Eleven Exploration Licences Granted to Nautilus in PNG
Wednesday, July 18th, 2007
Nautilus Minerals Inc. is pleased to announce that it has been granted eleven new exploration licences covering an area of 21,386 square kilometres within the territorial waters of Papua New Guinea (“PNG”).
The Company also announces it has received advice from the Mineral Resources Authority of PNG of the renewal of EL1374 for a further two year period, with effect from September 10th 2006.
David Heydon, Nautilus’ CEO, commented: “The grant of the first of our eighty-one exploration licence applications made in late 2006 ensures that we maintain a pipeline of acreage to explore so we can build on the phenomenal exploration discovery rate we achieved earlier this year when we found four new high grade sulphide mineralisation systems over a four week period (Solwara 5, 6, 7 and 8).
The area of exploration licences granted or under application in PNG covers an area larger than Greece, and maintains our first mover advantage as the leading company in the world for the exploration, discovery and development of high grade seafloor massive sulphide systems.”
Heydon added: “Eight of the licences granted are subject to an agreement with Teck Cominco (“Teck”), announced December 7, 2006. As part of this agreement Teck has seconded certain personnel to Nautilus to assist the company with its US$20 million exploration program. Teck has also agreed to fund up to US$2 million dollars of tenement/licence fees and rentals along with US$10 million dollars of exploration, R&D, and the development of specialised technical equipment to further improve the cost of discovery of these seafloor massive sulphide systems.”