Nautilus wins Solwara arbitration brought by PNG
Ticker Symbol: C:NUS

 

Nautilus wins Solwara arbitration brought by PNG

 

Nautilus Minerals Inc (C:NUS) 
Shares Issued 436,772,865
Last Close 10/2/2013 $0.365
Thursday October 03 2013 - News Release

An anonymous director reports

NAUTILUS MINERALS AWARDED FAVOURABLE ARBITRATION DECISION

The arbitrator, the Murray Gleeson, AC QC, has issued an award in Nautilus Minerals Inc.'s favour in respect of the issues that were the subject of the notice of arbitration initiated by Papua New Guinea.

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.