Key points
- The new applications are in addition to 47 applications announced in Stockwatch on Nov. 20, 2006.
- Nautilus has raised $121.6-million (U.S.) in the last seven months.
- The company has technical collaboration agreements with Teck Cominco and Anglo American.
- Nautilus granted 20,000 options to one employee at a strike price of $5.80, vesting 20 per cent every six months over 30 months.
Nautilus Minerals Inc., following a program of geological targeting, has lodged 25 exploration licence applications covering prospective areas of the Solomon Sea in Papua New Guinea. These new applications, which are in addition to the 47 applications announced in Stockwatch on Nov. 20, 2006, cover an area of 63,950 square kilometres and brings to 186,343 square kilometres the total area held by Nautilus under exploration licence or licence application in PNG.
David Heydon comments that: “By taking this additional strategic step, Nautilus is further cementing its first-mover advantage as the leader in the emerging seafloor mining space. We now hold under exploration licence or exploration application dominant positions in two prospective regions.
“We have an aggressive exploration program planned for the coming year and expect that we will significantly build our prospect inventory through this work.”
Nautilus has raised $121.6-million (U.S.) in the last seven months and with technical collaboration agreements with Teck Cominco and Anglo American has the financial and technical resources to aggressively explore this significant holding.
The company has further granted a total of 20,000 options to one employee at a strike price of $5.80. These options have a term of three years vesting as to 20 per cent every six months for a period of 30 months starting six months after the date of grant.
