Published:
Nautilus Maintains Strong Cash Position and Achieves Significant Project Milestone
Nautilus Minerals Inc. (TSX: NUS)(AIM: NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the third quarter ended September 30, 2009 together with Management's Discussion and Analysis.
Third quarter 2009 highlights:
- US$217.6 million (equivalent) in cash and cash equivalents held on deposit with major banks as at September 30, 2009
- Exploration success in target generation program
- Granted "Approval in Principle" for Solwara 1 Environmental Permit
- Port capacity at Rabaul secured.
The Company's cash balance at the end of the third quarter is in line with management's expectations and reflects a reduction in creditors during the quarter. Nautilus continues to conserve cash until the Solwara 1 project equipment build restart. This is accomplished through cost reduction programs and maintaining its cash in currencies that reflect the Company's current and expected cash outflows, to take advantage of natural hedges.
Stephen Rogers, Nautilus' CEO commented: "Nautilus continues to make progress on advancing the Solwara 1 project and building a resource pipeline for the future in the Bismarck Sea."
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 commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and is currently developing its first project. The Company's main focus is the Solwara 1 Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and on AIM, and has among its largest shareholders two of the world's leading international resource companies, Anglo American (11.1%) and Teck Resources (6.8%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cypress) Limited.
Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.
Copyright © 2009, MarketWire
Copyright © 2009, NewsBlaze,
Daily NewsTags: ,Manufacturing and Production:MiningandMetals, ,GA,TORONTO, ONTARIO
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