Nautilus Minerals Inc.

Nautilus Minerals Inc.

April 09, 2015 07:52 ET

Nautilus Minerals Inc.: Vessel Cranes Contract Awarded

TORONTO, ONTARIO--(Marketwired - April 9, 2015) - Nautilus Minerals Inc. (TSX:NUS) (OTCQX:NUSMF) (the "Company" or "Nautilus") announces that the order for cranes to be used on the Company's production support vessel has been awarded to MacGregor, headquarter in Kristiansand, Norway. This is the third major long lead time equipment package to be awarded by the shipyard, Fujian Mawei Shipbuilding Limited.

Mike Johnston, Nautilus' CEO, commented, "We are very pleased to have such a world class supplier providing key equipment for use on our Production Support Vessel. The cranes are an essential component in ensuring operations can be performed safely across all of our large working deck areas. The 2,500m depth rated heave compensated main crane also provides critical lifting support to our subsea operations at the mine-site. We look forward to reporting on the progress of this equipment as we move closer to production in 2018."

About the Cranes

The order for cranes consists of two knuckle boom units (see figure 1 in the links section).The first crane is a large 200t SWL crane with 2,500 metre water depth capability and equipped with active heave compensation. The second crane is a smaller 100t SWL auxiliary crane to support back deck and ship to ship operations.

Knuckle boom cranes are preferred for offshore use due to their inherently compact dimensions and ability to reduce the effect of ship motions on suspended loads. The large active heave compensated crane will also be capable of deploying and recovering various items of mining equipment directly to and from the seafloor. Both cranes will be used to load stores, spares and support the maintenance of shipboard SPTs and other items of production equipment during mining operations.

The cranes are due to be completed and delivered to the shipyard for integration by Q1 2017.

About MacGregor

MacGregor, headquarter in Kristiansand Norway, provides integrated cargo and load handling solutions and services for the maritime transportation and offshore industries throughout the world.

MacGregor serves its customers with solutions that integrate cargo access, stowage, care and handling functions to suit a particular ship's cargo profile. This benefits the vessel's productivity, environmental impact and profitable service lifetime. MacGregor's sales totalled EUR 1,034 million in 2014 and MacGregor employs approximately 2,700 people. MacGregor has personnel in 33 countries with more than 70 offices. (


An animation of how the seafloor production system works can be viewed on the Company's website:

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 delivery and integration of the cranes onto the production support vessel, the expected timing and plans for advancing the Solwara 1 Project (the "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 (the "AIF") 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 delivery and integration of the cranes onto the production support vessel, the Company is assuming that the cranes will be delivered and integrated on schedule. Risks related to such arrangement include potential delays caused by equipment breakdowns, funding requirements and other factors discussed under "Risk Factors - Equipment risk" in the AIF. 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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