Tuesday, January 18, 2011

Gold In The Sea?

Here's something you don't see every day. Nautilis Minerals has gotten a lease from Papua New Guinea for a 60 square kilometre property - underwater. They hope to develop a copper-gold mine underneath the Bismarck Sea at their already-existing Solwara 1 project, which is also underwater.

Nice news, but they've been at the Solwara project since at least 2006 - and possibly longer. A look at its Reuters Key Developments page will see several eight-figure financings over the last five years, some at higher prices than Nautilis is at now. This company needs continual large financings to keep it going; given their history, they seem to be gearing up for another one.

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