Nautilus Minerals Announces Financial Results for Q3 2015
TORONTO, ONTARIO--(Marketwired - Nov 9, 2015) - Nautilus Minerals Inc. (TSX:NUS)(OTCQX:NUSMF) (the "Company" or "Nautilus") announces the release of its unaudited consolidated Financial Statements for the third quarter ended September 30, 2015, together with Management's Discussion and Analysis.
2015 Significant Events
- Advanced the Solwara 1 Project
- Commenced the physical construction of the Production Support Vessel (PSV)
- Recommenced targeted exploration programs
- US$68.9 million in cash and cash equivalents as at September 30, 2015
Mike Johnston, Nautilus' CEO, commented, "This past quarter we have continued to make steady progress on our seafloor production equipment with the Company proceeding with contracts for items of equipment required for the riser system. It was particularly exciting that steel cutting for our PSV happened on schedule moving us into the physical construction phase of the vessel. The Company remains dedicated to developing an environmentally and socially responsible approach for seafloor mining, commencing with production from Solwara 1 planned in Q1 2018."
Nautilus also concluded a 90 day exploration campaign during the quarter in the highly prospective Clarion Clipperton Fracture Zone (CCZ) of the Central Pacific. The exploration work was carried out over a contract area in the CCZ solely owned by Nautilus' 100% subsidiary Tonga Offshore Mining Ltd and exceeded the Company's expectations with respect to the amount and quality of data and sample collection. The geological data, material samples and environmental baseline data/samples will be assayed and analysed as soon as is practical and the Company looks forward to reporting on those results.
The Financial Statements and Management's Discussion and Analysis will be filed on www.sedar.com and will be available on the Company's website www.nautilusminerals.com/IRM/ShowCategory.aspx?CategoryId=305&FilterStyle=B&archive=true&masterpage=311&year=2015&RID=400
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 build of the PSV and other seafloor production equipment and plans for commencing production at the Solwara 1 Project (the "Project") 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 Project. The Company is assuming that the PSV and other seafloor production equipment 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 PSV and other seafloor production equipment and a consequent delay to the commencement of production in 2018. Risks related to advancing towards production 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 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 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). |
Contact
Investor Relations
Nautilus Minerals Inc. (Toronto)
investor@nautilusminerals.com
+1 (416) 551 1100
www.nautilusminerals.com
Principal American Liaison
Cowen and Company
599 Lexington Avenue
New York, NY 10022
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