The long-standing chief executive and president of Nautilus Minerals Inc (TSX: NUS; OTC: NUSMF), Michael Johnston has left the company.
Nautilus said Johnston was leaving immediately and was being replaced by independent director John McCoach who has been appointed interim chief executive.
Nautilus chairman Tariq Al Barwani thanked Johnston for his long service, saying he was one of the original members of the Nautilus team with the vision that the future of mining would include the seafloor.
He said John McCoach would advance Nautilus’ ongoing capital formation programme.
The company is advancing the world’s first seafloor massive sulphide mining project on the high grade copper-gold-zinc deposit Solwara-1 in the Bismarck Sea of Papua New Guinea. The PNG Government is a minor partner in the project.