Nautilus Minerals

Nautilus Minerals says Papua New Guinea's Registrar of Mining has set April 2, 2009 as the warden's hearing date for its Solwara 1 mining lease application.

Nautilus Minerals identified 10 new seafloor massive sulphide systems in Tonga during its 2008 exploration program, the company's first commercial deepwater exploration effort in the kingdom's exclusive economic zone.

Teck Cominco spent $14.8 million exploring seafloor massive sulphide deposits with Nautilus Minerals in Papua New Guinea and Tonga during 2008 but will not proceed further in those two countries.

Nautilus Minerals Inc. announced it will defer construction of the Solwara 1 mining system equipment to preserve its cash position amid the global economic downturn.

Teck has discovered a new seafloor massive sulphide system, Solwara 11, on a Nautilus Minerals exploration licence in Papua New Guinea, more than 300 km from the nearest known SMS system.

Nautilus Minerals applied to list 8,933,702 common shares on AIM and the Toronto Stock Exchange after completing a $12.4-million share subscription by Anglo American.

Nautilus Minerals reported unaudited third-quarter 2008 results, including $266.6 million in cash and cash equivalents as at Sept. 30, 2008, and three new seafloor discoveries.

Papua New Guinea's government accepted Nautilus Minerals' environmental impact statement for the Solwara 1 seafloor copper-gold project for review.

Anglo American's subsidiary will subscribe for 8,933,702 additional Nautilus Minerals shares, increasing its stake from 5.7 percent to 11.1 percent, raising about $12.4-million.

Nautilus Minerals confirmed Technip's fixed-price contracts for the Solwara 1 riser and lifting system at $116-million (U.S.), keeping first ore on track for Q4 2010.