🕐12.11.10 - 17:54 Uhr
Nautilus Minerals Announces Financial Results for Q3 2010 and Business Update
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Friday, November 12, 2010
Nautilus Minerals Announces Financial Results for Q3 2010 and Business
Update
_____
Toronto 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 Managements Discussion and
Analysis.
Third quarter 2010 highlights:
* US$178.8 million (equivalent) in cash and cash equivalents held on
deposit with major banks as at September 30, 2010
* Exploration activities continued with the preparation for the 2010
drilling program
* Project development advanced - particular emphasis on Seafloor
Production Tools ("SPTs")
* Strategic partner negotiations progressed
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."
Exploration Update
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 currently underway.
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
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
future.
The Financial Statements and Managements Discussion and Analysis have been
filed on www.sedar.com and are also available on the Companys 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 Companys 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 worlds 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 Companys issued shares through Gazmetall Holding (Cyprus) Limited.
Certain 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 Companys business contained
in the Companys reports filed with the securities regulatory authorities in
Canada.
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc.
(Toronto)
Email:
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.
You can also view this News Release on our website at:
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=428055
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