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:
- a declaration that the State was in breach of the State Equity
Option Agreement signed by the parties in March 2011 in failing to complete the purchase of
a 30% interest in the Solwara 1 Project on 7
November 2011.
- an order that the State is required to comply with its
obligations under the agreement to complete the purchase of the 30%
interest in the Solwara 1 Project and pay 30% of all project
expenditure incurred to date within a reasonable time after the
award.
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
Dial-in numbers:
International Dial In: +61 2 8524 5042
Australia: 1800-801-825
Canada: 1855-842-3490
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
investor@nautilusminerals.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.
Links
http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=531977
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.
SOURCE Nautilus Minerals Inc.
