Nautilus Minerals NUSMF (NUSMF)

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US$113 Million Released to Nautilus and Solwara 1 JV Formed

Press Release: Nautilus Minerals Inc. – 2 hours 13 minutes ago
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TORONTO, ONTARIO--(Marketwired - Dec 11, 2014) - Nautilus Minerals Inc. (NUS.TO)(NUSMF) (Company or Nautilus) is pleased to announce that the sum of US$113 million has today been released from escrow to Nautilus. In addition, the joint venture between Nautilus and the nominee of the Independent State of Papua New Guinea in respect of the Solwara 1 Project has now been formed.
Under the terms of the agreement between the parties (Agreement), the nominee of the Independent State of Papua New Guinea (State) has now fully funded its 15% interest in the Solwara 1 Project up to first production.
Mike Johnston, Nautilus' CEO, commented, "We are excited to have achieved completion under our Agreement and to formally commence our partnership in the Solwara 1 Project with the State's nominee, Eda Kopa (Solwara) Limited (State Nominee), a wholly owned subsidiary of Petromin PNG Holdings Limited. We appreciate the continued support we have received from the State Nominee in reaching this significant milestone."
The focus of the Project will now be to complete the build of the seafloor production equipment and vessel so that Nautilus can make seafloor mining a reality. Nautilus is excited to partner with the State Nominee in the development of this new industry, which will generate significant economic activity within the State and the Province of New Ireland.
Links:
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=649293
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=652179
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=682236
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=685730
For more information please refer to www.nautilusminerals.com.
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