2007
Nautilus Minerals Inc. has provided its unaudited consolidated financial results for the second quarter ended June 30, 2007.
Second quarter 2007 highlights:
$272-million (U.S.) in cash held on deposit with major banks;$9.4-million (U.S.) invested during the quarter on the world’s largest commercial exploration program for high-grade seafloor massive sulphide systems;Discovery of four new seafloor massive sulphide prospects (named Solwara 5, 6, 7 and 8) in the territorial waters of Papua New Guinea;Completion of fieldwork for the environmental baseline study on the Solwara 1 prospect;Appointment of Farhad Moshiri as an independent director to the board.
- $272-million (U.S.) in cash held on deposit with major banks;
- $9.4-million (U.S.) invested during the quarter on the world’s largest commercial exploration program for high-grade seafloor massive sulphide systems;
- Discovery of four new seafloor massive sulphide prospects (named Solwara 5, 6, 7 and 8) in the territorial waters of Papua New Guinea;
- Completion of fieldwork for the environmental baseline study on the Solwara 1 prospect;
- Appointment of Farhad Moshiri as an independent director to the board.
David Heydon, president and chief executive officer, commented: “The June quarter has been very successful for the company with important new discoveries and the continued exploration and mine planning activities for Solwara 1.
“The loss reported this quarter of $6.2-million (U.S.) is in line with our expectations and is a reflection of the investment and expense we are making as an exploration company in predevelopment mode.
“As we reported to the market on Aug. 20, 2007 (see Stockwatch), our cash — which stood at $272-million at June 30, 2007 — is not invested in asset-backed commercial paper but on deposit for periods of less than 90 days with leading banks.”
