TORONTO, ONTARIO--(Marketwired - Aug 13, 2015) - Nautilus Minerals Inc. (NUS.TO)(NUSMF) (the "Company" or "Nautilus") announces that the contract for the vessel integrated control system (including dynamic positioning and navigation systems) to be used on the Company's Production Support Vessel (PSV), has been awarded to Kongsberg Maritime, located in Norway. This is yet another key contract to be awarded by the shipyard, Fujian Mawei Shipbuilding Limited.
Mike Johnston, Nautilus' CEO, commented, "we are delighted to have the global technology leader in this field, well known for its extensive portfolio of high performance products and solutions supplying the dynamic positioning, navigation and control systems for our PSV. We look forward to reporting on the progress of the integration of this system into the vessel as we move closer to having our PSV ready for mining in Q1, 2018."
About the Integrated Vessel Control System
The integrated vessel control system (IVCS) package comprises dynamic positioning, marine automation, information management and navigation systems. The IVCS will keep the vessel within specified position and heading limits while operations are performed. The system will also provide oversight and control of critical vessel systems ensuring efficient operation of the vessel and minimising fuel consumption and wear and tear on the propulsion equipment. Kongsberg Maritime has supplied more than 2500 dynamic positioning systems worldwide.
About Kongsberg Maritime
Kongsberg Maritime is a wholly owned subsidiary of the Kongsberg Group, a leading Norwegian technology company established on 20th March 1814. Kongsberg Maritime delivers products and systems for dynamic positioning, navigation and automation to merchant vessels and offshore installations. They also supply products and systems for seabed surveying, surveillance, training simulators, and for fishing vessels and fisheries research. http://www.km.kongsberg.com/
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An animation of how the seafloor production system works can be viewed on the Company's website: www.nautilusminerals.com/s/Investors-MediaCoverage.asp
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 design and operation of the vessel, the expected timing of completion of the vessel and plans to commence mining 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 "Project"). With respect to the design and operation of the vessel, the Company is assuming that the vessel 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 vessel and a consequent delay to the commencement of mining at the Project site, and the risk that the vessel's systems will not operate as intended due to equipment failures and other general risks associated with marine-based operations. Risks related to advancing the Project towards production in 2018 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).