Nautilus Minerals

Nautilus Minerals reported Q1 2011 progress at Solwara 1, including a new PNG mining lease, a 30-per-cent state stake, and $139-million in cash.

Nautilus Minerals Inc. has withdrawn its proposed capital raising due to weak financial market conditions.

Nautilus Minerals Inc. has launched a marketed public offering of common shares expected to raise approximately $150-million in gross proceeds.

Nautilus Minerals completed its 2010/2011 seafloor drilling program in the Bismarck Sea, with the REM Etive demobilizing in Singapore on May 16, 2011.

Nautilus Minerals filed a preliminary short form prospectus for a marketed public offering of common shares in all Canadian provinces except Quebec.

Nautilus Minerals has reinstated its 2008 contract with GE Oil & Gas for the subsea slurry lift pump for the Solwara 1 project.

Nautilus Minerals has partnered with German shipping company Harren & Partner to design, build and operate a production support vessel for its Solwara 1 seafloor copper-gold project in Papua New Guinea.

The Papua New Guinea government signed an agreement and exercised its option to take a 30-per-cent stake in Nautilus Minerals' Solwara 1 project.

Nautilus Minerals ended fiscal 2010 with $165-million in cash and a $45-million net loss, while advancing its Solwara 1 seafloor project in Papua New Guinea.

Papua New Guinea's government will take a 30-per-cent equity stake in Nautilus Minerals' Solwara 1 seafloor project, leaving Nautilus with 70 per cent.