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Toronto Ontario, Feb 1, 2016 – Nautilus Minerals Inc. (TSX:NUS, OTCQX:NUSMF, OTC:NUSMF Nasdaq Intl Designation) (the “Company” or “Nautilus”) announces that the Solwara 1 Joint Venture (comprising Nautilus 85% and Eda Kopa (Solwara) Limited 15%) has taken delivery of the three Seafloor Production Tools (“SPTs”) from Soil Machine Dynamics Limited’s (“SMD”) facility in Newcastle upon Tyne.
The three SPTs are now en route to Oman, where they are scheduled to undergo extensive wet testing at Duqm Port (see links section for more information). The Company plans to use the SPTs to cut and extract high grade copper and gold from the seafloor at the Solwara 1 Joint Venture’s project site in the Bismarck Sea, Papua New Guinea, with seafloor production operations planned to commence in Q1 2018.
Nautilus’ CEO, Mike Johnston said “The Solwara 1 Joint Venture partners are delighted to have achieved this major milestone and we are looking forward to undertaking the extensive wet testing program that we have planned. Whilst the SPTs are the product of extensive collaboration with a wide range of industry leading groups, I would like to make special mention of SMD. SMD’s world leading expertise in the design, operation and maintenance of deep water robotics, cutting and trenching equipment has been instrumental in the development of the SPTs. We look forward to continuing our relationship with SMD during the wet testing program and into the production phase of the Solwara 1 Project.”
Andrew Hodgson, SMD’s CEO said “It has been an exciting time for us to have designed, built and now delivered these industry leading tools to Nautilus and its partner. SMD, together with our parent company China Railway Rolling Stock Corporation Limited (“CRRC Corporation Limited”) are leading the way in the construction of remote mining and deep sea excavation technology. We look forward to working with Nautilus on the continued development of these and subsequent tools.”
About CRRC Corporation Limited
CRRC Corporation Limited is a majority Chinese State owned corporation, the world’s largest train manufacturer, and one of the world’s largest manufacturing companies by market capitalization. CRRC Corporation Limited was formed on June 1, 2015 with the merger of China CNR Corporation and CSR Corporation Limited. CRRC Corporation Limited purchased SMD in early 2015, as part of its strategic diversification out of the Chinese market.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
Information in this news release about CRRC Corporation Limited has been furnished to the Company by SMD.
Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable securities laws, including statements with respect to the plan to undertake wet testing of the SPTs and commence seafloor operations in Q1 2018. We have made numerous assumptions about such statements, including assumptions relating to the funding, completion and operation of the Company’s seafloor production system. Even though our management believes the assumptions made and the expectations represented by such statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking information. Please refer to our most recently filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from the seafloor and other risks relating to the Company’s business and plans for development of the Solwara 1 Project. The Company is assuming that the seafloor production system, including the SPTs, will operate according to the Nautilus specifications, that the wet testing operations will occur as planned and that seafloor operations will commence on schedule.Risks related to such arrangements include delay to the planned testing operations of the seafloor production equipment, including the SPTs, and a consequent delay to the commencement of seafloor operations. Risks related to advancing towards production include the risk that the Company will be unable to obtain at all or on acceptable terms the remaining financing necessary to fund completion of the build, testing and deployment of the Company’s seafloor production system. As the Company has not completed an economic study in respect of the Solwara 1 Project, there can be no assurance that the Company’s production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is commercially viable. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company’s business contained in the Company’s reports filed with the securities regulatory authorities in Canada.
About Nautilus Minerals Inc.
Nautilus 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 atthe 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.
Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and trades on the OTCQX:NUSMF, and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders includeMB Holding Company LLC, an Oman based group with interests in mining, oil&gas, which holds a 28.14% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.89% holding and global mining group Anglo American, which holdsa 5.99% interest (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).
