Key points
- Nautilus Minerals held $299-million (equivalent) in cash and cash equivalents as of June 30, 2008.
- The company signed a contract with Canyon Offshore Inc. to supply the vessel, Remote Operated Vehicle, and drilling equipment for its exploration and environmental programs.
- Nautilus signed a contract with North Sea Shipping Holding AS for the specialist mining support vessel for the Solwara 1 project in Papua New Guinea.
- Initial metallurgical testwork on the Solwara 1 deposit confirmed a marketable copper concentrate can be produced using standard froth flotation techniques.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the second quarter ended June 30, 2008, together with management’s discussion and analysis.
Second quarter 2008 highlights:
$299-million (equivalent) in cash and cash equivalents held on deposit with major banks as of June 30, 2008;
- $299-million (equivalent) in cash and cash equivalents held on deposit with major banks as of June 30, 2008;
Contract signed with Canyon Offshore Inc. to provide the vessel, Remote Operated Vehicle, and drilling equipment for the company’s exploration and environmental programs;
- Contract signed with Canyon Offshore Inc. to provide the vessel, Remote Operated Vehicle, and drilling equipment for the company’s exploration and environmental programs;
Completed initial metallurgical testwork on the company’s Solwara 1 deposit confirming that a marketable copper concentrate can be produced using standard froth flotation techniques;
- Completed initial metallurgical testwork on the company’s Solwara 1 deposit confirming that a marketable copper concentrate can be produced using standard froth flotation techniques;
New chief executive officer and president appointed;
- New chief executive officer and president appointed;
Contract to provide the specialist mining support vessel (MSV) for the company’s Solwara 1 project in Papua New Guinea was signed with North Sea Shipping Holding AS;
- Contract to provide the specialist mining support vessel (MSV) for the company’s Solwara 1 project in Papua New Guinea was signed with North Sea Shipping Holding AS;
Commenced the company’s 2008 exploration campaign.
- Commenced the company’s 2008 exploration campaign.
Steve Rogers, president and chief executive officer, commented: “During this second quarter of 2008, the company completed its project targets with the award of the MSV contract, the final contract of the three components of our mining system and closed the quarter with $299-million (U.S.) in cash and cash equivalents.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are available on the company’s website.
