Nautilus Appoints Chief Operating Officer
TORONTO, Feb. 22, 2018 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the "Company" or "Nautilus") is pleased to advise it has appointed Mr Wayne Knott to the role of Chief Operating Officer (“COO”), commencing March 19, 2018, as it moves towards starting its first seafloor mining operations in Papua New Guinea in 2019.*
Mr Knott is a metallurgist with over 30 years of mining industry experience, with particular expertise in dredging, operational start-ups and reviews. Wayne previously worked for Nautilus Minerals as Operations Manager during 2010 to 2012, where he was responsible for defining the Company’s original operational readiness plan, as well as providing significant input into the design and scope of the current production system. His immediate past role was Operational Readiness Specialist for Hatch, with clients that included BHP, BMA, and Teck Resources. Mr Knott is MBA qualified with a bachelor’s degree equivalent in Extraction Metallurgy.
Mike Johnston, Nautilus’ CEO, commented: “We are delighted to have Wayne back leading our project team. Wayne’s expertise in operational start-ups, their design and implementation, combined with his intimate knowledge of our production system, will be invaluable to us as we continue to advance towards completing the build and integration of our system, and launch the seafloor resource production industry.”
*Subject to finance being raised.
For more information please refer to Mr Knott’s bio on our website at www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 416 551 1100
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release contain forward-looking information within the meaning of applicable securities laws, including statements with respect to starting seafloor mining operations in 2019 and launching the seafloor resource production industry. We have made numerous assumptions about such statements; including assumptions relating to the Company’s funding requirements, project funding, and 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. Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Project towards mining operations in 2019 include the risk that the Company will be unable to obtain at all or on acceptable terms, and within the timeframes required, the remaining financings necessary to fund completion of the build, testing and deployment of the Company's seafloor production system, that the Company will be unable to rectify or arrange for the rectification of the default under the shipbuilding contract for the construction of the Production Support Vehicle (as announced on 11 December 2017) and that agreements with third party contractors for building slots within certain timeframes are not secured as required. 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 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 29.3% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 18.5% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).