Nautilus Minerals Inc. announces the release of its audited consolidated financial statements for the year ended December 31, 2012, together with Management’s Discussion and Analysis.
“It has been a challenging year”, said Nautilus Mineral’s interim CEO, Mike Johnston . “The decision made by the Board in relation to the Solwara 1 Project late last year was a difficult but appropriate one with Nautilus retaining US$57.8 million in cash as at December 31, 2012. The Project remains 55% complete, with some aspects, such as the collecting machine, being up to 70% complete.”
Despite this setback, the Company remains committed to maximizing shareholder value by achieving its objective of developing the world’s first commercial seafloor copper-gold project and launching the deep water seafloor resource production industry, whilst maintaining an environmentally and socially responsible approach.
Johnston added, “Clearly our immediate and primary focus is to achieve an amicable resolution to the dispute with the State of Papua New Guinea. However, in parallel we continue to explore opportunities for fast tracking the development of our additional assets which include 19 identified prospects in Tonga, the most recent being the high grade discoveries in the north-east Lau Basin.”
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Press Release, March 15, 2013