PAPUA NEW GUINEA – TECK COMINCO of Vancouver has begun an offshore exploration program over claims held by Vancouver-based NAUTILUS MINERALS off the coast of this country. Teck Cominco has promised to spend US$12 million this year on the program. Its total commitment is US$25 million to earn between 40% and 50% of any properties in the region.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and, subject to timely permitting, is positioning itself to become an emerging producer in 2010. The company’s main focus is the Solwara 1 project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean.
Visit www.NautilusMinerals.com for more information. The photo gallery is fascinating, particularly the underwater shots.