Key points
- Nautilus Minerals held $223.5 million (U.S. equivalent) in cash and cash equivalents on deposit with major banks as at June 30, 2009.
- Drilling discovered high-grade zones near the Solwara 1 site during the quarter.
- The company completed a mining warden’s hearing and released operating cost estimates.
- Nautilus reported continued exploration success with high grades from its 2009 Tongan exploration program.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the second quarter ended June 30, 2009, together with management’s discussion and analysis. Nautilus will hold an investor update conference call before the end of August to provide details on progress in the year to date.
Second-quarter 2009 highlights:
$223.5-million (U.S. equivalent) in cash and cash equivalents held on deposit with major banks as at June 30, 2009;
Drilling discovers high-grade zones near Solwara 1;
Operating cost estimates released;
Mining warden’s hearing completed;
Exploration success continues with high grades in 2009 Tongan exploration.
- $223.5-million (U.S. equivalent) in cash and cash equivalents held on deposit with major banks as at June 30, 2009;
- Drilling discovers high-grade zones near Solwara 1;
- Operating cost estimates released;
- Mining warden’s hearing completed;
- Exploration success continues with high grades in 2009 Tongan exploration.
Stephen Rogers, Nautilus’s chief executive officer, commented: “During the second quarter we have maintained appropriate expenditure controls to preserve our strong cash position. We continue to make progress with the selection process for a production support vessel. Our Tongan exploration results in the first half of the year have been positive and we expect to build on this over the coming months in Papua New Guinea.”
The company’s financial statements, management’s discussion and analysis are available from the company’s website and on SEDAR.
