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Nautilus Minerals announces Departure of President and CEO Featured

Nautilus Minerals Inc. announced the departure of President and CEO Mike Johnston with immediate effect. Mr. Johnston will be replaced by independent Director Mr. John McCoach, who is appointed as Interim CEO, also with immediate effect.


Tariq Al Barwani, Nautilus' Chairman said "We thank Mike for his long service with Nautilus Minerals. Mike was one of the original members of the Nautilus team with the vision that the future of mining would include the seafloor.”

John McCoach, currently a Director of the Company, has been appointed Interim CEO. John’s focus will be to advance Nautilus’ ongoing capital formation program. John said “I am confident that the Nautilus’ senior management will continue to operate the Company in a professional manner, and the entire Nautilus Team will see us through to our vision of becoming the World’s leading seafloor mining company”.

About Nautilus Minerals Inc.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The Company has also been granted its environmental permit for this site.

Nautilus also holds highly prospective exploration acreage in the western Pacific (granted and under application), as well as in international waters in the Central Pacific.

A Canadian registered company, Nautilus is listed on the TSX:NUS stock exchange and is also a member of the Nasdaq International Designation program. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 30.4% interest and Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 19.2% holding (each on a non-diluted basis, excluding loan shares outstanding under the Company’s share loan plan).

Source: Nautilus Minerals

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