TORONTO, ONTARIO -- (Marketwire) -- 03/15/13 -- Nautilus Minerals Inc. (TSX: NUS)(OTCQX: NUSMF) (the "Company" or "Nautilus") announces the release of its audited consolidated financial statements for the year ended December 31, 2012, together with Management's Discussion and Analysis.
"It has been a challenging year" said Nautilus Mineral's interim CEO, Mike Johnston. "The decision made by the Board in relation to the Solwara 1 Project late last year was a difficult but appropriate one (see links section for full press release) with Nautilus retaining US$57.8 million in cash as at December 31, 2012. The Project remains 55% complete, with some aspects, such as the collecting machine, being up to 70% complete."
Despite this setback, the Company remains committed to maximizing shareholder value by achieving its objective of developing the world's first commercial seafloor copper-gold project and launching the deep water seafloor resource production industry, whilst maintaining an environmentally and socially responsible approach.
Mr Johnston added, "Clearly our immediate and primary focus is to achieve an amicable resolution to the dispute with the State of Papua New Guinea. However, in parallel we continue to explore opportunities for fast tracking the development of our additional assets which include 19 identified prospects in Tonga, the most recent being the high grade discoveries in the north-east Lau Basin."
The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.
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 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.
Nautilus also holds more than 500,000 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.
A Canadian registered company, Nautilus is listed on the (TSX: NUS) stock exchange and (OTCQX: NUSMF). Its corporate office is in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, global mining group Anglo American, which holds an 11.1% interest and MB Holdings, an Oman based group with interests in mining, oil & gas, which holds a 16.9% interest.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
Nautilus Minerals Inc. (Toronto)
+1 (416) 551 1100
Dahlman Rose & Co., LLC
Christopher R. Weekes
Direct: +1 212 372 5766
1301 Avenue of the America's
New York, NY 10019
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