ET

Nautilus Minerals Announces Financial Results for Q1 2013

TORONTO, ONTARIO--(Marketwired - May 7, 2013) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the first quarter ended March 31, 2013 (the "Financial Statements") together with Management's Discussion and Analysis.

First quarter 2013 highlights:

  • Prospectus filed for C$40M Rights Offering
  • US$36.6 million (equivalent) in cash and cash equivalents as at March 31, 2013
  • Solwara 1 Project advanced

"Despite the setbacks in 2012, the Company has continued to advance the Solwara 1 Project and in particular, its three key contracts through a C$40M Rights Offering." said Nautilus CEO Mike Johnston. "While the arbitration process is continuing and an outcome is expected in Q3 2013, it has been Nautilus' preference to resolve the dispute with the State by agreement and with that aim Nautilus has taken steps to meet with senior representatives of the State, including discussions with National Executive Council Ministers. Nautilus continues to engage with the State in an effort to resolve matters amicably."

The Financial Statements and Management's Discussion and Analysis have been filed on and are also available on the Company's website

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 more than 500,000 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 (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 11.1% interest and MB Holding, an Oman based group with interests in mining, oil & gas, which holds a 16.7% interest.

Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.

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