MAJOR DEPOSITS OF PRECIOUS METALS FOUND ON SEA BED NEAR PNG

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PORT MORESBY, Papua New Guinea (December 20, 1997 - Radio Australia)---An Australian scientific research organization, CSIRO, says precious metals on the sea bed in the Manus Basin near Papua New Guinea are believed to be the world’s richest found to date.

Nautilus Minerals Corporation, a PNG registered company, has been granted two exploration licenses to start mining the deep sea gold, silver and zinc deposits which cover more than 2,000 square miles.

CIRO scientist Dr. Ray Binns says the granting of the licenses is a new and innovative development. "The exciting thing is that a commercial organization," he pointed out, "is starting to look at one of these deposits in the same way as companies look at prospects on land as a possible mining venture."

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