Nautilus Minerals Inc.

Nautilus Minerals Inc.

May 27, 2016 07:45 ET

Nautilus Minerals Chairman Retires

TORONTO, ONTARIO--(Marketwired - May 27, 2016) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that Mr. A. Geoffrey Loudon has advised the Board that he is retiring and will not stand for re-election at the upcoming Annual General Meeting on June 1, 2016 (the "AGM").

Mr. Loudon has enjoyed a long history with Nautilus, having been Chairman of the Board of Directors since the Company listed on the Toronto Stock Exchange in 2006 and for the 10 years prior to that, having been a founding investor and active participant in the strategic development and growth of the Company.

Nautilus' President & CEO, Mike Johnston, commented, "I wish to thank Geoff for his steadfast dedication to the Company and continued support of Nautilus' staff over these many years. We wish him all the best as he commences a well deserved retirement."

As Mr. Loudon is retiring and not standing for re-election, the Board of Directors has, effective immediately, appointed Mr. Russell Debney as interim Chairman in place of Mr. Loudon. Mr Debney has been a director of the Company since it listed in 2006. He was Chairman of Nautilus Minerals Niugini Limited and Nautilus Minerals Oceania Limited prior to their acquisition by the Company and, along with Mr. Loudon, has been involved with Nautilus almost since its inception. The directors have also resolved to fix the number of directors to be elected at the AGM at five (5).

The Board of Directors intend to embark upon a thorough recruitment process to appoint a new independent Director to the Board following the AGM.

In the meantime, the current members of the Board of Directors of the Company who will stand for re-election at the AGM are as follows:

  • Russell Debney
  • Cynthia Thomas
  • Dr. Mohammed Al Barwani
  • Mark Horn
  • Tariq Al Barwani

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

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 highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.

A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and trades on the OTCQX:NUSMF, and is also a member of the Nasdaq International Designation program. 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 27% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 15% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company's share loan plan).

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