Nautilus Minerals Inc.

Nautilus Minerals Inc.

August 02, 2012 07:19 ET

Nautilus Minerals Announces Financial Results for Q2 2012

TORONTO, ONTARIO--(Marketwire - Aug. 2, 2012) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(AIM:NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the second quarter ended June 30, 2012 (the "Financial Statements") together with Management's Discussion and Analysis.

Q2 2012 Significant Events:

  • Bismarck Exploration Program completed
  • Signed landmark offtake agreement for Solwara 1
  • Listed on OTCQX
  • Dispute process and arbitration with the State of PNG
  • Potential delay to Vessel build identified
  • Solwara 1 Project build advances
  • $87.1 million (equivalent) in cash and cash equivalents as at June 30, 2012

Q2 2012 Subsequent Event:

  • Private placement of common shares to raise CAD$ 34 million

"We took a significant step forward this quarter with the signing of the landmark offtake agreement with Tongling," said Nautilus CEO Stephen Rogers. "Whilst we now expect some delay to the vessel construction program the seafloor production equipment build continues and we are working hard to minimise the overall impact to the production date."

"The CAD$34 million to be raised through the private placement will be used to continue the construction of key equipment."

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 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, nor 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
    Alastair Stratton/Stuart Skinner
    Nominated adviser
    + 44(0) 20 7260 1000

    Numis Securities Limited
    James Black
    Corporate broking
    + 44(0) 20 7260 1000

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