Toronto-based Nautilus Minerals Inc. has been granted 14 offshore exploration licenses in Fiji by the Fijian Government. The licenses each have an initial term of two years, and cover a total of approximately 60,000 sq. km. Under the terms of a regional area of interest agreement signed with Teck Resources in 2007, Teck holds the right to earn an interest in the Fijian tenements by contributing to exploration spending. Teck has not yet indicated whether it intends to exercise that right. Nautilus conducts commercial exploration of the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project at Solwara 1, in the territorial waters of Papua New Guinea.