Nautilus Minerals Inc.
LSE : NUS

Nautilus Minerals Inc.

September 05, 2008 02:00 ET

Drilling Report

FOR:  NAUTILUS MINERALS INC.

TSX, AIM SYMBOL:  NUS

September 4, 2008

Nautilus Minerals Discovers Solwara 10, a New High-Grade Copper-Zinc System

TORONTO, ONTARIO--(Marketwire - Sept. 4, 2008) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or
"Nautilus") announces the discovery of a new high-grade Seafloor Massive Sulphide ("SMS") system - Solwara 10.

Stephen Rogers Nautilus' CEO commented: "The discovery of the Solwara 10 SMS system reinforces the
prospectivity of Nautilus' extensive tenements within PNG, demonstrating our ability to pinpoint targets and
make discoveries in a short time span. It is very encouraging that we can report this success early in our 2008
exploration program. It also bodes well for our other targets which are being investigated over the coming
months in Papua New Guinea ("PNG") and Tonga."

Mapping along lines nominally 100m apart, using a T 200 Remotely Operated Vehicle ("ROV"), has outlined an
exposed SMS system, (see Table 1), containing copper (up to 16.3%) and zinc (up to 41%) by mineralisation, as
outlined using a hand-held X-Ray florescence(i) ("XRF") instrument.

Solwara 10 is located on Manus Spreading Centre within a 100% owned Nautilus exploration license (EL1383),
about 24km SW of Nautilus' Solwara 2 Prospect, in the territorial waters of PNG
(www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10_Prospect.jpg).

Sulphide mineralisation at Solwara 10 was mapped visually and confirmed by grab sampling. The SMS system
outlined is approximately 680m long, by an across strike outcrop width of 30 to 270m, averaging 110m
(www.nautilusminerals.com/i/photos/PNG_Bismark_Solwara_10-XRF.jpg). It lies on the seafloor approximately
2,240m below sea level, on the south flank of a small rise. The SMS outcrop is surrounded by unconsolidated
sediment and volcanic outcrops.

Thirteen surface grab samples recovered from the prospect, averaged 5.3% copper and 11.5% zinc when analysed
using a hand-held XRF instrument(i) (Niton XLT 592). Samples from Solwara 10 have been dispatched to ALS
laboratories in Brisbane for base and precious metal analysis.

/T/

Table 1 - Solwara 10 indicative average of analyses using hand-held XRF(i)

------------------------------------------------------------------
------------------------------------------------------------------
Sample
   #      Cu%    Zn%   Pb% Easting Northing           Description
------------------------------------------------------------------
------------------------------------------------------------------
20007    0.8   41.2   0.4   178242  9635471      Massive Sulphide
------------------------------------------------------------------
20008    0.9   28.1   0.1   178129  9635278      Massive Sulphide
------------------------------------------------------------------
20009   12.5    1.2   bdl   178129  9635345 Semi-massive Sulphide
------------------------------------------------------------------
20014   12.4    1.1   bdl   178146  9635360 Semi-massive Sulphide
------------------------------------------------------------------
20015    2.0   20.5   bdl   178159  9635431      Massive Sulphide
------------------------------------------------------------------
20016    2.0    7.7   bdl   178218  9635479 Semi-massive Sulphide
------------------------------------------------------------------
20017    7.2    6.8   bdl   178236  9635492 Semi-massive Sulphide
------------------------------------------------------------------
20018    3.1   25.7   bdl   178240  9635453      Massive Sulphide
------------------------------------------------------------------
20020   16.3    1.2   0.0   177992  9635092      Massive Sulphide
------------------------------------------------------------------
20021    9.8    bdl   bdl   177976  9635264 Semi-massive Sulphide
------------------------------------------------------------------
20022    0.4    7.0   1.7   178003  9635269 Semi-massive Sulphide
------------------------------------------------------------------
20023    0.3    bdl   bdl   178156  9635154    Sulphate-rich rock
------------------------------------------------------------------
20028    0.6    8.7   0.2   177986  9634985 Semi-massive Sulphide
------------------------------------------------------------------
------------------------------------------------------------------
Average  5.2   11.5   0.2
---------------------------
---------------------------

bdl equals below detection level

Coordinates projected as UTM zone 56 south using a WGS 1984 datum

/T/

The Solwara 10 discovery results from deliberate targeting of a water geochemical plume anomaly generated
earlier in 2008 as part of the DEA Surveyor program.

Pieces of sulphide rubble averaging 17.4kg (from 0.5kg to 70kg) were collected from the seafloor using a
manipulator arm mounted on the ROV. Samples were either placed in a sample basket or box on the front of the
ROV, where they were then processed on board the ship. Sample selection targeted material that was considered
representative of the SMS system. Representative sub-samples averaging 6.38kg (from 0.5kg to 15kg), were taken
from each of these larger samples using a small jack hammer. The remaining portions of each sample were
retained for reference purposes.

(i) Note on results of indicative analyses from hand-held XRF, Niton XLT 592 instrument

A hand-held XRF instrument (Niton XLT 592) was used to obtain indications of the grade of materials recovered
from the seafloor. The instrument used for this application does not provide the accuracy required to report
assays. These analyses are the mean of 10-20 point measurements on unprepared wet surfaces of each of the
samples reported. The samples were broken up with a small jack hammer to produce a fresh surface prior to XRF
measurement. The instrument is not calibrated using certified standards and the samples have not been crushed
and prepared to minimise matrix effects which may affect the accuracy of the analysis. However, previous
comparison of results to date with assay data for surface samples indicate the XRF tool is a reliable method
for providing indicative results of the tenor of mineralisation and providing data for "real time" decisions in
the field.

Measurements by hand-held XRF are not assay results and do not measure gold or silver. Samples will be formally
assayed by the ALS Group in Brisbane.

Qualified Person

The exploration results reported in this announcement have been compiled under the supervision of Anthony
O'Sullivan, Chief Operating Officer of Nautilus. Mr. O'Sullivan is a member of the Australasian Institute of
Mining and Metallurgy, has 20 years experience in mining and exploration geology, and is a qualified person as
defined under National Instrument 43-101. He consents to his name being used in this release.

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive
sulphide deposits and subject to timely permitting is positioning itself to become an emerging producer in
2010. The Company's main focus is the Solwara 1 Project, which is located in the territorial waters of Papua
New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and on AIM, and has among its largest
shareholders two of the world's leading international resource companies, Teck Cominco (7.2%) and Anglo
American (5.7%). Gazmetall Holdings (22.4%) is controlled by the founder of Metalloinvest one of the largest
and fastest growing mining and metallurgical holdings in Russia.

For more information please refer www.nautilusminerals.com.



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FOR FURTHER INFORMATION PLEASE CONTACT:

Nautilus Minerals Inc. (Toronto)
Investor Relations
(416) 551-1100
Email: investor@nautilusminerals.com
Website: www.nautilusminerals.com

OR

Nautilus Minerals Inc.
Australian Project Office
+61 (7) 3318 5555

OR

Numis Securities Limited
John Harrison
Nominated adviser
+ 44(0) 20 7260 1000

OR

Numis Securities Limited
James Black
Corporate broking
+ 44(0) 20 7260 1000

Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press
release.

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