Nautilus Minerals Inc.

Nautilus Minerals Inc.

October 07, 2009 09:24 ET

Nautilus Secures Port Capacity at Rabaul for Solwara 1 and Announces Board Changes

TORONTO, ONTARIO--(Marketwire - Oct. 7, 2009) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") is pleased to announce that it has entered into a Port Upgrade and Operations Deed ("Deed") with PNG Ports Corporation Limited ("PNGPC") that provides Nautilus with a secure right to port handling capacity for 1.5 million tonnes of ore per year for three years with an option to commence operations as early as January 1, 2012. The Deed also provides Nautilus with the exclusive right to enter into a licence agreement to use the hardstand area of the Rabaul port for the Solwara 1 ore stockpiles. When Nautilus commences production from its Solwara 1 project, recovered ore will be shipped from the offshore site to Rabaul for temporary stockpiling prior to shipment for treatment overseas.

Stephen Rogers, Nautilus' CEO commented: "We have found PNGPC to be a responsive and responsible port operator. We are looking forward to working with them to deliver an operation that meets Nautilus' operational requirements and provides the opportunity to maximise local content."

Nautilus and PNGPC entered into discussions in early 2008 and later commenced joint studies into the port's capability to unload the incoming barges, store the ore securely and re-load the ore onto outgoing export ships, while maintaining quality and environmental standards. These studies included an analysis of existing and future port usage, shoreline geotechical studies, port berth strength capabilities, and risk analysis.

The Deed provides for a methodology to jointly define the scope and contracting strategy required to deliver the required port upgrades to the stockpile hardstand areas, support infrastructure, mobile stacking and shiploading equipment. Operations covering ore unloading, stevedoring services, ore stacking, reclaiming and ship loading will be managed by PNGPC.

A final Port Services Agreement between Nautilus and PNGPC is planned for year-end.

For more information on Nautilus in PNG, please visit:

Board Changes

Nautilus is pleased to announce the appointment to the Board of Mr Matthew Charles Perrins Hammond (age: 34) as a Non-Executive Director following the resignation from the Board of Mr Farhad Moshiri, both Board changes effective immediately.

Mr Hammond is the Group Strategist at Metalloinvest Holdings, where he has responsibility for part of the non-core asset portfolio. Matthew advises the Metalloinvest Board on strategic acquisitions and investments. Metalloinvest beneficially holds 32,708,799 common shares in Nautilus, representing approximately 21.0% of the Company's issued share capital, through Gazmetall Holding (Cyprus) Limited. Prior to joining Metalloinvest, Mr Hammond was a Director at Credit Suisse, where he worked for 12 years. He has a BA (Hons) from Bristol University.

Geoff Loudon, Nautilus' Chairman, commented: "We would like to thank Mr Moshiri for his valuable contribution to the Board. We now look forward to working with Mr Hammond in his capacity as Non-Executive Director."

The Company is required to disclose under the AIM Rules for Companies the following information in relation to the appointment of Matthew Charles Hammond (34) as a Director of the Company:

- Current directorships and partnerships held: Strike Resources Limited and Ingenious Partners 2 LLP

- Directorships and partnerships held in the last five years: Number 43 Cumberland Street Management Limited.

There is no further information, in connection with his appointment, which is required to be disclosed in accordance with Rule 17 and Schedule 2(g) of the AIM Rules for Companies.

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project. The Company's main focus is the Solwara 1 Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%), Teck Resources (6.8%) and Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cyprus) Limited.

Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.

Contact Information

  • Nautilus Minerals Inc. (Toronto)
    Investor Relations
    +1 (416) 551 1100
    Nautilus Minerals Inc.
    Australian Project Office
    +61 (7) 3318 5555
    Numis Securities Limited
    John Harrison
    Nominated adviser
    + 44(0) 20 7260 1000
    Numis Securities Limited
    James Black
    Corporate broking
    + 44(0) 20 7260 1000