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Media Kit
Recent Updates
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26-Aug-10 -
Nautilus Issues Options (more...)
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Nautilus Minerals Announces Financial Results for Q2 2010 (more...)
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Nautilus Minerals Conference Attendance Update (Second Half 2010) (more...)
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| | March 31, 2008
Teck Cominco Commences Deep Sea Exploration Program
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| | News Release Number 2008-05
Toronto Ontario, March 31, 2008 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the "Company" or "Nautilus") is pleased to announce that Teck Cominco Limited ("Teck") has commenced an offshore exploration program over Nautilus' exploration tenements in the territorial waters of Papua New Guinea ("PNG") and the exclusive economic zone of the Kingdom of Tonga ("Tonga"). As announced on December 20, 2007, (also refer to announcement December 7, 2006 http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=162197) at the completion of this program Teck will have the right to elect to enter into joint ventures with Nautilus in up to six countries, earning between 40% and 50% (depending on the country) by the expenditure of US$25 million in that specific country area.
Nautilus CEO David Heydon comments "We have been working closely with Teck since late 2006 and are pleased to have them now directly managing a significant offshore exploration program. Not only are they committing to an expenditure of US$12 million in 2008, they have also opened and staffed an exploration office in Brisbane with seasoned exploration personnel redeployed from their other global exploration programs. Nautilus and Teck staff are working closely together to design and implement these programs, with both groups seconding staff to assist in each other's programs. In 2008 Nautilus and Teck are planning to contract up to six vessels, providing the opportunity for new discoveries to build our project pipeline".
Fred Daley, Vice President Exploration for Teck comments "Teck is extremely pleased to be managing such a large scale seafloor research and exploration program on behalf of the parties. Nautilus holds some very prospective tenements in both PNG and Tonga and we are excited about the prospects for new discoveries in 2008. The opportunity to work with the professionals at Nautilus, world class marine research institutes and various consulting groups will significantly advance the understanding, and potential value of, seafloor massive sulphides on the Nautilus tenements."
The initial work program in the territorial waters of PNG commenced on March 26th with a 33 day bathymetric mapping program that will be conducted from the 50 metre long MV Sepura, a PNG registered and crewed vessel. This work will define areas for geophysical and geochemical follow-up in mid-2008.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and, subject to timely permitting, is positioning itself to become an emerging producer in 2010. The Company's 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 on AIM, and has among its largest shareholders two of the world's leading international resource companies, Teck Cominco (7.2%) and Anglo American (5.7%). Epion (22.4%) is controlled by the founder of Metalloinvest one of the largest and fastest growing mining and metallurgical holdings in Russia.
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
Australian Project Office
Tel: +61 (7) 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/James Black
Tel: + 44(0) 20 7260 1000
Neither the TSX nor the London Stock Exchanges accept responsibility for the adequacy or accuracy of this press release. |
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| | You can view the Next News Releases item: Thu Apr 3, 2008, US$116 Million Contract Awarded for Nautilus's Solwara 1 Development
You can view the Previous News Releases item: Fri Mar 28, 2008, Annual Results
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