UNDERWAY
Nautilus Minerals Inc.’s operator, Teck Cominco Ltd., has commenced the second phase of its 2008 $12-million (U.S.) offshore exploration program, with the departure from Singapore today of the vessel DEA Surveyor. This 150-day program will involve geochemical surveying and sampling, and remote operated vehicle-(ROV)-based sampling over Nautilus tenements in the territorial waters of Papua New Guinea (PNG) and the exclusive economic zone of Tonga. Part of this program will involve following up on targets defined by surveys completed by the MV Sepura in PNG earlier this month.
Vice-president of exploration for Teck Cominco, Fred Daley, commented: “We have an aggressive offshore exploration program that we are implementing in 2008. This program involves four vessels deploying geophysical and geochemical instruments; and in the case of the DEA Surveyor, a ROV that will have the capability to take rock samples.”
David Heydon, Nautilus’s chief executive officer, commented: “The DEA Surveyor’s cruise is the second phase of Teck Cominco’s 2008 $12-million exploration program. The combined Nautilus and Teck Cominco exploration programs will result in expenditures in excess of $30-million (U.S.) in 2008, as we build our prospect inventory and project portfolio while focusing on the successful permitting and development of the Solwara 1 project.”
Options exercised
As a result of the exercise of options, the company has made an application for 52,000 common shares to be admitted to the AIM and Toronto Stock Exchange. The shares are expected to be admitted to trading on May 21, 2008.
