Nautilus Minerals Announces Financial Results for Q1 2015
TORONTO, ONTARIO--(Marketwired - May 8, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces the release of its unaudited consolidated Financial Statements for the first quarter ended March 31, 2015, together with Management's Discussion and Analysis.
2015 Significant Events to date
- Commenced commissioning of the Auxiliary Cutter and Collecting Machine
- Advanced the Production Support Vessel (PSV) build with key contracts for long lead equipment items awarded by Fujian Mawei Shipbuilding, which included:
- engine and thruster package awarded to Rolls Royce
- cargo handling equipment awarded to Bedeschi SPA
- cranes awarded to MacGregor
- electrical installation awarded to Siemens International Trading (Shanghai) Ltd
- Completed Factory Acceptance Testing for the umbilical winches for Nautilus' Seafloor Production Tools
- Advised by GE Oil and Gas that the build for the Subsea Slurry and Lift Pump is due to recommence in July 2015
- Signed a contract with Gardline CGG Pte Ltd to provide exploration services for Nautilus' 2015 program in the Solomon Islands
- Announced changes to the Board of Directors with the appointment of Mr Tariq Al Barwani and the resignation of Mr Usama Al Barwani
- US$97.6 million in cash and cash equivalents as at March 31, 2015
Mike Johnston, Nautilus' CEO, commented, "we are delighted to have made such good progress since the beginning of the year with the build of our seafloor production equipment. For the next 12 months we will remain focused on the build of the PSV and the delivery of the equipment that is to be integrated in it."
He further commented, "it is also very pleasing to have recommenced our exploration initiatives, with our first program planned for May this year in the Solomon Islands, as we advance our pipeline of seafloor massive sulphide systems in the South West Pacific."
The Company remains committed to maximizing shareholder value by achieving its objective of developing the world's first commercial high grade seafloor copper-gold project and launching the deep water seafloor resource production industry in 2018.
The Financial Statements, Management's Discussion and Analysis will be filed on www.sedar.com and will also be available on the Company's website www.nautilusminerals.com/s/Investors-Financials.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 build of the PSV and other seafloor production equipment, exploration plans to advance the Company's pipeline of seafloor massive sulphide systems and plans for launching the deep water seafloor resource production industry in 2018. We have made numerous assumptions about such statements, including that the Company's 2015 exploration program will proceed as planned, and assumptions relating to the funding, 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. The Company is assuming that the PSV and other seafloor production equipment will be built according to the Nautilus specifications and on schedule. Risks related to such arrangement include the delay to the delivery of the PSV and other seafloor production equipment and a consequent delay to the commencement of production in 2018, including delays caused by equipment failures, breakdowns, accidents or external events including the actions of contractors or other third parties. Risks related to advancing towards production in 2018 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 and deployment of the Company's seafloor production system, and the risk that 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. In addition, there is a risk that the Company's planned exploration work in the South West Pacific will not result in the expansion of the Company's prospect inventory. 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
Principal American Liaison
Cowen and Company
599 Lexington Avenue
New York, NY 10022
otcqxrequest@cowen.com