Monday, 10th November 2008 (248 views)

Nautilus Minerals has confirmed that it is continuing its exploration projects in the territorial waters of Papua New Guinea.

Nautilus estimates that its efforts could generate one to two million tonnes of ore for processing each year, with plans to go into production at the end of 2010.

The Canadian firm claims that "mine planning is well underway" for the first seafloor copper gold mine in 1,500m of water at the Solwara 1 Project in the Bismarck Sea in Papua New Guinea, 50kms north of Rabaul township.

Acceptance of the Solwara 1 Project environmental impact statement (EIS) has now been confirmed by the Papua New Guinea government.

Stephen Rogers, Nautilus president and chief finance officer, said: "By implementing the recommended mitigation strategies, the EIS shows that we can develop Solwara 1 with minimal impact to the community and environment."

Toronto-based Nautilus Minerals plans to mine high-grade seafloor massive sulphide deposits of gold and other substances and holds more than 521,000 km sq of tenement licences and exploration applications in a range of territorial waters, including Fiji, Papua New Guinea and New Zealand.

 

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