Nautilus Minerals Seafloor Production Vessel Launched
TORONTO, March 29, 2018 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that its production support vessel was today launched at the Mawei shipyard in China. The vessel will be used by Nautilus and its partner, Eda Kopa (Solwara) Limited at the Solwara 1 Project site, in the Bismarck Sea of Papua New Guinea.
Mike Johnston, Nautilus’ CEO commented at the launch, “Today’s launch is a significant milestone for the Company and the deep water seafloor mining industry. Mawei Yard has designed and built the world’s first Deep Sea Mining Production Support Vessel, in cooperation with Nautilus and Marine Assets Corporation. This has involved much discussion, thought and innovation, to produce this magnificent vessel. The Yard’s efforts have been truly amazing, and I would like to thank the Management and team at Mawei Shipbuilding for the terrific work that has been done to get the vessel to this stage of completion.”
He further added, “We believe that mining the seafloor for much needed minerals will be a more cost effective and environmentally friendly source of obtaining high grade copper, gold and silver*. Nautilus further differentiates itself from others by having a “first-mover advantage” which is protected by intellectual property and 20 patents. Once our new vessel is delivered, and subject to final funding, mining operations at 1600m water depth is anticipated to commence in late 2019.”
* Please refer to the NI 43-101 technical report dated February 27, 2018 titled “PEA of the Solwara 1 Project, Bismarck Sea, PNG” prepared by AMC Consultants Pty Ltd (AMC) (the "PEA Technical Report"), available at www.sedar.com and the Company’s website: http://www.nautilusminerals.com/irm/content/technical-reports.aspx?RID=306
About the vessel
The Production Support Vessel (PSV), which the Company will lease from the owner thereof, provides a stable platform for operations using world-class dynamic positioning technologies to ensure it stays on location at Solwara 1 irrespective of wind and wave conditions. The PSV has been designed for use in offshore construction and seafloor mining industries.
The PSV, as launched today, is approximately 75% complete with the final vessel delivery currently scheduled for March 31, 2019.
Links
http://www.nautilusminerals.com//irm/media/93/PSV launch.jpg
http://www.nautilusminerals.com//irm/media/94/PSV launch2.jpg
http://www.nautilusminerals.com//irm/media/95/PSV launch 3.jpg
For more information please refer to 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 may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the operation of the PSV and the expected schedule for completion of the PSV and commencement of mining operations at the Solwara 1 Project site. 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 and the PEA Technical Report 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 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 a prefeasibility study or feasibility 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).