Nautilus Successfully Progressing Trials in PNG
TORONTO, Jan. 25, 2018 (GLOBE NEWSWIRE) -- Nautilus Minerals Inc. (TSX:NUS) (OTC:NUSMF) (the "Company" or "Nautilus") is pleased to provide an update on submerged trials for the Company’s Seafloor Production Tools, with the final machine, the Bulk Cutter, due to finish trials next month.
Submerged trials of the Collecting Machine and Auxiliary Cutter were completed late last year.
To date the Bulk Cutter has completed commissioning of the power and control system, on-shore functions testing, submerged function testing and submerged endurance trials. Remaining trials will focus on overall cutting performance, a key criteria for this machine.
Ongoing analysis of the results to date indicates that the Seafloor Production Tools can perform to design specifications with the machine components all functioning as designed in submerged conditions. The cutting performance of the Auxiliary Cutter has been particularly positive. Approximately 770 tonnes of material was cut during trials, with the Nautilus site team commenting that the material appears at least three times harder than the mineralized material at Solwara 1, (even allowing for the hyperbaric effect on material located at seafloor depths of the Solwara 1 Project which are far greater than the depths at which the trials were conducted). The Company will provide a comprehensive analysis once all test work and data analysis is complete.
Mike Johnston, Nautilus’ CEO commented “We are extremely pleased with the progress that continues to be made on the trialing of the Seafloor Production Tools. The results of the trials to date indicate that the machines have been meeting and/or exceeding their key design specifications. These results have been achieved through the dedicated work of our staff, key contractors (SMD and KDI), and support staff (Curtain Brothers, Papua New Guinea), and within a tight budget. The performance of these machines is critical to our seafloor production system, and the results to date significantly de-risk the project. We look forward to providing future updates once the Bulk Cutter trialing is completed.”
Links
http://www.nautilusminerals.com//irm/media/76/BC1compressed.jpg
http://www.nautilusminerals.com//irm/media/77/BC2.jpg
http://www.nautilusminerals.com//irm/media/78/BC4compressed.jpg
For more information please refer to www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 416 551 1100
The TSX does not accept responsibility for the adequacy or accuracy of this press release.
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 expected performance of the Company's Seafloor Production Tools. We have made numerous assumptions about such statements, including assumptions relating to the completion and operation of the Company's seafloor production system at the Solwara 1 Project. 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. Risks relating to the performance of the Seafloor Production Tools include the risk of equipment failing to perform to design specifications when operated at the Solwara 1 Project, as the machines have not yet been tested at depths similar to depths present at the Solwara 1 Project Risks related to continuing the Company's operations and advancing the development of the Solwara 1 Project include the risk that the Company will be unable to obtain at all or on acceptable terms, and within the timeframes required, the remaining financings necessary to fund completion of the build, testing and deployment of the Company's seafloor production system, that the Company will be unable to rectify or arrange for the rectification of the default under the shipbuilding contract for the construction of the Production Support Vehicle (as announced on 11 December 2017) and that agreements with third party contractors for building slots within certain timeframes are not secured as required. 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 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 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 is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 29.3% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 18.5% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).