Nautilus Minerals announces departure of President and CEO Michael Johnston
August 07 2018 - 3:12AM
Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF Nasdaq Intl
Designation) (the "Company" or "Nautilus) announces the
departure of President and CEO Mike Johnston with immediate effect.
Mr. Johnston will be replaced by independent Director Mr. John
McCoach, who is appointed as Interim CEO, also with immediate
effect.
Tariq Al Barwani, Nautilus' Chairman said, "We thank Mike for
his long service with Nautilus Minerals. Mike was one of the
original members of the Nautilus team with the vision that the
future of mining would include the seafloor.”
John McCoach, currently a Director of the Company, has been
appointed Interim CEO. John’s focus will be to advance Nautilus’
ongoing capital formation program. John said, “I am confident that
the Nautilus’ senior management will continue to operate the
Company in a professional manner, and the entire Nautilus Team will
see us through to our vision of becoming the World’s leading
seafloor mining company.”
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 and the 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 vessel; and that agreements with third party
contractors for building slots within certain timeframes are not
secured as required. As the Company has
not completed a prefeasibility study or feasibility
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.
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 30.4% interest and Metalloinvest, the
largest iron ore producer in Europe and the CIS, which has a 19.2%
holding (each on a non-diluted basis, excluding loan shares
outstanding under the Company’s share loan plan).