Press release from Marketwire
Nautilus Minerals Announces Financial Results for Q3 2013
Thursday, November 14, 2013
Nautilus Minerals Announces Financial Results for Q3 201307:27 EST Thursday, November 14, 2013
TORONTO, ONTARIO--(Marketwired - Nov. 14, 2013) - 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, 2013, together with Management's Discussion and Analysis.
Q3 2013 Significant Events:
- Received a favorable decision on arbitration with the State of Papua New Guinea (the "State")
- Advanced the Solwara 1 Project
- Completed a Nodule Exploration Program to the Clarion Clipperton Zone
- US$54.0 million in cash and cash equivalents as at September 30, 2013
"Nautilus looks forward to bringing the Solwara 1 Project into production and will work with the State in order to move the Project forward in light of the arbitrator's award," said Nautilus' interim CEO, Mike Johnston. "Our immediate plan is to complete the build of the seafloor production equipment. The critical path for the project remains the vessel. Now that we have received the arbitration decision we are in a better position to select a shipyard and finalise the vessel financing structure."
"We are also delighted with the recent completion of a successful exploration program to the Clarion Clipperton Zone which represents a key step for us in advancing Nautilus' 100% owned subsidiary Tonga Offshore Mining Limited's CCZ project. We look forward to reporting assay results and preliminary metallurgical testwork as these results become available over the next few months."
For further details please refer to the below releases
The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.
For more information please refer to www.nautilusminerals.com.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
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 500,000 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, an Oman based group with interests in mining, oil & gas, which holds a 28.00% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.75% holding and global mining group Anglo American, which holds a 5.95% interest.
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 (collectively "forward-looking information"). Forward-looking information includes references to future production at Solwara and the completion of the seafloor production equipment. We have made several assumptions about the forward-looking information contained herein, including that the State will honour the decision of the arbitrator and contribute its pro rata share of capital to the Solwara Project. 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 information 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. As discussed in the Company's most recent Annual Information Form, the production decision for the Solwara Project was not based on a feasibility study of mineral reserves demonstrating economic and technical viability. Accordingly, there is increased uncertainty and economic and technical risks of failure associated with this production decision. Production and economic variables may vary considerably due to the absence of a completed and detailed analysis as would be included in a feasibility study. The risks associated with this decision, as well as the risks underlying the completion of the seafloor production tools are set forth in the Company´s Annual Information Form under the heading "Risk Factors". 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 information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking 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. Accordingly you should not place undue reliance on forward-looking information. Except as required by law, we do not expect to update forward-looking information as conditions change and you are referred to the full discussion of the Company's business and risk factors contained in its reports filed with the securities regulatory authorities in Canada on its profile page on SEDAR at www.sedar.com.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nautilus Minerals Inc. (Toronto)
+1 (416) 551 1100
Dahlman Rose & Co., LLC
Christopher R. Weekes
+1 212 372 5766
1301 Avenue of the America's
New York, NY 10019