Hearing Date Set For Arbitration (more...)
Nautilus Minerals Announces Financial Results for Q1 2013 (more...)
Nautilus files final Prospectus for fully backstopped C$40M Rights Offering (more...)
| ||March 26, 2012|
Nautilus Minerals reports solid year end results
| ||Toronto, Ontario, 26 March, 2012 -- Nautilus Minerals Inc. ("Nautilus" or the "Company") ended 2011 in a solid financial position with US$149.4 million in cash and cash equivalents, after a milestone year which saw the Company granted the first deep sea "hard rock" Mining Lease for its Solwara 1 project in the Bismarck Sea, Papua New Guinea ("PNG").|
The Company today released its 2011 full year financial results and Annual Information Form.
Nautilus delivered several key achievements during the year, with the highlights being:
Since the year end, the Company has continued to work with the PNG Government and Petromin PNG Holdings ("Petromin"), a company wholly owned by the State of PNG, to finalise contracts and financing arrangements for Petromin's 30% holding in the Solwara 1 project.
- Mining Lease ML154 (the area containing Solwara 1) granted by the PNG government for subsea production in the Bismarck Sea
- Agreement to form a mining joint venture with the State of PNG for the Solwara 1 project
- Agreement to form a vessel joint venture with Harren & Partner to own and operate a production support vessel
- Nautilus awarded exploration tenements in the Eastern Pacific and Fiji
- C$98.1 million raised in private placement of common shares
- Increased mineral resources at Solwara 1 and a declared maiden inferred resource at nearby Solwara 12
- Continued progress and development advances for the Solwara 1 project
At year's end the company reported a loss of US$34 million, with total expenses of US$35.0 million, including US$14.2 million in exploration costs, and general & administrative expenses of US$17.2 million. Total assets increased to US$282.6 million with the capitalization of expenditure for mineral properties following the grant of the Mining Lease and the increase in assets under construction. The cash and cash equivalents balance was also positively impacted by the receipt of funds from the private placement in Q4 2011.
"Nautilus achieved several milestones in 2011 that has positioned the Company well to reach its production target in Q4 2013," said Nautilus CEO Stephen Rogers."2012 is going to be another productive year as equipment takes shape on the project, the treatment and marketing route is finalised and we continue our exploration work in the Bismarck Sea and other areas to build the production pipeline."
Conference Call Details
A Conference Call and Webcast will be held on Tuesday March 27, 2012 at 9:00 a.m. (Toronto time).
International Dial In: +61 2 8524 5042
Australia: 1800 801 825
Canada: 1 855 842 3490
United Kingdom: 08 000 159 725
United States of America: 1 855 298 3404
Please quote Conference ID No: 8875176
If your country dial-in number is not included here please email email@example.com
A presentation to support the conference call will be posted on www.nautilusminerals.com for download by 8:30 a.m. (Toronto time) on March 27, 2012.
The following documents have been filed on SEDAR www.sedar.com and are available from the Company's website, www.nautilusminerals.com/s/Investors-Financials.asp.
For more information please refer to www.nautilusminerals.com or contact:
- Audited consolidated financial statements and Management's Discussion and Analysis for the year ending December 31, 2011; and
- Annual Information Form.
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Numis Securities Limited
Nominated adviser: Alastair Stratton
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000
Neither the TSX nor the London Stock Exchange accepts responsibility for the adequacy or accuracy of this press release.
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 production target, the mining joint venture, the vessel joint venture and Petromin's participation in the Solwara 1 project. We have made numerous assumptions about the material forward-looking statements and information contained herein. Please refer to the Company's Annual Information Form in respect of material assumptions and risks relevant to such forward looking statements and information. Even though our management believes 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. Accordingly, you should not place undue reliance on forward-looking statements or information. Except as required by law, Nautilus does not expect to update forward-looking statements and information as conditions change.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits.
Nautilus also holds approximately 600,000 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 and AIM stock exchanges and has its corporate office in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, and global mining group Anglo American, which holds an 11% interest.
You can view the Next News Releases item: Mon Apr 23, 2012, Nautilus Minerals signs landmark offtake agreement for Solwara 1
You can view the Previous News Releases item: Fri Mar 23, 2012, Nautilus Minerals releases updated technical reports
You can return to the main News Releases page, or press the Back button on your browser.