Nautilus Seafloor Production Tools Arrive in Oman
TORONTO, ONTARIO--(Marketwired - Mar 11, 2016) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces, on behalf of the Solwara 1 Joint Venture (comprising Nautilus 85% and Eda Kopa (Solwara) Limited 15%, a subsidiary of Petromin Holdings PNG), that the three Seafloor Production Tools ("SPTs") have arrived safely at Duqm Port in Oman.
The three SPTs are scheduled to undergo extensive wet testing at Duqm Port (see links section for more information). The testing is one of the next major steps in the progression towards seafloor production, and will involve submerged testing of:
- Control systems operations and feedback
- Hydraulic functions
- Collection system functions
- Survey and visualization systems
The wet testing program is being undertaken by the Solwara 1 Joint Venture production team and representatives of Soil Machine Dynamics, with further logistics and engineering support from United Engineering Services Ltd, in Duqm Port, Oman. The preparatory works for the program will commence in April with initial testing operations scheduled to occur shortly thereafter.
The SPTs were designed and assembled in Newcastle upon Tyne by Soil Machine Dynamics, and the Company ultimately plans to use the SPTs to cut and extract high grade copper and gold from the seafloor at the Solwara 1 Joint Venture's project site in the Bismarck Sea, Papua New Guinea. Initial seafloor production operations are planned to commence at the Solwara 1 project site in Q1 2018.
Nautilus' CEO, Mike Johnston, said, "The Solwara 1 Joint Venture partners are delighted that the SPTs have made it safely to Duqm Port. We look forward to commencing our wet testing program with the support of UES and Soil Machine Dynamics (UK), and I look forward to reporting the results to our shareholders and the market in general."
Links:
http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=18
http://www.nautilusminerals.com/IRM/PDF/1717/NautilustowettestSeafloorProductionEquipment
http://www.nautilusminerals.com/IRM/PDF/1719/NautilustakesdeliveryofSeafloorProductionTools
An animation of how the seafloor production system works can be viewed on the Company's website:
www.nautilusminerals.com/irm/content/video-gallery.aspx?RID=421
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 plan to undertake wet testing of the SPTs and commence seafloor operations 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 Solwara 1 Project. The Company is assuming that the seafloor production system, including the SPTs, will operate according to the Nautilus specifications, that the wet testing operations will occur as planned and that seafloor operations will commence on schedule. Risks related to such arrangements include delay to the planned testing operations of the seafloor production equipment, including the SPTs, and a consequent delay to the commencement of seafloor operations. 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, testing and deployment of the Company's seafloor production system. As the Company has not completed an economic 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 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 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 trades on the (OTCQX:NUSMF), 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 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
Nautilus Minerals Inc. (Toronto)
Investor Relations
+1 (416) 551 1100
investor@nautilusminerals.com
www.nautilusminerals.com
Principal American Liaison
Euro Pacific Capital, Inc.
88 Post Road West, 2nd Floor, Westport, CT 06880
1-203-662-9700
Attn: Thomas Tan
ttan@europac.net