Nautilus Minerals Inc.
AIM : NUS
TSX : NUS

Nautilus Minerals Inc.

November 13, 2007 11:40 ET

Nautilus Minerals Inc.: Significant High-Grade Copper and Gold Results at Solwara 1 Deposit

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 13, 2007) - Nautilus Minerals Inc. ("Nautilus") (TSX:NUS)(AIM:NUS) announces that it has received further high-grade copper ("Cu") and gold ("Au") assays over significant widths from this year's drilling program at its Solwara 1 prospect located in the territorial waters of Papua New Guinea ("PNG") (Figure1). Selected intercepts from the Solwara 1 drilling program are listed in Table 1 below.



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Table 1 Solwara 1 Drilling - Selected Intercepts
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Massive Sulphide Intercepts
XRF(i) Hole
Hole Interval Cu Au Pb Zn Cu Depth From To
Number (m) % g/t % % % (m) (m) (m)
-------------------------------------------------------------------
SD080 11.4 11.1 6.5 0.0 0.2 12.5 13.2 0.4 11.7
Hole ended in mineralisaton
-------------------------------------------------------------------
SD099 5.1 8.9 10.3 0.1 0.1 8.6 13.9 5.2 10.3
Hole ended in mineralisaton
-------------------------------------------------------------------
SD100 15.4 4.6 2.6 0.1 0.5 5.1 16.7 1.3 16.7
Hole ended in mineralisaton
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SD106 7.9 3.8 2.3 0.1 0.3 3.5 10.4 0.7 8.6
Hole ended in mineralisaton
-------------------------------------------------------------------
SD109 9.6 8.3 8.0 0.1 0.9 7.0 10.8 1.3 10.8
Hole ended in mineralisaton
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(i) XRF Cu results are the results from the hand XRF instrument
reported previously.


David Heydon, Nautilus CEO, commented: "These results confirm that there is a significant high-grade copper and gold deposit at Solwara 1. Results from this set of 36 holes continue to produce excellent mineralised intercepts like hole SD80 with 11.4 metres at 11.1% Cu and 6.5 g/t Au, and hole SD109 with 9.6m at 8.3% Cu and 8.0 g/t Au."

A total of 111 holes were drilled during the program this year over the Solwara 1 Prospect including holes to obtain samples for metallurgical test-work (figure 1 http://www.nautilusminerals.com/i/drillplan.pdf). All samples have been despatched for analysis and metallurgical test work is underway.

A full listing of the mineralised intercepts for holes with assays received to date are listed in table 2 below and listing of assay results are available on the Nautilus website at (http://www.nautilusminerals.com/i/misc/DrillData.pdf). Additionally examples of the drillcore can be viewed at (http://www.nautilusminerals.com/i/misc/CorePhotos.jpg).

Options Granted

On November 13, 2007, the Company granted a total of 685,000 options to four new employees and the four non-executive directors at an exercise price of C$4.67 per share to vest at 20% every six months from the issue and expiring on November 13, 2010. The options granted to non-executive directors are received in lieu of payment for their services as a director for the Company.



The details regarding the options granted are as follows:

Date of No. of Exercise Vesting Expiration
Name grant Options Price period Date

Geoff Loudon November 13, 150,000 C$4.67 20% every November 13,
2007 6 months 2010
from date
of issue

Farhad Moshiri November 13, 100,000 C$4.67 20% every November 13,
2007 6 months 2010
from date
of issue

Russell Debney November 13, 100,000 C$4.67 20% every November 13,
2007 6 months 2010
from date
of issue

David De Witt November 13, 100,000 C$4.67 20% every November 13,
2007 6 months 2010
from date
of issue

Other employees November 13, 235,000 C$4.67 20% every November 13,
2007 6 months 2010
from date
of issue
-------
Total granted 685,000
-------
-------


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%).

Drill Intercepts

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

Laboratory Analysis:

Analysis was completed by ALS Laboratory Group in Brisbane, Australia. ALS operates quality systems based on international standards ISO/IEC17025:1999 "General requirements for the competence of calibration and testing laboratories" and ISO9001:2000 "Quality Management Systems - Requirements".

Sampling:

All cores were recovered using ROV Drill submarine drilling techniques returning NQ (49mm) diameter core. All holes are vertical and the deposit is essentially flat lying so intercept widths are considered to be true widths. All sampling, sample handling and analysis was completed under the supervision of Nautilus personnel. Sampling was carried out aboard the vessel whilst at sea. Drillcore was split using a core saw, typically with 50% of core submitted for assay and 50% retained for reference or use in geotechnical or metallurgical testwork.

All sub-samples were placed into numbered plastic vacuum sealed bags. The bagged samples were subsequently placed into boxes. The boxes were sealed with uniquely numbered security tags and checked upon arrival to the laboratories. A full electronic chain of custody is maintained whilst the samples are under the care of ALS.

Quality Assurance:

External certified geochemical reference materials were prepared by Geostats Pty Ltd, of Perth, Western Australia with known and statistically tested concentrations of the major base and precious metals. Standards were submitted approximately every tenth sample.

Nautilus has been working closely with Golder and Associates who have been supervising the sampling and collection of geological data, and have been tasked with compiling the subsequent resource estimate and associated NI 43-101 compliant documentation. No significant issues have been noted by Golders in their work to date.

Data Reduction:

Following QA/QC checks, all data have been reviewed and mineralised intervals defined taking into account natural geological boundaries and applying a nominal 2% Cu cuttoff. Zones of lost cores and areas of potential voids were assigned the average grade of material above and below the area of no core recovery. Intercepts averages were calculated using length weighted averages for the sample assays within the intervals. Full assay results are available on the nautilus website at (http://www.nautilusminerals.com/i/misc/DrillData.pdf).



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Table 2: Solwara 1 Drilling - Mineralised Intervals - Holes SD80 to SD115
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Massive Sulphide Intercepts
XRF(i) Hole
Hole Interval Cu Au Pb Zn Cu Depth From To
Number % g/t % % %
-------------------------------------------------------------------------
SD080 11.37 11.1 6.5 0.0 0.2 12.5 13.17 0.35 11.72
Hole ended in mineralisation
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SD081 Fresh Volcanics 4.56
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SD082 Fresh Volcanics 3.59
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SD083 1.7 4.85 4.06 0.085 0.46 4.03 8.73 1.21 2.91
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SD084 Fresh Volcanics 4.43
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SD085 0.63 3.76 3.48 0.22 1.09 3.22 8.7 1.69 2.32
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SD086 Fresh Volcanics 6.63
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SD087 3.29 3.6 1.2 0.5 2.5 2.4 8.52 0.19 3.48
-------------------------------------------------------------------------
SD088 5.27 13.8 10.2 0.1 0.4 11.9 7.99 0.73 6
Hole ended in mineralisation
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SD089 2.56 8.6 8.0 0.1 0.6 7.0 7.86 3.53 6.09
Hole ended in mineralisation
-------------------------------------------------------------------------
SD090 2.85 2.8 1.5 0.0 0.0 1.8 14.5 2.4 5.25
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SD091 0.79 2.57 9.37 1.08 5.52 2.27 6.67 1.16 1.95
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SD092 Fresh Volcanics 5.37
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SD093 3.77 13.7 5.0 0.0 0.1 10.2 14.43 1.48 5.25
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SD094 1.43 3.2 2.2 0.5 1.3 3.1 7.39 2.37 3.8
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SD095 Fresh Volcanics 4.79
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SD096 Fresh Volcanics 11.48
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SD097 1.23 2.1 2.2 0.1 0.3 1.1 3.95 1.54 2.77
Hole ended in mineralisation
-------------------------------------------------------------------------
SD098 7.92 3.5 2.7 0.1 0.9 2.7 8.87 0.24 8.16
Hole ended in mineralisation
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SD099 5.05 8.9 10.3 0.1 0.1 8.6 13.86 5.21 10.26
Hole ended in mineralisation
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SD100 15.36 4.6 2.6 0.1 0.5 5.1 16.68 1.32 16.68
Hole ended in mineralisation
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SD101 Altered Volcanics 1.72
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SD102 Fresh Volcanics 1.91
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SD103 Fresh Volcanics 2.16
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SD104 0.62 5.67 4.06 0.3 1.46 3.93 1.29 0.67 1.29
Hole ended in mineralisation
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SD105 4.45 11.7 8.9 0.1 0.3 9.5 17 0.3 4.75
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SD106 7.94 3.8 2.3 0.1 0.3 3.5 10.35 0.66 8.6
Hole ended in mineralisation
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SD107 Fresh Volcanics 4.92
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SD108 Poor Recovery - Sediments 2.26
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SD109 9.55 8.3 8.0 0.1 0.9 7.0 10.83 1.28 10.83
Hole ended in mineralisation
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SD110 Fresh Volcanics 4.87
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SD111 Fresh Volcanics 12.75
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SD112 Metallurgical Testwork - Full Core 16.4
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SD113 1.94 1.7 2.8 0.4 0.8 1.2 9.21 1.7 3.64
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SD114 Fresh Volcanics 12.31
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SD115 Fresh Volcanics 4.75
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Previously released results - Holes SD036 to SD079
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SD036 2.2 10.1 11.9 0.2 0.6 7.6 2.3 0.2 2.3
Hole ended in mineralisation
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SD037 3.0 7.9 10.5 0.1 0.6 2.2 3 0.0 3.0
Hole ended in mineralisation
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SD038 5.9 15.3 11.7 0.1 0.7 10.2 13.6 1.1 7.0
Hole ended in mineralisation
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SD040 0.9 9.4 6.4 0.0 0.6 2.6 2.8 1.9 2.8
Hole ended in mineralisation
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SD041 5.3 5.9 3.1 0.1 0.4 3.2 9.2 3.9 9.2
Hole ended in mineralisation
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SD042 6.2 12.2 12.9 0.1 0.2 8.1 8.9 0.0 6.2
-------------------------------------------------------------------------
SD043 7.2 7.6 7.1 0.2 1.4 5.6 7.8 0.6 7.8
Hole ended in mineralisation
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SD044 Poor recovery - Altered volcanic rock 6.1
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SD045 Poor recovery - Altered volcanic rock 2.7
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SD046 6.3 5.4 7.0 0.3 1.8 1.6 13.2 0.3 6.5
Hole ended in mineralisation
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SD047 9.3 10.4 6.4 0.0 0.1 4.6 9.5 0.3 9.5
Hole ended in mineralisation
-------------------------------------------------------------------------
SD048 5.7 7.5 3.6 0.0 0.0 0.9 14.9 1.9 7.7
-------------------------------------------------------------------------
SD049 6.5 6.9 3.2 0.0 0.1 7.1 17.2 1.1 7.6
-------------------------------------------------------------------------
SD050 0.8 6.3 3.9 0.2 0.6 1.7 10.1 0.0 0.8
-------------------------------------------------------------------------
SD051 3.4 5.5 7.4 0.0 0.0 8.9 13.3 1.7 5.2
-------------------------------------------------------------------------
SD052 7.8 11.8 15.1 0.1 0.2 12.0 16.7 0.3 8.1
-------------------------------------------------------------------------
SD053 5.0 9.2 9.4 0.1 0.6 5.3 15.3 1.2 6.1
-------------------------------------------------------------------------
SD054 2.2 10.7 3.1 0.2 1.4 8.0 17.2 1.2 3.4
-------------------------------------------------------------------------
SD055 0.8 4.8 8.3 0.2 0.5 4.8 6.8 0.9 1.7
-------------------------------------------------------------------------
SD056 18.9 5.0 3.4 0.1 0.4 4.7 18.9 0.0 18.9
Hole ended in mineralisation
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SD057 0.6 11.1 10.6 0.5 2.5 9.9 3.1 0.0 0.6
Hole ended in mineralisation
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SD058 Poor recovery - ended in massive sulphide 12
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SD059 5.5 8.4 3.5 0.1 0.1 7.8 7.2 1.0 6.6
Hole ended in mineralisation
-------------------------------------------------------------------------
SD060 3.3 7.6 3.2 0.1 0.2 2.7 18.1 0.0 3.3
-------------------------------------------------------------------------
SD061 4.0 10.5 9.3 0.2 0.4 9.3 4.7 0.4 4.4
Hole ended in mineralisation
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SD062 4.3 8.9 5.7 0.1 0.2 6.3 14.3 0.9 5.2
-------------------------------------------------------------------------
SD063 6.9 10.1 7.4 0.1 0.1 6.9 11.9 0.8 7.7
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SD064 13.7 8.5 8.4 0.1 0.5 9.6 19.5 0.4 14.1
-------------------------------------------------------------------------
SD065 8.1 14.8 8.4 0.0 0.1 13.5 9.6 0.2 8.3
Hole ended in mineralisation
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SD066 Volcanic rock 5.1
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SD067 No assay data available 4.8
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SD068 5.4 7.0 5.5 0.1 0.2 6.2 9.6 3.5 8.8
Hole ended in mineralisation
-------------------------------------------------------------------------
SD069 7.6 4.3 4.7 0.0 0.1 4.1 7.6 0.0 7.6
Hole ended in mineralisation
-------------------------------------------------------------------------
SD070 0.9
Hole ended in mineralisation
-------------------------------------------------------------------------
SD071 7.3 3.7 3.3 0.1 0.7 3.9 12.9 5.6 12.9
Hole ended in mineralisation
-------------------------------------------------------------------------
SD072 6.5 13.4 9.4 0.0 0.0 12.2 15.1 1.7 8.2
-------------------------------------------------------------------------
SD073 3.6
-------------------------------------------------------------------------
SD074 2.7 10.7 7.8 0.1 0.5 6.7 8.4 0.3 3.0
-------------------------------------------------------------------------
SD075 12.6 6.6 3.8 0.1 0.5 9.5 14.1 0.0 12.6
-------------------------------------------------------------------------
SD076 6.6 3.7 2.7 0.0 0.1 3.7 9.7 2.5 9.1
Hole ended in mineralisation
-------------------------------------------------------------------------
SD077 Weakly mineralised sulphide 13.9 1.0
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SD078 0.3 15.3 14.9 0.3 1.5 11.0 12.2 1.4 1.7
-------------------------------------------------------------------------
SD079 6.7 4.9 4.1 0.1 1.2 5.9 7 0.3 7.0
Hole ended in mineralisation
-------------------------------------------------------------------------


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

Contact Information

  • Nautilus Minerals Inc. (Vancouver)
    Investor Relations
    (778) 785-7591
    Email: investor@nautilusminerals.com
    Website: www.nautilusminerals.com
    or
    Australian Project Office
    +61 (7) 3318 5555
    Email: ceo@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/Ed Portman
    +44(0) 7429 6610/ +44(0) 7833 926 694