Posted in | Gold | Mining Business

Nautilus to Use PSV for Seafloor Operations Planned at Solwara 1 Project Site

Nautilus Minerals Inc. (the "Company" or "Nautilus") is pleased to note that the Production Support Vessel (PSV) was floated in the dry dock last week to allow the launch of two adjacent vessels. The PSV is to be used by Nautilus and its PNG partner, Eda Kopa (Solwara) Limited, as the base for its seafloor operations planned at the Solwara 1 Project site, in the Bismarck Sea of Papua New Guinea.

Mike Johnston, Nautilus' CEO commented "The Company was very excited to see the PSV floated in the dry dock last week, as it shows the fantastic progress the team at the Fujian Mawei Shipyard Ltd (FMSL) and Marine Assets Corporate (MAC) have made over the past three months. When you consider the first block for the PSV was laid on the 10th of June this year, to having a 220 meter hull able to be floated some 14 weeks later, it is a huge achievement by FMSL and a significant milestone for our Company. We have worked with FMSL, MAC and others on the PSV for over two years now. During this time we have established a very good working relationship, with very capable stakeholders. We are now looking forward to continuing that strong working relationship as we progress the final build phase and fit out of the vessel."

Subject to further financing, Nautilus' objective remains to develop the world's first commercial high grade seafloor copper-gold mine and launch the seafloor resource production industry.

Vessel progress to date: (See links section below for some pictures of the PSV).

Item Completed %
Production drawings issued >90
Steel cut (out of a total 20,068 tonnes) >90
Blocks completed structure fabrication 90
Blocks completed assembly and painting 83
Blocks lifted to dry dock 65
Blocks completed erection in dry dock 36

Links

PSV floated in dry dock: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=55

PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=56

PSV build: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=57

Source: http://www.nautilusminerals.com/

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