Key points
- The option was retained by the Papua New Guinea government in January 2011.
- It allows the government to acquire up to a 30-per-cent stake in the Solwara 1 project in the Bismarck Sea.
- If exercised, the government will contribute financing proportional to its interest, including its share of exploration and development costs incurred to date.
- Nautilus extended the option’s term to March 11, 2011, to give the government time to complete its internal approval processes.
Nautilus Minerals Inc. has extended the term of an option retained by the Papua New Guinea government in January, 2011, to enable it to take up to a 30-per-cent stake in the Solwara 1 project in the Bismarck Sea.
If the option is exercised, the government will contribute finances to the project in proportion to its interest, including its share of the exploration and development costs incurred to date.
Nautilus has extended the term of the option until March 11, 2011, to allow the government to complete its internal approval processes.
