Ann: MARKET UPDATE BATEMAN ENGINEERING REPORT (SC, page-68

re: Ann: MARKET UPDATE BATEMAN ENGINEERING RE... Yilyanga,

Here is an article published yesterday, a bit more info on Nautilus. Seems they are making progress, yes it is PNG but right on your doorstep.....


http://www.proactiveinvestors.co.uk/companies/news/29425/nautilus-minerals-reports-significant-progress-in-q1-29425.html


Nautilus Minerals reports significant progress in Q1
Wed 9:46 am by Andre Lamberti

The Papua New Guinea government granted Nautilus the first mining lease in the Pacific region to allow deep sea resource development in the Bismarck SeaThe Papua New Guinea government granted Nautilus the first mining lease in the Pacific region to allow deep sea resource development in the Bismarck Sea

Nautilus Minerals Inc (TSE:NUS, LON:NUS) said it made significant progress on the development of its seafloor resource project at Solwara 1, in the Bismarck Sea of Papua New Guinea (PNG), in the first quarter of 2011.

In January, the PNG government granted Nautilus the first mining lease in the Pacific region to allow deep sea resource development in the Bismarck Sea.

The lease provides Nautilus with a 20 year licence to mine an area of approximately 59 square kilometres surrounding Solwara 1, 30 kilometres north of Rabaul, where Nautilus intends to mine high-grade copper and gold deposits on the seafloor, at depths of approximately 1,600 metres.

In March, the government exercised an option to acquire a 30 percent stake in Solwara 1 project for US$20-25 million, with the final amount determined through an audit process.

Nautilus conducted an exploration drilling campaign during the period with encouraging results. During that campaign, the company identified another potential development project: Solwara 12, which is 25 kilometres to the northwest of Solwara 1.

The drilling program was completed in May 2011, and results will be released later this year.

Nautilus completed the quarter with a strong cash position, holding US$139 million in cash and cash equivalents.

Since the end of the quarter, the company announced the formation of a strategic partnership with German shipping company, Harren & Partner, to own and operate a Production Support Vessel (PSV), which will serve as the operational base for Nautilus to extract high grade copper and gold at the Solwara 1 project.