Nautilus Minerals Inc.

Nautilus Minerals Inc.

March 31, 2015 06:30 ET

Nautilus Minerals Announces Release of Annual Results

TORONTO, ONTARIO--(Marketwired - March 31, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces the release of its audited consolidated financial statements for the year ended December 31, 2014, together with Management's Discussion and Analysis and the Company's Annual Information Form.

2014 Significant Events

  • Resolved issues with the Independent State of Papua New Guinea (the "State") and formed the Solwara 1 Joint Venture

  • Entered into a Vessel Charter with Marine Assets Corporation, for delivery of a purpose built Production Support Vessel by the end of 2017

  • Advanced the Solwara 1 Project, with the bulk cutter assembled and the commissioning and Factory Acceptance Testing phase underway

  • Confirmed Clarion Clipperton Zone nodule deposit

  • US$118.8 million in cash and cash equivalents as at December 31, 2014

Nautilus' CEO, Mike Johnston, said "we are delighted with the significant progress we made in 2014. Securing a vessel charter was a major milestone for the Solwara 1 Project. We are also extremely pleased to have formally commenced our partnership in the Project with the State's nominee, Eda Kopa (Solwara) Limited (State Nominee) after receiving its contribution of US$120 million and we appreciate the State Nominee's continued support."

The Company remains committed to maximizing shareholder value by achieving its objective of developing the world's first commercial high grade seafloor copper-gold project and launching the deep water seafloor resource production industry in 2018.

The Financial Statements, Management's Discussion and Analysis and Annual Information Form will be filed on and will also be available on the Company's website


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

Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the expected timing of completion and delivery of the Production Support Vessel and plans for advancing the Solwara 1 Project ("Project") towards production in 2018. We have made numerous assumptions about such statements. Even though our management believes the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company's business and plans for development of the Project. With respect to the design and construction of the vessel, the Company is assuming that the vessel will be built according to the Nautilus specifications and on schedule. Risks related to such arrangement include the delay to the delivery of the vessel and a consequent delay to the commencement of mining at the Project site. Risks related to advancing the Project towards production in 2018 include the risk that the Company will be unable to obtain at all or on acceptable terms the remaining financing necessary to fund completion of the build of the Company's seafloor production system. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.

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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