TORONTO, ONTARIO--(Marketwired - Oct. 22, 2014) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces that the Company has satisfied the first of the two conditions precedent to its agreement with the nominee of the Independent State of Papua New Guinea (the "State") to secure certain intellectual property rights.
In May 2014, the Company announced that following the State nominee, Eda Kopa (Solwara) Limited, paying US$113 million into escrow for its 15% interest in the Solwara 1 Project up to first production, Nautilus was to secure for the State's nominee certain intellectual property rights and the charter of a Production Support Vessel in order for the escrowed funds to be released.
Mike Johnston, the Company's CEO commented, "Nautilus is pleased it has satisfied the first of the conditions precedent by securing the intellectual property rights required by the State and is now one step closer to securing the release of the escrowed funds. Discussions remain on track with potential vessel partners to obtain a suitable vessel arrangement within the timeframe required under the agreement, which will see the funds released from escrow."
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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 securing a vessel arrangement, working with the State, the release of escrowed funds and commencing mining. 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. With respect to the Agreement with the State, the Company is assuming that the parties will satisfy the conditions of the Agreement, including securing a vessel arrangement, and that completion of the purchase of the State's 15% interest in the Solwara 1 Project will occur. Risks related to the Agreement are that if the conditions are not met, it could impair the Company's relationship with the State and have a negative impact on the Company's ability to secure a vessel and develop the Solwara 1 Project. 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 450,000 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 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).