Nautilus Completes Successful Trials in PNG
February 12 2018 - 6:00AM
Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the
"Company" or "Nautilus") is pleased to announce that is has
successfully completed the submerged trials for its Seafloor
Production Tools in Papua New Guinea.
Mike Johnston, Nautilus’ CEO, commented, “The
overarching objective of the trials was to ensure that all three
machines met the requirements of their respective functional design
specifications in submerged conditions. Results to date indicate
that they do. Analysis is ongoing with a view to complete a full
report on the submerged trials by the end of Q1 2018.”
Completing the trials in PNG allowed Nautilus to
work closely with its partner Petromin, government officers from
the various government regulatory agencies, as well as
representatives from Provincial Governments of New Ireland and East
New Britain. It also gave community leaders from coastal villages
geographically closest to the Solwara 1 site the opportunity to
witness the trials of the equipment, and allowed the Company to
accrue the economic benefits of the testing activity within
PNG.
The equipment is currently being prepared for
shipment to China where it will be integrated onto the vessel.
Links
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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 expected
performance of the Company's Seafloor Production Tools. We have
made numerous assumptions about such statements, including
assumptions relating to the completion and operation of the
Company's seafloor production system at the Solwara 1 Project. 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 relating to the performance of the Seafloor
Production Tools include the risk of equipment failing to perform
to design specifications when operated at the Solwara 1 Project, as
the machines have not yet been tested at depths similar to depths
present at 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).