Nautilus Announces Dispute With the State of PNG

Nautilus Minerals

advises that it is in dispute with the Independent State of Papua New Guinea as to the parties' obligations to complete the Agreement entered into on 29 March 2011. Nautilus has initiated the dispute resolution process provided for in the Agreement, which may lead to a referral of the dispute to arbitration if it can not be resolved through further discussions amongst senior representatives of the parties over an initial 10 day period.