Nautilus Minerals Announces Financial Results for Q2 2015
TORONTO, ONTARIO--(Marketwired - Aug 10, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX: NUSMF) (the "Company" or "Nautilus") announces the release of its unaudited consolidated Financial Statements for the second quarter ended June 30, 2015, together with Management's Discussion and Analysis.
2015 Significant Events
- Advanced the Solwara 1 Project
- Advanced the construction of the Production Support Vessel (PSV)
- Recommenced modest exploration programs
- Released Earth Economics' independent Environmental and Social Benchmarking Analysis
- Granted the State Nominee an extension of its option exercise date
- Announced a change to the Board of Directors
- US$84.6 million in cash and cash equivalents as at June 30, 2015
Mike Johnston, Nautilus' CEO, commented, "We have continued to make steady progress this past quarter in advancing the build of the seafloor production equipment to be used at Solwara 1, in particular ongoing commissioning of the seafloor production tools and the welding of the riser pipes. The PSV build is progressing to plan, with all key long lead equipment orders placed by the end of the quarter, and design work and preliminary class approval on schedule. Another exciting highlight for the quarter was the release of the independent study by Earth Economics, which concluded that the Solwara 1 Project has the potential to significantly reduce social and environmental impacts commonly associated with large surface terrestrial copper mines. The Company remains dedicated to developing an environmentally and socially responsible approach for seafloor mining, commencing with production from Solwara 1 planned in Q1 2018."
The Financial Statements and Management's Discussion and Analysis will be filed on www.sedar.com and will be available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp
Investor Update
The Company will hold a conference call and audio/webcast to update investors on the Company's progress on Thursday, August 13, 2015 at 10.00 a.m. Eastern Daylight Time.
Conference Call Details
Webcast link: http://edge.media-server.com/m/p/b57pkyig
Dial-in numbers:
International Dial In: +61 2 8524 5042
Australia: 1800 801 825
Canada: 1855 842 3490
United Kingdom: 0800 015 9725
United States of America: 1855 298 3404
Attendee Passcode: 2882505
If your country dial-in number is not included here please email investor@nautilusminerals.com
A presentation to support the conference call will be posted on www.nautilusminerals.com for download by 9:30 a.m. EDT (Toronto) on Thursday August 13, 2015.
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 and plans for commencing production at the Solwara 1 Project (the "Project") in Q1 2018. We have made numerous assumptions about such statements, including 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 Project. The Company is assuming that the PSV and other seafloor production equipment will be built and operate 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. Risks related to advancing 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 and deployment of the Company's seafloor production system. As the Company has not completed an economic study in respect of the 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 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)
+1 (416) 551 1100
investor@nautilusminerals.com
www.nautilusminerals.com
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Cowen and Company
599 Lexington Avenue
New York, NY 10022
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