Nautilus Minerals Inc.

Nautilus Minerals Inc.

July 17, 2007 13:14 ET

Eleven Exploration Licences Granted to Nautilus in PNG

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 17, 2007) - Nautilus Minerals Inc. (TSX VENTURE:NUS)(AIM:NUS) (the "Company" or "Nautilus") is pleased to announce that it has been granted eleven new exploration licences covering an area of 21,386 square kilometres within the territorial waters of Papua New Guinea ("PNG").

The Company also announces it has received advice from the Mineral Resources Authority of PNG of the renewal of EL1374 for a further two year period, with effect from September 10th, 2006 (

David Heydon, Nautilus' CEO, commented: "The grant of the first of our eighty-one exploration licence applications made in late 2006 ensures that we maintain a pipeline of acreage to explore so we can build on the phenomenal exploration discovery rate we achieved earlier this year when we found four new high grade sulphide mineralisation systems over a four week period (Solwara 5, 6, 7 and 8).

The area of exploration licences granted or under application in PNG covers an area larger than Greece, and maintains our first mover advantage as the leading company in the world for the exploration, discovery and development of high grade seafloor massive sulphide systems."

Heydon added: "Eight of the licences granted are subject to an agreement with Teck Cominco ("Teck"), announced December 7, 2006 ( As part of this agreement Teck has seconded certain personnel to Nautilus to assist the company with its US$20 million exploration program. Teck has also agreed to fund up to US$2 million dollars of tenement/licence fees and rentals along with US$10 million dollars of exploration, R&D, and the development of specialised technical equipment to further improve the cost of discovery of these seafloor massive sulphide systems."

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for high grade gold-copper-zinc-silver seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration.

The Company's main focus for 2007 is the Solwara 1 Project, located in the territorial waters of Papua New Guinea between the island chains of New Britain and New Ireland in the western Pacific Ocean.

Nautilus is listed on the TSX Venture Exchange and on AIM, and has among its largest shareholders four of the world's largest international resource companies, including Anglo American (6.4% holding), Teck Cominco (5.8%), Epion (16.8%) and Barrick Gold (3.7%).

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

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