TORONTO, ONTARIO--(Marketwired - Nov. 10, 2016) - Nautilus Minerals Inc.
(TSX:NUS)(OTCQX:NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") is pleased to announce that
Factory Acceptance Testing (FAT) of the Riser Tooling and the Subsea Pull-in Skids, was successfully completed this week in
Poland and the USA respectively.
Mike Johnston Nautilus CEO commented, "Completion of the Riser Tooling and all the Subsea Pull-in Skids is a significant
milestone for the Project. The final piece of the subsea mineralization delivery system is the Subsea Slurry and Lift Pump, and
we look forward to taking delivery of this from GE Oil & Gas by the end of the year."
Riser Tooling
The riser tooling, which was designed by GMC in Houston, is a key piece of equipment that will be used for handling and
coupling the 19 meter riser joints together for deployment. It was manufactured and underwent successful FAT in Poland.
The ridged riser system is an integral part of the Nautilus seafloor recovery system. It allows the mineralized material to be
transferred from the seafloor up onto the Production Support Vessel without any interaction between the different water layers
within the ocean, resulting in a very small environmental footprint.
Links:
An animation of how the seafloor production system works can be viewed on the Company's website: www.nautilusminerals.com/irm/content/video-gallery.aspx?RID=421
For more information please refer to www.nautilusminerals.com.
Neither the TSX nor the OTCQX accepts responsibility for the adequacy or accuracy of this press release.
Certain of the statements made in this news release may contain forward-looking information within the meaning of applicable
securities laws, including statements with respect to taking delivery of the SSLP later this year. We have made numerous
assumptions about such statements, including assumptions relating to the funding, completion and operation of the Company's
seafloor production system. Even though our management believes the assumptions made and the expectations represented by such
statements are reasonable, there can be no assurance that they will prove to be accurate. Forward-looking information by its
nature involves known and unknown risks, uncertainties and other factors which may cause the actual results to be materially
different from any future results expressed or implied by such forward-looking information. Please refer to our most recently
filed Annual Information Form in respect of material assumptions and risks related to the prospects of extracting minerals from
the seafloor and other risks relating to the Company's business and plans for development of the Solwara 1 Project. Risks related
to advancing towards production include the risk that the Company will be unable to obtain at all or on acceptable terms the
remaining financing necessary to fund completion of the build, testing and deployment of the Company's seafloor production system
and that agreements with third party contractors for building slots within certain timeframes are not secured as required. As the
Company has not completed an economic study in respect of the Solwara 1 Project, there can be no assurance that the Company's
production plans will, if fully funded and implemented, successfully demonstrate that seafloor resource production is
commercially viable. Risks related to the restructuring plan include the risk that the plan cannot be implemented as expected,
the risk that the plan does not result in the cost savings expected and the risk that the restructuring plan and the bridge
financing do not provide sufficient time for the Company to secure project financings for the Solwara 1 Project. Except as
required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred
to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory
authorities in Canada.
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 highly prospective exploration acreage in the western Pacific (granted and under application), as well as
in international waters in the Central Pacific.
A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and trades on the OTCQX:NUSMF, and is also a
member of the Nasdaq International Designation program. 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 27% interest and
Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 15% holding (each on a non-diluted basis,
excluding loan shares outstanding under the Company's share loan plan).