Information contained on this page is provided by an independent third-party content provider. WorldNow and this Station make no warranties or representations in connection therewith. If you have any questions or comments about this page please contact firstname.lastname@example.org.
SOURCE Nautilus Minerals Inc.
TORONTO, Oct. 3, 2013 /PRNewswire/ - Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) (the "Company" or "Nautilus") announces that the arbitrator, the Honourable Murray Gleeson AC QC has issued an award in Nautilus' favour in respect of the issues that were the subject of the Notice of Arbitration initiated by the Independent State of Papua New Guinea (the "State") (see links section for further information on the arbitration issues).
The arbitrator's award includes:
Nautilus has today issued the State with a notice requiring completion to occur on 23 October 2013. Nautilus estimates the total amount payable by the State at completion to be approximately US$118 million (including interest).
Under the applicable arbitration rules the arbitrator's decision is final and binding.
Nautilus looks forward to bringing the Solwara 1 Project into production and will work with the State in order to move the Project forward in light of the arbitrator's award.
The Company will hold a conference call and audio/webcast on Thursday, October 10, 2013 at 10.00 a.m. Eastern Daylight Time.
Conference Call Details
Webcast link: http://www.media-server.com/m/p/x676qyiy
International Dial In: +61 2 8524 5042
United Kingdom: 0800-0150-9725
United States of America: 1855-298-3404
Attendee Passcode: 6326079
If your country dial-in number is not included here please email email@example.com
A presentation to support the conference call will be posted on www.nautilusminerals.com for download by 9:30 a.m. EDT (Toronto) on Thursday, October 10, 2013.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
About Nautilus Minerals Inc.
Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.
Nautilus also holds approximately 500,000 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.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and OTCQX:NUSMF. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 28.00% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.75% holding and global mining group Anglo American, which holds a 5.95% interest.
©2012 PR Newswire. All Rights Reserved.
322 Shipyard Boulevard