Sponsored by the Tongan Government, TOML has been granted approximately
75,000 km2 of prime exploration territory in the CCZ, which
lies in international waters between Hawaii and Mexico.
As a result of exploration conducted in the 1980s, the CCZ is known to
host significant deposits of polymetallic nodules, which are golf ball
sized nuggets, rich in copper, nickel, manganese and cobalt, lying on the
seafloor in water depths starting at 4500 metres.
The International Seabed Authority, which is the organization
responsible for administering activity on the seafloor in international
territory, made the historic decision to grant the TOML licence at its
annual meeting in Jamaica this week. The licence is for an initial period
of 15 years.
Nautilus CEO Steve Rogers said the award of the exploration permit
presented exciting opportunities for the long term growth and expansion of
the company.
"At Nautilus, with our first project at Solwara 1 in the Bismarck Sea,
we are adapting technologies to access seafloor mineral resources in water
depths of 1600 metres. Ultimately, we intend to seek to establish the
capacity to expand operations to undertake larger scale projects envisaged
in the deeper waters of the CCZ.
"Nautilus is pleased to be at the forefront of development, working
with industry and the scientific community to establish methodologies and
processes to develop these significant resources in ways that are socially
and environmentally responsible," he said.
The ISA previously has awarded eight exploration permits to government
entities for polymetallic nodule exploration, but has not previously
granted licences to private sector organizations. TOML's application for
exploration permits represented "a new milestone in the life of the
(International Seabed) Authority," according to ISA Secretary General Nii
Allotey Odunton.
Links
Map of TOML's tenements: www.nautilusminerals.com/i/pdf/TOMLJuly2011.pdf
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 at Solwara 1, 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.
Neither the TSX nor
the London Stock Exchange accepts responsibility for the adequacy or
accuracy of this press release.