Key points
- Nautilus Minerals held $196-million (U.S.) in cash and cash equivalents on deposit with major banks as at March 31, 2010.
- The MV Fugro Solstice was demobilized in January 2010 following completion of a successful exploration campaign.
- The company reactivated its Soil Machine Dynamics contract and shortlisted three potential vessels for Solwara 1 operations.
- Selection of a deep-hole-capable drilling unit and vessel for 2010 drilling activities was in its final stages, while other Solwara 1 contracts remained suspended pending a strategic partner.
Nautilus Minerals Inc. is releasing its unaudited consolidated financial results for the first quarter ended March 31, 2010, together with management’s discussion and analysis.
First quarter 2010 highlights:
$196-million (U.S.) (equivalent) in cash and cash equivalents held on deposit
with major banks as at March 31, 2010;MV Fugro Solstice demobilized in January, 2010, following a successful
exploration campaign;Reactivation of Soil Machine Dynamics contract;
Shortlisted three potential vessels for Solwara 1 operations;Recruitment of key project personnel is now under way;Selection of a suitable deep-hole-capable drilling unit and vessel to
support 2010 drilling activities is in the final stages.
- $196-million (U.S.) (equivalent) in cash and cash equivalents held on deposit
with major banks as at March 31, 2010;
- MV Fugro Solstice demobilized in January, 2010, following a successful
exploration campaign;
- Reactivation of Soil Machine Dynamics contract;
- Shortlisted three potential vessels for Solwara 1 operations;
- Recruitment of key project personnel is now under way;
- Selection of a suitable deep-hole-capable drilling unit and vessel to
support 2010 drilling activities is in the final stages.
Other Solwara 1-related contracts under suspension have not yet been reactivated. The full project equipment build will not recommence until a strategic partner has been secured.
Stephen Rogers, Nautilus’s chief executive officer, commented: “With the completion of the exploration program in January, considerable effort is now focused on the evaluation of results and the development of execution plans for drilling later this year. Engineering and planning continue on the Solwara 1 project as we progress discussions with potential partners.”
The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.
