Friday, November 12, 2010
Nautilus Minerals Announces Financial Results for Q3 2010 and
Ontario, November 12, 2010 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the
"Company" or "Nautilus") announces the release of
its unaudited consolidated financial results for the third quarter
ended September 30, 2010 (the "Financial Statements")
together with Management's Discussion and Analysis.
Third quarter 2010 highlights:
million (equivalent) in cash and cash equivalents held on deposit
with major banks as at September 30, 2010
activities continued with the preparation for the 2010 drilling
development advanced - particular emphasis on Seafloor Production
- Strategic partner
Stephen Rogers, Nautilus'
CEO commented: "As we enter the final quarter, the Company is
focused on reaching its target milestones for the year. Enhancing our
knowledge of seafloor systems, through the 80 metre
capable ROVdrill3 program, is a key milestone together with the ongoing
strategic partner discussions."
Preparations continued for the fourth quarter mobilisation
of the ROVdrill3 drilling system to Papua New Guinea ("PNG").
Ship and drill rig modifications were well underway by quarter end.
Personnel recruitment and training were also advanced according to
schedule. Plans for additional geophysical surveys and environmental
work to support the drilling results were also finalised.
The vessel REM Etive has arrived on location
at Solwara 1 and equipment trials are
Nautilus continued to expand its tenement holdings during the quarter.
Additional licences were granted in Vanuatu,
while new applications were submitted in PNG, Solomon Islands and Fiji,
bringing the total area under application or grant up to 529,232km2.
Project Development Update
The Company made good progress with the development of the Solwara 1 Project during the quarter.
The Company continues to work with the PNG Government in relation to
the grant of the Mining Lease ("ML"). All required review
steps have now been completed, and the key PNG Government review body,
the Mining Advisory Council, has recommended to the Minister that the
ML be granted.
Soil Machine Dynamics is progressing with the development of the SPTs.
Detailed design has advanced and procurement of key component
subassemblies is in process.
Technip USA is progressing with development
of the Riser and Lifting System (http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=294530).
Subcomponent bid packages are being prepared so that tenders can be
launched as soon as the project build is recommenced.
Technip Oceania Perth Limited has been
retained to develop the planning for the equipment integration into the
short listed vessels. Work has focused on refining the equipment
control system integration, electrical system integration and detailed
operational review of deck layouts for the short listed vessels.
Strategic Partner Update
Parallel negotiations continued with two prospective partners. The
strategic objective is to provide additional capital for the
development of the Solwara 1 offshore
production system in conjunction with adding value for the project
solution. These negotiations have been extended in an effort to secure
the best shareholder value from an overall risk perspective. The target
remains to conclude negotiations with a potential partner in the near
The Financial Statements and Management's Discussion and Analysis have
been filed on www.sedar.com and are also available on
the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor
for polymetallic seafloor massive sulphide deposits and is currently developing its
first project. The Company's main focus is the Solwara
1 Project, which is located in the territorial waters of Papua New
Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and
AIM stock exchanges, and has among its largest shareholders two of the
world's leading international resource companies Anglo American (11.1%)
and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest
growing mining and metallurgical holding companies in Russia, which
beneficially owns 21.0% of the Company's issued shares through Gazmetall Holding (Cyprus) Limited.
of the statements made in this news release may contain forward-looking
statements within the meaning of the United States Securities Exchange
Act of 1934 and forward-looking information within the meaning of
applicable Canadian securities law. Forward-looking statements and
forward-looking information include, but are not limited to statements
or information with respect to the grant of the Mining Lease, the
negotiation of a strategic partner relationship, the development of the
Riser and Lift System and the award of contracts. We have made numerous
assumptions about the material forward-looking statements and
information contained herein, including among other things, that the
PNG Government will continue to entertain Nautilus' application for a Mining
Lease, that the possible strategic partners will continue to negotiate
with Nautilus and that Technip USA will
continue to progress with the development of the Riser and Lift System.
Even though our management believes that the assumptions made and the
expectations represented by such statements or information are
reasonable, there can be no assurance that the forward-looking
statement or information will prove to be accurate. Forward-looking
statements and information by their nature involve 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 statements or information. Such risks,
uncertainties and other factors include, among others, the risk that
the Government of PNG will not continue to entertain Nautilus'
application for a Mining Lease; the risk that Nautilus' contractual
counterparties will not continue to honour
their contracts with Nautilus; the risk that the potential strategic
partners will not continue to negotiate with Nautilus in good faith or
at all; and the risk that Technip USA will
fail to make progress with the Riser and Lift System. Should one or
more of these risks, uncertainties or other factors materialize, or
should underlying assumptions prove incorrect, actual results may vary
materially from those described in forward-looking statements and
information. Although we have attempted to identify factors that would
cause actual results to differ materially from those described in
forward-looking statements and information, there may be other factors
that cause actual results, performances, achievements or events to not
be as anticipated, estimated or intended. Also, many of the factors are
beyond our control. There can be no assurance that forward-looking
statements or information will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly you should not place undue reliance on
forward-looking statements or information. 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.
For more information please refer www.nautilusminerals.com or
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Australian Project Office
Tel: +61 (7) 3318 5555
Numis Securities Limited
Nominated adviser: John Harrison
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000
Neither the TSX nor the London Stock Exchange accept responsibility
for the adequacy or accuracy of this press release.
also view this News Release on our website at: