Nautilus submits PNG mining lease application
07-OCT-2008 Intellasia | Nautilus Minerals Inc
Oct 7, 2008 - 7:00:00 AM
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Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces that the Government of Papua New Guinea ("PNG") has registered the receipt of Nautilus' Mining Lease ("ML") application over Solwara 1 (http://www.nautilusminerals.com/i/misc/PNG_Bismarck_Solwara1%20MLOct08.jpg).
A Development Proposal, which details the planned development of the Company's Solwara 1 Project, was lodged simultaneously with the Mining Lease application and accepted by Mr Kepis Wali, Managing Director of the Minerals Resources Authority (MRA) on behalf of the Government of PNG.
Stephen Rogers, Nautilus' CEO, commented: "Lodging of this ML application is a key milestone for the Solwara 1 Project and a historic event in the infancy of the seafloor mining industry. This formally commences the permitting process for the development of the Solwara 1 Project as governed by PNG's Mining and Environment Acts, which clearly outlines compliance standards and the review process that is required for the development to proceed. We look forward to working with the PNG government over the coming months to secure this milestone approval."
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and subject to timely permitting is positioning itself to become an emerging producer in 2010. 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, Teck Cominco (7.2%) and Anglo American (5.7%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 22.4% of its shares through Gazmetall Holding (Cypress) Limited.
SOURCE: Nautilus Minerals Inc.
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