Nautilus Minerals stock rises after subsea miner awarded Papua New Guinea permit

Nautilus Minerals stock rises after subsea miner awarded Papua New Guinea permit

The Canadian Press

5 January 2010

TORONTO - Undersea miner Nautilus Minerals Inc. said Tuesday it has received a final environmental permit for its Solwara 1 copper project off the coast of Papua New Guinea.

The Toronto-based company said the permit from the country's Department of Environment and Conservation is good for 25 years.

"The environmental permit is the culmination of many years of work by Nautilus and the DEC and paves the way for processing of the company's mining lease application," CEO Steve Rogers said in a statement.

"The project team is working with the government of Papua New Guinea to complete the final stages of this process."

The company, which explores the ocean floor for gold and copper deposits, said it continues advanced discussions with unnamed parties in connection with a joint venture for some of its propoerties in the territorial waters of Papua New Guinea.

Major miners Anglo American and Teck Resources hold minority stakes in Nautilus.

Shares in the company were up 21 cents or 12.7 per cent at $1.87 in afternoon trading on the Toronto Stock Exchange.