SOURCE: Nautilus Minerals Inc.

Nautilus Minerals Inc.

November 24, 2016 08:18 ET

Nautilus Minerals Vessel Update

TORONTO, ON--(Marketwired - November 24, 2016) - Nautilus Minerals Inc. (TSX: NUS) (OTCQX: NUSMF) (OTC: NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") is pleased to provide a current update on the build of the Production Support Vessel (PSV). The PSV is to be used by Nautilus and its PNG partner, Eda Kopa (Solwara) Limited, as the base for its seafloor operations planned at the Solwara 1 Project site, in the Bismarck Sea of Papua New Guinea.

Mike Johnston, Nautilus' CEO commented, "The Company is very excited by the progress that continues to be made by the team at the Fujian Mawei Shipyard Ltd (FMSL) and Marine Assets Corporate (MAC). The thruster rooms (aft hull blocks) have just recently been lifted into position on the vessel. The accommodation module construction is progressing rapidly with many blocks being assembled alongside the dry dock. It is expected to be lifted onto the vessel by the end of the month. We are now looking forward to progressing the final build phase and fit out of the vessel with the team at FMSL and MAC."

To view some video footage of the vessel and some recent pictures of the build please go to the links section below.

Subject to further financing, Nautilus' objective remains to develop the world's first commercial high grade seafloor copper-gold mine and launch the seafloor resource production industry.

Vessel progress to date:

     
Item   Completed %
Production drawings issued   100
Steel fabricated   94
Steel cut (out of a total 20,068 tonnes)   91
Blocks completed structure fabrication   90
Blocks completed assembly and painting   89
Blocks lifted to dry dock   68
Blocks completed erection in dry dock   60
     

Links

Video footage of the PSV: https://youtu.be/eQFbHQfz6Pw

PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=58
PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=59
PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=60
PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=61
PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=62

For more information please refer to www.nautilusminerals.com or contact:

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. We have made numerous assumptions about such statements, including assumptions relating to the project funding. 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 Solwara 1 Project. Risks related to advancing towards production 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, testing and deployment of the Company's seafloor production system and that agreements with third party contractors for building slots within certain timeframes are not secured as required. As the Company has not completed an economic study in respect of the Solwara 1 Project, there can be no assurance that the Company's production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. 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 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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