Nautilus Minerals Receives US$113 Million from Escrow

Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) announced that it has now received US$113 million that had been sitting in escrow. It has also formed a joint venture with a nominee from the Independent State of Papua New Guinea regarding the Solwara 1 project.

As quoted in the press release:

Under the terms of the agreement between the parties (Agreement), the nominee of the Independent State of Papua New Guinea (State) has now fully funded its 15% interest in the Solwara 1 Project up to first production.

Mike Johnston, CEO of Nautilus, commented:

We are excited to have achieved completion under our Agreement and to formally commence our partnership in the Solwara 1 Project with the State’s nominee, Eda Kopa (Solwara) Limited (State Nominee), a wholly owned subsidiary of Petromin PNG Holdings Limited. We appreciate the continued support we have received from the State Nominee in reaching this significant milestone.

Click here to read the full Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) press release.