Key points
- Nautilus Minerals held $34.5-million (U.S.) in cash and cash equivalents as at March 31, 2014.
- The company confirmed the Clarion Clipperton zone nodule deposit grade and extent based on analysis of samples collected during its 2013 exploration program.
- Nautilus resolved issues with the independent state of Papua New Guinea and signed an agreement covering its participation in the Solwara 1 project.
- The company advanced the Solwara 1 project by completing the mechanical and hydraulic assembly of the bulk cutter and confirmed its chief executive officer appointment.
Nautilus Minerals Inc. has released its unaudited consolidated financial statements for the first quarter ended March 31, 2014, together with its management’s discussion and analysis.
First-quarter 2014 significant events:
Confirmed the Clarion Clipperton zone nodule deposit grade and extent
with analysis of samples collected during 2013 exploration program,
supporting the grade of elements previously reported; $34.5-million (U.S.) in cash and cash equivalents as at March 31, 2014.
- Confirmed the Clarion Clipperton zone nodule deposit grade and extent
with analysis of samples collected during 2013 exploration program,
supporting the grade of elements previously reported;
- $34.5-million (U.S.) in cash and cash equivalents as at March 31, 2014.
Postfirst-quarter 2014 significant events:
Resolved issues with the independent state of Papua New Guinea and signed agreement;
Confirmed chief executive officer appointment; Advanced the Solwara 1 project by completing the mechanical and
hydraulic assembly of the bulk cutter.
- Resolved issues with the independent state of Papua New Guinea and signed agreement;
- Confirmed chief executive officer appointment;
- Advanced the Solwara 1 project by completing the mechanical and
hydraulic assembly of the bulk cutter.
Mike Johnston, Nautilus’s chief executive officer, commented, “We are delighted that we have resolved the issues with the state in regards to their participation in the Solwara 1 project and look forward to working as partners in this new deep sea mining industry.”
He added, “The company’s immediate focus will now be on securing a suitable vessel arrangement as we continue our discussions with potential vessel partners while also undertaking a tender process with shipyards experienced in building offshore construction vessels.”
The company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial high-grade seafloor copper-gold project and launching the deepwater seafloor resource production industry.
The financial statements and management’s discussion and analysis will be filed on SEDAR and will be available on the company’s website.
