Nautilus Minerals Inc.: Vessel Electrical Installation Contract Awarded to Siemens
TORONTO, ONTARIO--(Marketwired - Apr 20, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd., a wholly owned subsidiary of Siemens AG.
Mike Johnston, Nautilus' CEO, commented, "the electrical package marks the fourth major long lead time package to be awarded by the shipyard, Fujian Mawei Shipbuilding. We are especially pleased to be partnering with another world class, global company such as Siemens. Their involvement with our first seafloor production system, along with other industry heavyweights such as GE Oil and Gas, Sandvik, Soil Machine Dynamics, Rolls Royce, Bedeschi and McGregor highlights the quality of the system that we are building. We look forward to reporting on Siemens' progress as the vessel construction progresses."
About the Electrical Installation
Siemens will supply the entire shipboard electrical installation for the Company's Production Support Vessel (PSV) to be first deployed for the Solwara 1 Project in the Bismarck Sea of Papua New Guinea. The scope of supply will extend to all main generators, switchboards, transformers, electrical motors and associated systems for power generation, propulsion, automation and distribution. Siemens will also be providing various switchboards and transformers to facilitate power distribution to various items of Seafloor Production Equipment to be built into the PSV during the ship building process.
About Siemens
Siemens is a global company which for over 130 years has been delivering electrical products, systems, solutions and services for the efficient and reliable operation of commercial and naval vessels over their entire lifecycle (www.siemens.com/entry/cc/en/).
Links:
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 design and construction of the production support vessel and plans for advancing the Solwara 1 Project (the "Project") towards production. 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 Project. With respect to the design and construction of the vessel, the Company is assuming that the vessel will be built according to the Nautilus specifications and on schedule. Risks related to such arrangement include the delay to the delivery of the vessel and a consequent delay to the commencement of mining at the Project site. Risks related to advancing the Project towards production include the risk that the Company will be unable to obtain at all or on acceptable terms the remaining financing necessary to fund completion of the build of the Company's seafloor production system. 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)
investor@nautilusminerals.com
+1 (416) 551 1100
www.nautilusminerals.com
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Cowen and Company
599 Lexington Avenue
New York, NY 10022
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