Nautilus Minerals made a US$1.3-million seed capital investment for a 51-per-cent equity stake in a company associated with director and outgoing CEO David Heydon.
Teck Cominco has begun the second phase of Nautilus Minerals' 2008 $12-million offshore exploration program with the vessel DEA Surveyor departing Singapore for a 150-day survey of PNG and Tonga tenements.
Nautilus Minerals reported first-quarter 2008 results, including $308.0-million (U.S.) in cash, a $116-million EPCM contract award, and the start of Teck Cominco's deep sea exploration program.
Teck Cominco completed phase one of its $12-million 2008 offshore exploration program over Nautilus Minerals' tenements in Papua New Guinea and Tonga on May 6, 2008.
Nautilus Minerals Inc. has signed a contract with Canyon Offshore Inc. to supply a vessel, ROV and drilling equipment for 2008 exploration programs in Papua New Guinea and Tonga.