Nautilus Minerals Inc.
TSX VENTURE : NUS

Nautilus Minerals Inc.

December 11, 2006 18:01 ET

Nautilus Closes Financing

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 11, 2006) - Nautilus Minerals Inc. (TSX VENTURE:NUS) (the "Company" or "Nautilus") is pleased to announce that it has closed its non-brokered private placement of 9,425,758 common shares at a price of US$3.30 (C$3.76(i)) per common share, for gross proceeds of US$31.1 million (C$35.45m(i)), as announced on December 7, 2006.

Teck Cominco acquired 7,575,758 common shares for US$25 million and received 3,000,000 share purchase warrants to acquire additional common shares at a price of US$5.00 (C$5.70(i)) per share until June 1, 2008.

Epion Holdings Limited acquired 1,850,000 common shares for US$6,105,000 and 750,000 share purchase warrants to acquire additional common shares at a price of US$5.00 (C$5.70(i)) per share until June 1, 2008.

M&A Advisors Ltd. received a finder's fee regarding Epion's portion of the private placement of US$610,500 and was issued 185,000 share purchase warrants entitling the holder to acquire an aggregate of 185,000 common shares at a price of US$3.30 (C$3.76(i)) per share until December 11, 2008.

The proceeds of the private placement will be used to fund the development of the Company's business. All securities are subject to a four-month hold period in Canada which expires on April 12, 2007.

(i) Exchange rate US$1.00 equals C$1.14

About Teck Cominco Limited (9.2%)

Teck Cominco is a diversified mining company, headquartered in Vancouver, Canada. Its shares are listed on the Toronto Stock Exchange under the symbols TCK.A and TCK.B and on the New York Stock Exchange under the symbol TCK. The company is a world leader in the production of zinc and metallurgical coal and is also a significant producer of copper, gold, indium and other specialty metals. Further information can be found at www.teckcominco.com.

About Epion Holding Limited (19.9%)

Epion is wholly owned by Mr. Alisher Usmanov who is a prominent Russian investor in the Russian mining and metal industries. Mr. Usmanov is the principal shareholder of the Metalloinvest Group, which owns and operates large iron ore and steel producers in Russia. The Group is the biggest Russian iron ore producer (40% of Russia's total annual production) and Russia's 5th largest steel producer and currently has consolidated revenues of more than US$5.0 billion.

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for 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 2006 is the Solwara Project, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean.


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contact Information