Key points
- Nautilus Minerals held $262-million (U.S.) in cash and cash equivalents on deposit with major banks as of Sept. 30, 2007.
- The company spent $19.2-million (U.S.) on exploration during the third quarter of 2007.
- Papua New Guinea granted Nautilus 11 exploration licences during the quarter.
- Nautilus reported a third-quarter net loss of $12.4-million (U.S.) and graduated to the Toronto Stock Exchange.
Nautilus Minerals Inc. is releasing its unaudited consolidated financial results for the third quarter ended Sept. 30, 2007, together with management’s discussion and analysis.
Third quarter 2007 highlights:
$262-million (U.S.) (125 million pounds (i)) in cash and cash equivalents held on deposit with major banks;$19.2-million (U.S.) (9.2 million pounds) of exploration expenditures during the quarter on the world’s largest commercial exploration program for high-grade sea floor massive sulphide systems;11 exploration licences granted in Papua New Guinea;Company graduated to the Toronto Stock Exchange;World’s first commercial sea floor electromagnetic survey of copper-gold sulphides;Successful completion of drilling program.
- $262-million (U.S.) (125 million pounds (i)) in cash and cash equivalents held on deposit with major banks;
- $19.2-million (U.S.) (9.2 million pounds) of exploration expenditures during the quarter on the world’s largest commercial exploration program for high-grade sea floor massive sulphide systems;
- 11 exploration licences granted in Papua New Guinea;
- Company graduated to the Toronto Stock Exchange;
- World’s first commercial sea floor electromagnetic survey of copper-gold sulphides;
- Successful completion of drilling program.
David Heydon, president and chief executive officer, commented: “The third quarter of 2007 has been very successful for the company, with the completion of the 2007 drilling program and the focus of the company on the development of Solwara 1.
“The loss reported this quarter of $12.4-million (U.S.) (5.9 million pounds) is a reflection of the exploration program that was undertaken during the quarter and is in line with our expectations given that the company is an exploration company in predevelopment mode.
“The company is in a very healthy position financially, with potentially an additional $39-million (Canadian) (20.4 million pounds) to be received from a private placement to Epion Holdings Ltd., as announced on Oct. 9, 2007, subject to shareholder approval at an EGM to be held on Nov. 26, 2007.”
The financial statements, and management’s discussion and analysis, have been filed on SEDAR.
(i) The exchange rate used was $1 (U.S.) equals 47.71 pence equals 91.45 Canadian cents.
