Nautilus' Subsea Slurry and Lift Pump Build to Recommence
TORONTO, ONTARIO--(Marketwired - Mar 26, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces it has been advised by GE Oil and Gas, that it will recommence assembly of the Subsea Slurry and Lift Pump (SSLP) in July this year.
Mike Johnston, Nautilus' CEO, commented, "we are delighted to have been advised that the SSLP will be coming out of storage shortly and its assembly will recommence in July of this year. The SSLP is a key piece of equipment in Nautilus' plan to produce copper, gold and other metals from the deep ocean, with a very small environmental footprint. We look forward to taking delivery of the finished pump mid next year."
SSLP: What does it do?
The SSLP and riser system transfer the mineralized material as slurry from the deep ocean up onto the Production Support Vessel (PSV), where the mineralized solids are removed. The filtered return water is transferred back down to the pump via the auxiliary riser pipes where it is released back into the same environment from which it originally came from (see figure 1 in the links section below).
GE Oil and Gas produces these types of pumps for the offshore oil and gas industry, where amongst other things, they are designed to help limit the environmental impacts of drill cuttings in deep water drilling operations by helping recover the cuttings for eventual storage on land.
About GE Oil and Gas
GE Oil and Gas is one of the world's leading equipment and services' providers in the oil and gas industry. They have unique capabilities and expertise across the entire value chain - from oil and gas drilling equipment and subsea systems, to turbomachinery solutions and downstream. They have an extensive global network of manufacturing facilities, operational bases & services centres. Combined, their teams have more than 60 years' experience. Nautilus is proud to have GE Oil and Gas as a key service provider to the Solwara 1 Project. To read more on GE Oil and Gas please visit their website at: http://www.geoilandgas.com.
Links
Figure 1: http://www.nautilusminerals.com/i/photos/SPS_with_SSLP.jpg
An animation of how the seafloor production system works can be viewed on the Company's website: www.nautilusminerals.com/s/Investors-MediaCoverage.asp
For more information please refer to www.nautilusminerals.com
Neither the TSX nor the OTCQX accepts 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 timing of assembly and delivery of the SSLP. 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 and other risks relating to the Company's business and plans for development of the Solwara 1 Project, including the build of the SSLP and related equipment. With respect to the completion of the SSLP and its delivery, the Company is assuming that it will be completed as scheduled with the supplier. 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 420,000 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 trades on the (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).
Contact
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 (416) 551 1100
Principal American Liaison
Cowen and Company
599 Lexington Avenue
New York, NY 10022
otcqxrequest@cowen.com