March 17, 2014

Nautilus Minerals Inc. have announces that, by contravening the Q4 arbitrator award of 2013, Papua New Guinea’s government has not completed its 30% purchase interest in the Solwara 1 Project. Accordingly, the company said, Nautilus has terminated the State Equity Option Agreement signed in Q1 2011 and will now claim damages; representatives, however, added they will seek an amicable resolution. In autumn 2013 CEO Mike Johnson reported that commercial mining at Solwara 1 can be launched  by 2017. At that moment the Nautilus was waiting for government compensation 118 million for breach of contract, signed in March 2011. Nautilus is the first company to explore the ocean floor for polymetallic massive sulphide deposits. Nautilus was granted the first lease for such deposits at the Solwara 1 prospect in PNG territorial waters in a bid to produce copper, gold and silver.

http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=622923