Friday, May 9, 2014

Nautilus Minerals Inc - NUS.t

Nautilus Minerals Inc - NUS.t is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver.

The company has also been granted its environmental permit for this site.

On May 9, 2014 the company released News


The Independent State of Papua New Guinea's nominee for participation in Nautilus Minerals Inc.'s Solwara 1 project has placed $113-million (U.S.) into escrow, representing the balance of the financing for the state nominee's 15-per-cent share of the capital required to complete the development phase of the project up to first production.

On April 24, 2014, the company announced it had resolved the dispute with the state and signed an agreement with the state's nominee, Eda Kopa (Solwara) Ltd., a subsidiary of Petromin PNG Holdings Ltd., enabling the project to move forward toward production.

Mike Johnston, Nautilus's chief executive officer, commented, "The fact that the state's nominee has placed the money into escrow well in advance of the July 31 deadline in the agreement further demonstrates the support the state now has for the project, as we continue to work together as partners in this new deep-sea mining industry."

On April 24, 2014 the company released News

"Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) (the "Company" or "Nautilus") announces that the Company and the Independent State of Papua New Guinea (the "State") have today signed an agreement (the "Agreement"), enabling the Solwara 1 Project (the "Project") to move forward toward production with the full support of the State.

Under the Agreement, the State shall take an initial 15% interest in the Project. The State has the option to take up to a further 15% interest within 12 months of the Agreement becoming unconditional. The State has paid Nautilus a non-refundable deposit for its initial 15% interest of US$7,000,000.

The Agreement is conditional upon the State, (through a subsidiary of Petromin PNG Holdings Limited ("Petromin")), securing by 31 July 2014, the funding for the State's 15% share of the capital required to complete the development phase of the Project up to first production, being US$113,000,000 (excluding the deposit). These funds will be placed in escrow until Nautilus satisfies the conditions for their release. The funds will be released to Nautilus, and an unincorporated joint venture between the parties for the ongoing operation of the Project shall be formed, if within 6 months of the funds being placed in escrow Nautilus secures the charter of a Production Support Vessel and secures for the State certain intellectual property rights. After first production, Petromin's subsidiary will contribute funds in proportion to its interest.