Key points
- Nautilus Minerals held $215.3-million (U.S.) in cash and cash equivalents on deposit with major banks as at March 31, 2009.
- Teck Cominco confirmed its plans to conduct seafloor massive sulphide exploration.
- Nautilus reported continued exploration success in Tonga during the quarter.
- The mining warden’s hearing was completed during the quarter.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the first quarter ended March 31, 2009, together with management’s discussion and analysis. Nautilus will hold an investor update conference call in mid-May to provide details on the company’s progress.
First quarter 2009 highlights:
$215.3-million (U.S.) (equivalent) in cash and cash equivalents held on deposit with major banks as at March 31, 2009;
- $215.3-million (U.S.) (equivalent) in cash and cash equivalents held on deposit with major banks as at March 31, 2009;
Teck Cominco confirmed seafloor massive sulphide exploration plans;
- Teck Cominco confirmed seafloor massive sulphide exploration plans;
Exploration success continued in Tonga;
- Exploration success continued in Tonga;
Mining warden’s hearing completed.
- Mining warden’s hearing completed.
The company’s cash balance at the end of the quarter is in line with management’s expectations and reflects a reduction in creditors during the quarter. Nautilus continues to conserve cash until equipment build restart, through cost reduction programs and maintaining its cash in currencies that reflect the company’s current and expected cash outflows, to take advantage of natural hedges. The quarterly cash balance reflects the revaluation of those currencies in U.S. dollars, resulting in a foreign exchange loss of $4.0-million (U.S.).
Stephen Rogers, chief executive officer of Nautilus, commented: “The emphasis this quarter has been on reducing costs and strengthening the Solwara 1 project. We are seeing significant improvement in our capital and operating costs from changes in the marine sector. Additionally, we are pleased that the permitting and community consultation process is progressing to expectation in Papua New Guinea.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
