Nautilus Minerals Inc confirms it has received formal notification that Teck Resources Limited has elected not to participate in exploration activities in Fijian waters under a regional area of interest agreement signed in December 2007.
In August 2011 Nautilus became the first private sector organisation to be granted offshore exploration licences in Fiji covering a total area of approximately 60,000 km2 triggering Teck’s rights to jointly participate in exploration.
Teck retains an interest in Nautilus as a significant shareholder.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits.
Nautilus also holds approximately 600,000 km2 of highly prospective exploration acreage in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.
[mappress] Subsea World News Staff , February 23, 2012; Image: Nautilus Minerals