Mineral exploration company Nautilus Minerals Inc (TSX: NUS) said it has reached an agreement with Fugro to provide services for Nautilus’ 2009 programs in Papua New Guinea and the Solomon Islands.
The services provided by Fugro under the terms of the contract will include regional geophysical and geochemical surveys and target testing, which consists of detailed geophysical surveys, geological traversing and sampling of SMS prospects with a Remote Operated Vehicle.
The deal runs over a period of 124 days, beginning on 10 August 2009 with options for Nautilus to extend it by up to 98 days.
“Focusing on building our high grade SMS prospect inventory, we will apply exploration techniques which we have refined each year since 2006. This is the first time we have been supported by Fugro in our exploration effort and we look forward to building a relationship founded on its strong global track record in the mining and oil and gas sectors," said Nautilus CEO Stephen Rogers.
Nautilus is focusing its efforts on the projects in Papua New Guinea and the Solomon Islands after completing the second phase of its target generation program in Tonga in the beginning of the month. The company wholly owns the Bismark and Woodlark (Papua New Guinea) and Solomon Islands exploration licenses.
The statement did not disclose the financial terms of the agreement.
Nautilus dipped 1.8% on TSX today.
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