November 25, 2011 / 2:14 PM / 7 years ago

UPDATE 1-Nautilus boosts resource estimate at Solwara 1

Nov 25 (Reuters) - Nautilus Minerals Inc (NUS.TO), which is focused on exploring for mineral deposits on the ocean floor, said on Friday positive drill results have allowed it to raise its resource estimate at its Solwara 1 copper-gold project that is located off the coast of Papua New Guinea.

The Vancouver, British Columbia-based company said total indicated resources at the site have risen 18 percent to 1.03 million tonnes. It also raised the size of its resources in the inferred category to 1.8 million tonnes.

The company further raised the size of its contained copper and gold resources, as its drill campaign located higher grades.

“Nautilus will attempt to build on this base in the coming year, through ongoing exploration activities in Papua New Guinea and elsewhere in the western Pacific,” said Chief Executive Steve Rogers in a statement.

The company has stated that it plans to start production at the site in late 2013. (Reporting by Euan Rocha, editing by Gerald E. McCormick)

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