Nautilus Minerals Inc. (TSX:NUS, OTC:NUSMF)
Nautilus and Deep Sea Mining Finance Ltd have agreed to extend the maturity date of the existing secured loan facility to February 8.
It was originally due on January 8, but the parties agreed to extend this for 30 days.
Nautilus, a company set up several years ago with strong New Zealand corporate involvement, is continuing to advance the world’s first seafloor massive sulphides project on the Solwara-1 seabed deposit in the Bismarck Sea of Papua New Guinea.
Nautilus is in talks with an “arm’s length party” to secure a $US5 million loan it must receive or another source of funding, on or before today, it says, to continue operations.
“There can be no assurances that the Company will receive the necessary funding by that date,” Nautilus said late last week.
In the meantime, Nautilus continues to negotiate with third parties to create a new joint venture company for the specially-designed vessel to take high-grade copper, gold and other minerals from Solwara-1.
The PNG Government is a minor partner in the Solwara-1 project.