Great progress thus far in 2015!
Toronto Ontario, May 8, 2015 - Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) (the "Company" or "Nautilus" ) announces the release of its unaudited consolidated Financial Statements for the first quarter ended March 31, 2015, together with Management's Discussion and Analysis.
2015 Significant Events to date
- Commenced commissioning of the Auxiliary Cutter and Collecting Machine
-
Advanced the Production Support Vessel (PSV) build with key contracts for long lead equipment items awarded by Fujian Mawei Shipbuilding, which included:
- engine and thruster package awarded to Rolls Royce
- cargo handling equipment awarded to Bedeschi SPA
- cranes awarded to MacGregor
- electrical installation awarded to Siemens International Trading (Shanghai) Ltd
- Completed Factory Acceptance Testing for the umbilical winches for Nautilus' Seafloor Production Tools
- Advised by GE Oil and Gas that the build for the Subsea Slurry and Lift Pump is due to recommence in July 2015
- Signed a contract with Gardline CGG Pte Ltd to provide exploration services for Nautilus' 2015 program in the Solomon Islands
- Announced changes to the Board of Directors with the appointment of Mr Tariq Al Barwani and the resignation of Mr Usama Al Barwani
- US$97.6 million in cash and cash equivalents as at March 31, 2015
Mike Johnston, Nautilus' CEO, commented, "we are delighted to have made such good progress since the beginning of the year with the build of our seafloor production equipment. For the next 12 months we will remain focused on the build of the PSV and the delivery of the equipment that is to be integrated in it."
He further commented, "it is also very pleasing to have recommenced our exploration initiatives, with our first program planned for May this year in the Solomon Islands, as we advance our pipeline of seafloor massive sulphide systems in the South West Pacific."
The Company remains committed to maximizing shareholder value by achieving its objective of developing the world's first commercial high grade seafloor copper-gold project and launching the deep water seafloor resource production industry in 2018.