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Nautilus Minerals announces Financial Results for Q3 2014
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Toronto Ontario, November 12, 2014 - 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, 2014, together with Management's Discussion and Analysis.
Key Highlights:
- Nautilus enters into Vessel Charter
- Nautilus satisfies intellectual property condition precedent to agreement with State of PNG's nominee
- Solwara 1 Project advanced with mechanical and hydraulic assembly of the Auxiliary Cutter and Collecting Machine continuing during the quarter
- US$29.2 million in cash and cash equivalents as at September 30, 2014
"Having last month secured the intellectual property rights required by our agreement with the nominee of the Independent State of Papua New Guinea, we are delighted that we have recently secured a vessel charter with experienced vessel provider, Marine Assets Corporation" said Nautilus' CEO, Mike Johnston. "We now look forward to the signing of the Shipbuilding Contract* and the release of US$113 million from escrow. We appreciate the continued support we have received from Eda Kopa (Solwara) Limited, our joint venture partner and together with them, look forward to working with Marine Assets Corporation and the shipyard in seeing the delivery of our first vessel and making seafloor mining a reality."
*Marine Assets Corporation is to enter into a Shipbuilding Contract with Fujian Mawei Shipbuilding Ltd, to design and construct the vessel in accordance with Nautilus' specifications by no later than 28 November 2014.
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/s/Investors-Financials.asp
For further details please refer to the below releases in the Links section.
Investor Update
The Company will hold an investor update on Wednesday, November 19, 2014 at 10.00 a.m. Eastern Standard Time (EST).
Conference Call Details
Webcast link: http://www.media-server.com/m/p/hckmd74y
Dial-in numbers:
International Dial In: +61 2 8524 5042
Australia: 1800 801 825
Canada: 1855 842 3490
United Kingdom: 0800 0150 9725
United States of America: 1855 298 3404
Attendee Passcode: 7799823
If your country dial-in number is not included here please email investor@nautilusminerals.com
A presentation to support the conference call will be posted on www.nautilusminerals.com for download by 9:30 a.m. EST (Toronto) on Wednesday, November 19, 2014.
Links
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=679850
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=682236
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
Principal American Liaison
Cowen and Company
599 Lexington Avenue
New York, NY 10022
otcqxrequest@cowen.com
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 agreement between the Company and Marine Assets Corporation ("MAC") and the respective obligations thereunder, MAC signing the Shipbuilding Contract and paying the first installment, working with the nominee of the Independent State of Papua New Guinea (the "State"), the release of escrowed funds and commencing mining. We have made numerous assumptions about such statements. 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. With respect to the arrangement with MAC, the Company is assuming that the Shipbuilding Contract and payment of the instalment will occur by 28 November 2014 and that the parties will observe their obligations. Risks related to such arrangement include the failure by MAC to enter into the Shipbuilding Contract or pay the first instalment when required, the insolvency of MAC or the Shipyard and other events which may cause a delay to the delivery of the vessel. With respect to the Agreement with the State, the Company is assuming that the parties will satisfy the conditions of the agreement and that completion of the purchase of the State's 15% interest in the Solwara 1 Project will occur. Risks related to such Agreement are that if the conditions are not met, it could impair the Company's relationship with the State and have a negative impact on the Company's ability to develop the Project. 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 450,000 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 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).
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