Key points
- Nautilus held $266.6 million (equivalent) in cash and cash equivalents on deposit with major banks as at Sept. 30, 2008.
- Nautilus discovered the Solwara 10, Solwara 9a and Solwara 9b high-grade seafloor massive sulphide systems in Papua New Guinea during the quarter.
- Teck discovered four new high-grade SMS systems in Tonga on Nautilus-controlled ground.
- Nautilus submitted a mining lease application while development of the Solwara 1 project continued on program.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the third quarter ended Sept. 30, 2008, together with management’s discussion and analysis.
Third quarter 2008 highlights:
$266.6-million (equivalent) in cash and cash equivalents held on deposit with major banks as at Sept. 30, 2008;
- $266.6-million (equivalent) in cash and cash equivalents held on deposit with major banks as at Sept. 30, 2008;
Discovery of Solwara 10 — a new high-grade seafloor massive sulphide (SMS) system in Papua New Guinea (PNG);
- Discovery of Solwara 10 — a new high-grade seafloor massive sulphide (SMS) system in Papua New Guinea (PNG);
Discovery of Solwara 9a and 9b — two new high-grade SMS systems in PNG;
- Discovery of Solwara 9a and 9b — two new high-grade SMS systems in PNG;
Teck discovered four new high-grade SMS systems in Tonga;
- Teck discovered four new high-grade SMS systems in Tonga;
Submission of mining lease application;
- Submission of mining lease application;
Development of Solwara 1 continues to program.
- Development of Solwara 1 continues to program.
Stephen Rogers, president and chief executive officer of Nautilus, commented: “The third quarter of 2008 was dominated by the company’s active exploration program which has resulted in the discovery of three new high-grade systems by Nautilus and four new high-grade systems by Teck on Nautilus-controlled ground. In addition to the success experienced on the water, the submission of the mining lease application was a significant milestone for both the company and the seafloor resource industry as a whole.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are available on the company’s website.
