Nautilus Minerals Inc. announces the release of its unaudited consolidated financial results for the first quarter ended March 31, 2012 together with Management’s Discussion and Analysis.
First quarter 2012 highlights:
– Exploration Program commenced in the Bismarck Sea, PNG
– Technical Report update released March 23, 2012
– Solwara 1 Project development advances
– $129.5 million (equivalent) in cash and cash equivalents as at March 31, 2012
“Progress has continued throughout the first quarter of 2012 on works related to the Solwara 1 Project Development. At quarter end the project was approximately 40% complete,” said Nautilus CEO Stephen Rogers . “Considerable effort was also spent during the first quarter on the negotiation of a landmark offtake agreement which was announced on 23 April 2012 with Tongling Nonferrous Metals Group Co. Ltd.”
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has been granted all necessary environmental and mining permits.
Nautilus also holds approximately 600,000 km2 of highly prospective exploration acreage in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.
[mappress] Subsea World News Staff, May 8, 2012; Image: Nautilus Minerals