Nautilus Minerals Inc.
AIM : NUS
TSX : NUS

Nautilus Minerals Inc.

November 19, 2007 11:24 ET

Nautilus Minerals Inc.: Electromagnetic Survey Results Outline Continuity and Extensions at Solwara 1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 19, 2007) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces that it has received final processed data from the electromagnetic (EM) survey completed over its Solwara 1 prospect located at 1700m water depth in the territorial waters of Papua New Guinea ("PNG") (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM1.pdf).

David Heydon, Nautilus CEO, commented: "We are pleased with the results of this world first survey. There is excellent correlation between the EM survey and assay results within the drilled area (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM1.pdf), as we anticipated in such a high grade copper system where drilling results regularly assayed better than 10% copper over significant thicknesses. The EM survey indicates good continuity of the conductive massive sulphide in the mineralized zone (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM2.pdf), suggesting that the mineralization is open to the west, and there are untested anomalies within the survey area requiring drilling."

"With this EM technique in our exploration toolbox we will be able to better target future drilling, which will allow us to test future systems more rapidly and cost effectively, and allow us to build on our current competitive advantages in the world of seafloor resource development."

Nautilus, together with its shareholder Teck Cominco Limited, have partnered with the Vancouver based Ocean Floor Geophysics Inc. to develop, deploy and protect the intellectual property associated with the deep-ocean electromagnetic technology.

Electromagnetic data have long been the geoscientist's preferred geophysical technique for locating and mapping massive sulphide mineralization beneath the land. Now after solving the problems associated with inducing measurable fields from within the conductive sea-water environment, Nautilus and its partners have shown the electromagnetic method can be utilised not only by airplane and helicopter over land, but also by remote operated vehicle on the seafloor for the detection of massive sulphide systems.

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and is positioned to become an emerging producer in 2010. The Company's main focus for 2008 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 three of the world's largest international resource companies, including Epion (16.8%), Anglo American (6.4%) and Teck Cominco (5.8%).

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.

Electromagnetic Survey:

These electromagnetic data represent 37 line km acquired over the Solwara 1 site. A further 15 line km acquired over the Solwara 5 Prospect are still with the contractor Ocean Floor Geophysics for processing.

Survey Parameters:

Line Spacing - 25m or 50m

Transmitter Altitude - 9m (nominal)

Receiver Altitude - 5m (nominal)

Survey Speed - 0.75 knots (nominal)

EM System - Ocean Floor Geophysics Inc.'s proprietary OFEM system, under patent application

Depth of Investigation - less than 5m

Peak Response 5%

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

Contact Information

  • Nautilus Minerals Inc. (Toronto)
    Investor Relations
    (416) 551-1100
    Email: investor@nautilusminerals.com
    or
    Nautilus Project Office (Australia)
    President & CEO
    +61 (7) 3318 5555
    Email: ceo@nautilusminerals.com
    Website: www.nautilusminerals.com
    or
    Numis Securities Limited (NOMAD)
    John Harrison/James Black
    + 44(0) 20 7260 1000
    or
    Conduit PR Ltd (UK Financial PR)
    Arabella Hobbs
    + 44(0) 20 7429 6610
    or
    Conduit PR Ltd (UK Financial PR)
    Charlie Geller
    +44(0) 20 7429 6604