Canadian Mining Journal

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UNDERSEA MINING – Teck Cominco takes stake in Nautilus

VANCOUVER - TECK COMINCO has invested US$31.1 million for a 9.2% share of Vancouver-based NAUTILUS MINERALS. The in...


VANCOUVER – TECK COMINCO has invested US$31.1 million for a 9.2% share of Vancouver-based NAUTILUS MINERALS. The investment was made through a non-brokered private placement of 9.4 million common shares at US$3.30 each. Teck Cominco has also agreed to fund US$12 million for joint ventures with Nautilus.

Nautilus first listed on the TSX Venture Exchange seven months ago, and it is attracting interest from some of the world’s most famous mining companies. ANGLO AMERICAN of the U.K. holds 10.1%, Canada’s BARRICK GOLD owns 9.2% and EPION HOLDING, a Russian company, controls 19.9%.

Nautilus is the first company to commercially explore the massive sulphide deposits lying on the ocean floor for gold, copper, zinc and silver. The company’s flagship operation is the Solwara project located in the territorial waters of Papua New Guinea. The company has contracted with a Belgian firm to build a specialized mining ship, to be named the “Jules Verne”. A blueprint of the ship is available via the link in the Oct. 4, 2006, press release at www.NautilusMinerals.com.