Papua New Guinea Fails to Invest in Nautilus’ Seafloor Project

Nautilus Minerals Inc. (TSX:NUS,OTCQX:NUSMF) announced that Papua New Guinea has not completed its purchase of a 30-percent interest in the company’s seafloor copper-gold Solwara 1 project.

As quoted in the press release:

In accordance with the State Equity Option Agreement signed by the parties in March 2011, Nautilus has terminated the Agreement and will now claim damages.

Nautilus continues to seek an amicable resolution of the dispute with the State.

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