Nautilus Minerals' Launch and Recovery System arrives in China
TORONTO, ONTARIO--(Marketwired - May 9, 2017) - Nautilus Minerals Inc.
(TSX:NUS)(OTCQX:NUSMF)(OTC:NUSMF Nasdaq Intl Designation) (the "Company" or "Nautilus") announces that the Company's
Launch and Recovery System (LARS) equipment has arrived at the Mawei shipyard in China. The LARS consists of very large A-frames,
winches and ancillary equipment.
Mike Johnston, Nautilus' CEO commented, "It is very exciting for us to see our equipment start to arrive at the Mawei shipyard
in China. The next step for the LARS will be its integration onto the Production Support Vessel (PSV), commencing June after
import/customs clearances and minor re-assembly. The LARS' installation marks the start of our equipment integration onto the
PSV, and will be undertaken by Mawei shipyard personnel with support from Nautilus and the equipment vendors. The vessel build
remains on schedule, and we look forward to seeing more of the equipment arrive for integration over the coming months."
About the LARS
The LARS was built by AxTech on behalf of Soil Machine Dynamics as part of Nautilus' fabrication contract with Soil Machine
Dynamics. It consists of very large A-frames, lift winches, hydraulic power units, electric power units and deck control cabins.
The LARS will be used to launch and stabilize the Seafloor Production Tools during deployment from the vessel down to the
seafloor and during retrieval from the seafloor back up to the vessel.
Links
Recent picture of the PSV: http://www.nautilusminerals.com//irm/showmedia.aspx?MediaId=63
Animation of how the LARS works: http://www.nautilusminerals.com/IRM/content/video/The_LARS_movie.mp4
For more information please refer to www.nautilusminerals.com.
The TSX does not accept 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 the closing of the bridge financing, the use of proceeds of the bridge
financing, the restructuring plan, and plans to develop the seafloor mining industry. We have made numerous assumptions about
such statements, including assumptions relating to the bridge financing, project funding, completion and operation of the
Company's seafloor production system and assumptions regarding the timing and effect of the restructuring plan, including
securing agreements with third parties to complete the construction of the remaining seafloor production system within certain
timeframes. 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 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 28.2% interest and Metalloinvest, the largest
iron ore producer in Europe and the CIS, which has a 16.9% holding (each on a non-diluted basis, excluding loan shares
outstanding under the Company's share loan plan).