Nautilus Minerals Appoints New Chairman
January 16 2018 - 6:00AM
Nautilus Minerals Inc. (TSX:NUS)
(OTC:NUSMF)
(the "
Company"
or "
Nautilus") announces that Mr Tariq Al Barwani
has been appointed to the role of non-executive Chairman.
Mr Al Barwani joined the Company’s board in May
2016. He is a director and shareholder of MB Holding Company LLC,
and Chief Executive Officer of Mawarid Mining LLC, a wholly owned
subsidiary of MB Holding Company. MB Holding Company is
Nautilus’ largest shareholder.
Mr Al Barwani has a Bachelor of Science degree
in Geology from Imperial College, United Kingdom, and a Masters in
Business Administration specializing in strategy and leadership
from McGill University in Canada.
In parallel with this new appointment, the Board
of Directors has also embarked upon a process of Board renewal,
looking to appoint additional new independent directors, and to
expand the Board’s skill sets to support the financing and delivery
of the world’s first deep sea mine.
For more information please refer to
www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto) Email:
investor@nautilusminerals.com Tel: +1 416 551 1100 |
|
The TSX does not accept 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 Company's funding requirements, expectations to receive
additional bridge loans and enter into a credit facility, and the
continued development of the Solwara 1 Project. We have made
numerous assumptions about such statements; including assumptions
relating to the Company’s funding requirements, project funding,
and completion and operation of the Company's seafloor production
system. 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 continuing the Company's operations and
advancing the development of the Solwara 1 Project include the risk
that the Company will be unable to obtain at all or on acceptable
terms, and within the timeframes required, the remaining financings
necessary to fund completion of the build, testing and deployment
of the Company's seafloor production system, that the Company will
be unable to rectify or arrange for the rectification of the
default under the shipbuilding contract for the construction of the
Production Support Vehicle (as announced on 11 December 2017) 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 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 29.3% interest and Metalloinvest, the
largest iron ore producer in Europe and the CIS, which has a 18.5%
holding (each on a non-diluted basis, excluding loan shares
outstanding under the Company’s share loan plan).