►The world's first seafloor copper-gold project, Solwara 1, is under development in Papua New Guinea. Utilising technologies from the offshore oil and gas, dredging and mining industries, the project will mark the launch of this new deep water seafloor resource production industry.
►Nautilus Minerals Inc ("Nautilus") is following the lead by the offshore oil and gas industry to tap vast offshore resources. It is the first company to commercially explore the seafloor for massive sulphide systems, a potential source of high grade copper, gold, zinc and silver. Nautilus is developing a production system using existing technologies adapted from the offshore oil and gas industry to enable the extraction of these high grade Seafloor Massive Sulphide ("SMS") systems on a commercial scale.
►The Company plans to grow its tenement licences and exploration applications in the exclusive economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands and New Zealand both regionally and across the world.
►Listed on the Toronto (TSX) and London (AIM) exchanges, Nautilus has among its cornerstone shareholders three of the world's largest resource companies and its alliances and technical partnerships position it as the world leader in deep water exploration and development of minerals systems.
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ROCK/DRILL CORE PHOTOS
PNG COMMUNITY PHOTOS
NAUTILUS COMMUNITY PHOTOS
Our current focus remains on delivering a cost effective and efficient system for our first commercial development, the Solwara 1 Project, which is located at 1600 metres water depth in the Bismarck Sea, Papua New Guinea.
The Company released an independent 275 page Definition and Cost Study ("Study") for the Solwara 1 Project in the second quarter of 2010. The Study provides in depth details on resources, production planning and equipment to be used in the proposed operations. The key conclusions for the Solwara 1 Offshore Production System are:
Through strategic partnerships and collaboration with industry leaders from around the globe, the Company is refining existing technologies for the Solwara 1 project. Technologies from surface mining (rock cutting), dredging (slurry pumping/hard rock cutting/gathering) and offshore oil and gas (trenching/Remotely Operated Vehicles ("ROVs")/risers) sectors are being combined and adapted for the Solwara 1 Production System.
- Capital costs, including those associated with barging to the Port of Rabaul, estimated to be US$383 million (including a 17.5% contingency).
- Average operating costs to the Port of Rabaul estimated at US$70 per tonne (including a 10% contingency) based on a 1.35 million tonnes per year production rate.
- Production rate commencing at 1.2 million tonnes per year (dry equivalent) with capacity to ramp up to 1.8 million tonnes per year.
- Once approved by the Board of Nautilus, the build program is 30 months to commence commercial production.
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SOLWARA 1 RESOURCE
The exploration team drilled a 43-101 resource on the Solwara 1 Project in 2007 using newly developed ROV drills. The resulting high grade copper-gold resource was the world's first Seafloor Massive Sulphide ("SMS") resource statement. Results were as follows (December 20, 2007):
The detailed 43-101 resource report can be found here. PERMITTING
- Indicated Mineral Resource: 870 kt @ 6.8% Cu, 4.8 g/t Au, 23 g/t Ag, 0.4% Zn.
- Inferred Mineral Resource: 1,300 kt @ 7.5% Cu, 7.2 g/t Au, 37 g/t Ag, 0.8% Zn.
The Mining Lease ("ML") application and the development proposal were both submitted to the Government of PNG in Q3, 2008 (October 3, 2008). The ML was granted by the Government of Papua New Guinea on January 17, 2011. (January 17, 2011). The Environmental Permit for the development of the Solwara 1 Project was granted in December 2009, by the Department of Environment and Conservation ("DEC") of Papua New Guinea for a term of 25 years, expiring in 2035 (January 5, 2010). To download the EIS and for more information on Safety, Community and the Environment, please visit our CARES pages www.cares.nautilusminerals.com
The Project Development team continues production planning and engineering work on, materials handling, shipping, metallurgical testing and processing equipment. The team is actively engaged in sourcing production vessels, treatment solutions and other key contracts.
NEXT GENERATION PRODUCTION
Once Solwara 1 is operational, Nautilus plans to launch additional projects on our extensive tenement holdings across the South Pacific. To prepare for this growth we continue to evaluate technology from the perspective of its application to future production systems. Among the key technology areas that we will continue to evaluate and develop are:
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August 11, 2011
Nautilus granted exploration tenements in Fijian waters
Vancouver, British Columbia, August 11, 2011 -- Nautilus Minerals Inc has become the first private sector organisation to be granted offshore exploration licences in Fiji.
The Fijian Government has granted the company 14 special prospecting licences, covering a total of approximately 60,000 km2. The territory is considered highly prospective, having been the subject of marine research by Japanese, French and other scientific cruises in the late 1980s and early 1990s.The licences each have an initial term of two years.
Under the terms of a regional area of interest agreement signed with Teck Resources in 2007, Teck holds the right to earn an interest in the Fijian tenements by contributing to exploration spending. Teck has not yet indicated whether it intends to exercise that right.
Following the grant of the Fijian leases, Nautilus holds exclusive exploration tenements covering a total of approximately 230,000 km2 in the western Pacific, and has applied for a further 370,000 km2, taking the total to approximately 600,000 km2 (www.nautilusminerals.com/i/pdf/FijiTenementsAug11.pdf ).
Nautilus' CEO, Steve Rogers said the award of the licences was an important step forward for Nautilus and for Fiji.
"The territory is very promising and has the potential to host significant high grade deposits of copper, zinc, silver and gold.
"Following the recent grant of exploration licences by the International Seabed Authority, the Fijian government's decision to select Nautilus as the first private sector, commercial organisation to be granted offshore exploration leases reconfirms the leading status of Nautilus in this new industry," he said.
Nautilus is developing the world's first deepwater seafloor resource development project at Solwara 1, in the Bismarck Sea of Papua New Guinea. The project is well advanced, with all permitting in place and construction of remote-controlled seafloor production equipment having commenced.
Drilling Campaign 2010
Seafloor Production Video Animation
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