Nautilus Minerals Seafloor Production Vessel Launched
29 March 2018 - 9:57AM
Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF)
(Nasdaq Intl Designation) (the "
Company" or
"
Nautilus") announces that its production support
vessel was today launched at the Mawei shipyard in China. The
vessel will be used by Nautilus and its partner, Eda Kopa (Solwara)
Limited at the Solwara 1 Project site, in the Bismarck Sea of Papua
New Guinea.
Mike Johnston, Nautilus’ CEO commented at the
launch, “Today’s launch is a significant milestone for the Company
and the deep water seafloor mining industry. Mawei Yard has
designed and built the world’s first Deep Sea Mining Production
Support Vessel, in cooperation with Nautilus and Marine Assets
Corporation. This has involved much discussion, thought and
innovation, to produce this magnificent vessel. The Yard’s efforts
have been truly amazing, and I would like to thank the Management
and team at Mawei Shipbuilding for the terrific work that has been
done to get the vessel to this stage of completion.”
He further added, “We believe that mining the
seafloor for much needed minerals will be a more cost effective and
environmentally friendly source of obtaining high grade copper,
gold and silver*. Nautilus further differentiates itself from
others by having a “first-mover advantage” which is protected by
intellectual property and 20 patents. Once our new vessel is
delivered, and subject to final funding, mining operations at 1600m
water depth is anticipated to commence in late 2019.”
* Please refer to the NI 43-101 technical report dated February
27, 2018 titled “PEA of the Solwara 1 Project, Bismarck Sea, PNG”
prepared by AMC Consultants Pty Ltd (AMC) (the "PEA Technical
Report"), available at www.sedar.com and the Company’s website:
http://www.nautilusminerals.com/irm/content/technical-reports.aspx?RID=306
About the vessel
The Production Support Vessel (PSV), which the
Company will lease from the owner thereof, provides a stable
platform for operations using world-class dynamic positioning
technologies to ensure it stays on location at Solwara 1
irrespective of wind and wave conditions. The PSV has been designed
for use in offshore construction and seafloor mining
industries.
The PSV, as launched today, is approximately 75%
complete with the final vessel delivery currently scheduled for
March 31, 2019.
Links
http://www.nautilusminerals.com//irm/media/93/PSV launch.jpg
http://www.nautilusminerals.com//irm/media/94/PSV launch2.jpg
http://www.nautilusminerals.com//irm/media/95/PSV launch 3.jpg
For more information please refer to
www.nautilusminerals.com or contact:
Investor
RelationsNautilus Minerals Inc. (Toronto)Email:
investor@nautilusminerals.com Tel: +1 416 551 1100 |
The TSX does not accept 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 operation of the PSV and the expected schedule for completion
of the PSV and commencement of mining operations at the Solwara 1
Project site. We have made numerous assumptions about such
statements, including assumptions relating to the Company’s funding
requirements, project funding, and 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 and the PEA Technical Report
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
Solwara 1 Project. Risks related to continuing the Company's
operations and advancing the development of the Solwara 1 Project
include the risk that the Company will be unable to obtain at all
or on acceptable terms, and within the timeframes required, the
remaining financings necessary to fund completion of the build,
testing and deployment of the Company's seafloor production system;
that the Company will be unable to rectify or arrange for the
rectification of the default under the shipbuilding contract for
the construction of the Production Support Vehicle (as announced on
11 December 2017); and that agreements with third party contractors
for building slots within certain timeframes are not secured as
required. As the Company has not completed a prefeasibility study
or feasibility study in respect of the Solwara 1 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 is also a member of the
Nasdaq International Designation program. 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 29.3% interest and Metalloinvest, the
largest iron ore producer in Europe and the CIS, which has a 18.5%
holding (each on a non-diluted basis, excluding loan shares
outstanding under the Company’s share loan plan).