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Nautilus Minerals Clarifies Statements Related to Solwara 1 Project

Nautilus Minerals has cleared certain statements and press coverage related to its Solwara 1 Project. The firm stated once again that the State of Papua New Guinea had granted the Mining Lease back in January 2011. Contrary to the information which was reported in several news articles, this grant is not the latest development.

In a recent interview, the CEO of Nautilus Minerals, Stephen Rogers had stated that the company is discussing with prospective partners to divest a stake in the project, and in case of unavailability of potential partners, the shares will be sold by the company to raise $100 million.

Once the details of the vessel financing are completed and the present disagreement with the PNG government is resolved, Nautilus Minerals will determine its exact funding needs. The firm is continuing its efforts on these issues.

At the end of June, about 51% of the project equipment was completed. Earlier in the Management's Discussion and Analysis report which was submitted along with financial results on 2 August, 2012, Nautilus Minerals had declared that it may have to depend on the equity markets to fund for its Solwara 1 project in the future, or alternatively it will look for other financing options through joint ventures. This declaration is in line with Roger's statements.

Discussion and analysis of the management as well as the financial statements can be viewed at the company’s website. The same have been filed on www.sedar.com.

Source: www.nautilusminerals.com/

Joel Scanlon

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Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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