Seafloor Massive Sulphide Mining Project Advances

Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF, OTC:NUSMF Nasdaq Intl Designation) announced it signed a new agreement with Tongling Nonferrous Metals Group Co. Ltd (“Tongling”) for the sale of the product extracted from the Company’s Solwara 1 deposit located in the Bismarck Sea of Papua New Guinea, with first delivery expected in the first half of 2018. On April 21, 2012, Nautilus and Tongling entered into a binding heads of agreement   for the sale of the product extracted from the Solwara 1 deposit. Following a series of detailed negotiations focused on achieving a mutually beneficial and workable arrangement, the parties finalized the terms of a new take or pay agreement, referred to as the Master Ores Sales and Processing Agreement, which replaces the terms of the HOA. The MOSPA will be filed under the company's profile on the SEDAR website. 

 

Mike Johnston, Nautilus (NLS)' CEO, said "This new agreement provides improved terms for both Nautilus and Tongling and can be truly described as a “win-win” outcome.  The MOSPA gives greater flexibility to Tongling with respect to its operations, while providing Nautilus with certainty and an improved Net Smelter Return. I am delighted to be continuing our relationship with Tongling as a key business partner supporting the development of the world’s first Seafloor Massive Sulphide mining project.”