Key points
- Nautilus Minerals held $129.5 million (equivalent) in cash and cash equivalents as at March 31, 2012.
- The Solwara 1 project was approximately 40 per cent complete at quarter-end, according to CEO Stephen Rogers.
- An exploration program commenced in the Bismarck Sea, Papua New Guinea, and a technical report update was released March 23, 2012.
- Nautilus announced a landmark offtake agreement with Tongling Nonferrous Metals Group Co. Ltd. on April 23, 2012.
Nautilus Minerals Inc. has released its unaudited consolidated financial results for the first quarter ended March 31, 2012, together with management’s discussion and analysis.
First-quarter 2012 highlights:
Exploration program commenced in the Bismarck Sea, Papua New Guinea;Technical report update released March 23, 2012;Solwara 1 project development advances;
$129.5-million (equivalent) in cash and cash equivalents as at March 31,
2012.
- Exploration program commenced in the Bismarck Sea, Papua New Guinea;
- Technical report update released March 23, 2012;
- Solwara 1 project development advances;
- $129.5-million (equivalent) in cash and cash equivalents as at March 31,
2012.
“Progress has continued throughout the first quarter of 2012 on works related to the Solwara 1 project development. At quarter-end, the project was approximately 40 per cent complete,” said Nautilus chief executive officer Stephen Rogers. “Considerable effort was also spent during the first quarter on the negotiation of a landmark offtake agreement which was announced on April 23, 2012, with Tongling Nonferrous Metals Group Co. Ltd.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
