Nautilus Minerals Inc. notes the current volatility in world equity and debt markets and confirms the following for the benefit of investors and market observers:
Nautilus is debt free.Its cash position as at July 31, 2007, was approximately $289-million (or 135 million pounds sterling) equivalent to $2.22 a share (or 1.04 pound sterling a share).The cash is not invested, but held on deposit with major banks for terms of less than 90 days.Nautilus’s exploration program is continuing and continues to meet with success.Reviews are under way of mining platform and vessel options.
- Nautilus is debt free.
- Its cash position as at July 31, 2007, was approximately $289-million (or 135 million pounds sterling) equivalent to $2.22 a share (or 1.04 pound sterling a share).
- The cash is not invested, but held on deposit with major banks for terms of less than 90 days.
- Nautilus’s exploration program is continuing and continues to meet with success.
- Reviews are under way of mining platform and vessel options.
David Heydon, Nautilus chief executive officer, commented: “Our exploration program for Solwara 1 in the territorial waters of Papua New Guinea is approximately 80 per cent complete. Drill core assays from Solwara 1 are several weeks away; however, an exploration update regarding recent activities is expected next week.
“We remain on track to deliver a preliminary resource and geological model in the fourth quarter of this year.
“Our $23-million (U.S.), 120-day exploration program has delivered new prospects, targets and technologies. Planning is well under way for 2008 and 2009 to leverage important new technologies, such as the remote-operated vehicle drill (ROVDrill) which is providing up to 18 metres of core in water depths of 1,700 metres.
“With regard to our preferred mining platform, we are advancing our options. A range of expressions of interest have been received for vessels, riser pipes and subsea tools and we will update the market, as previously advised, in October when the technical and commercial reviews are completed.”
Mr. Heydon added, “The company is in a far stronger position than at any time in its past given our cash reserves, the management we have attracted with deep water mining and oil and gas expertise, and the exploration success we have achieved.”
The company’s quarterly financial report for the three-month period ended June 30, 2007, will be released next week.
