Nautilus Minerals has contracted Canyon Offshore

Nautilus Minerals has contracted Canyon Offshore, a member of the Helix Group and a leading service provider to the offshore oil and gas and telecommunications industries, to provide the vessel, remote operated vehicle (ROV), and drilling equipment for a major exploration, evaluation drilling and environmental base line study programme, commencing in March 2007, over its Solwara Projects in Papua New Guinea.

The programme, which will involve between 160 and 210 days on the water, will commence with environmental baseline studies at the company’s Solwara 1 Prospect then move to geophysical target generation throughout the Bismarck and Solomon Seas where the Company will target further mineralized systems. Following this work, drilling is planned to commence on the Solwara 1 prospect in early June 2007 to generate information for mine planning purposes. This drilling will utilise two ROV drill units currently being built by Perry Slingsby Systems Inc (one of the world’s leading providers of ROVs) under contract to Canyon Offshore.

David Heydon, President of Nautilus: “We are very excited about the extensive work programme that we have planned for this year which will significantly advance Nautilus towards our goal of being the first company to produce copper, zinc and gold from seafloor massive sulphide deposits. This work programme is aimed at completing the drilling and environmental studies required, subject to Papua New Guinea Government approval, to develop the Solwara 1 Prospect. We will also focus on the discovery of further mineralized systems within our extensive ground holdings in both the Bismarck and Solomon Seas.” 
Nautilus is the first company to commercially explore the ocean floor for high grade gold-copper-zinc-silver seafloor massive sulphide deposits and looks like becoming a world leader in underwater mineral exploration. The Company’s main focus for 2007 is the Solwara 1 Project, located in the territorial waters of Papua New Guinea in the western Pacific Ocean.