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26-Aug-10 -
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| | November 12, 2007
Financial Results for the 3rd Quarter ended September 30, 2007
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| | Number 2007-43
Vancouver B.C., November 12, 2007 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the 3rd quarter ended September 30, 2007 together with Management's Discussion and Analysis.
3rd Quarter 2007 Highlights:
- US$262 million (£125 million*) in cash and cash equivalents held on deposit with major banks.
- US$19.2 million (£9.2 million) of exploration expenditures during the quarter on the world's largest commercial exploration program for high grade seafloor massive sulphide systems.
- 11 exploration licenses granted in Papua New Guinea.
- Company graduated to TSX.
- World's first commercial seafloor electromagnetic survey of copper-gold sulphides.
- Successful completion of drilling program.
David Heydon, President and CEO, commented: "The third quarter of 2007 has been very successful for the Company with the completion of the 2007 drilling program and the focus of the Company on the development of Solwara 1."
"The loss reported this quarter of US$12.4 million (£5.9 million) is a reflection of the exploration program that was undertaken during the quarter and is in line with our expectations given that the Company is an exploration company in pre-development mode."
"The Company is in a very healthy position financially with potentially an additional C$39 million (£20.4 million) to be received from a private placement to Epion Holdings Limited as announced on October 9, 2007, subject to shareholder approval at an EGM to be held on November 26, 2007."
The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are attached below.
* Exchange rate used in this announcement US$1.00 = GBP 0.4771 = C$0.9145
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration. The Company's main focus for 2007 is the Solwara 1 Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean.
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 (416) 551 1100
President & CEO
Email: ceo@nautilusminerals.com
Tel: +61 (7) 3318 5555
Tel: +1 (416) 551 1100
Numis Securities Limited (NOMAD)
John Harrison/James Black
Tel: + 44(0) 20 7260 1000
Conduit PR Ltd (UK Financial PR)
Arabella Hobbs/ Ed Portman
Tel: + 44(0) 20 7429 6610 / +44(0) 7833 926 694 |
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| | You can view the Next News Releases item: Tue Nov 13, 2007, Significant High-Grade Copper and Gold Results at Solwara 1 Deposit
You can view the Previous News Releases item: Thu Nov 8, 2007, Escrow Release
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