Nautilus Minerals Inc.
AIM : NUS
TSX : NUS

Nautilus Minerals Inc.

June 11, 2009 09:19 ET

Nautilus Confirms High Grades in Phase One of 2009 Tongan Exploration

TORONTO, ONTARIO--(Marketwire - June 11, 2009) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces that it has received high grade copper, gold, zinc and silver assays with highest assay results in respect of each element across all the samples tested of 12.6% Cu, 34.0 g/t Au, 60.9% Zn and 185 g/t Ag. The assay results relate to the samples taken during the first phase of its 2009 target generation program in Tonga, on 100% owned Nautilus prospecting licences (see Figures 1 and 2). The second phase of the Tongan program is currently underway.

Stephen Rogers, Nautilus' CEO, commented: "We are excited about the high grades of these assay results. In particular, the very high gold and silver grades are impressive. The delineation of more "precious metal" rich, high grade Seafloor Massive Sulphide ("SMS") systems further highlights the prospectivity of our large tenement package in Tonga. We have commenced the second phase of our 2009 Tongan exploration program and will remain on the water until the end of June. We look forward to receiving the results of this program."

Twenty samples of SMS material were collected from Tahi Moana 7 and FRSC02 prospects, reported previously (www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=350274), during phase one of the 2009 Tongan exploration program. Assay results (see Table 1) confirm the two systems contain significant precious metals (gold and silver), as well as high grade copper and/or zinc mineralisation.

Phase two of the 2009 Tongan exploration program commenced on Saturday May 30, 2009. It comprises approximately 27 days of water column sampling, bathymetric surveying, and rock sampling. The program, like phase one, is being undertaken in collaboration with Australian National University ("ANU") and the Commonwealth Scientific and Industrial Research Organisation ("CSIRO"), on board the Marine National Facility research vessel Southern Surveyor (see Figure 3). Work is being completed under the supervision of ANU's Professor Richard Arculus, with input from CSIRO and Nautilus. Phase one of the program delineated 12 anomalies, and was reported previously.

(www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=350274)

Links

Figure 1: www.nautilusminerals.com/i/misc/Figure1_TongaSS.pdf

Figure 2: www.nautilusminerals.com/i/misc/Figure2_TongaSS.pdf

Figure 3: www.nautilusminerals.com/i/photos/southern_surveyor_5.jpg (1)

Table 1: www.nautilusminerals.com/i/misc/Table1_assayresults_TongaSS.pdf

(1) Photo courtesy of CSIRO

Qualified Person:

The exploration results reported in this announcement have been compiled under the supervision of Michael Johnston, Vice President Strategic Development of Nautilus Minerals. Mr. Johnston is a member of the Australasian Institute of Mining and Metallurgy, has over 25 years experience in mining and exploration geology, and is a qualified person as defined by National Instrument 43-101. He consents to his name being used in this release.

Laboratory Analysis:

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

Gold was determined using a 30 gram fire assay with aqua regia digest (ALS technique Au-AA25). Copper, lead, zinc and silver were determined by aqua regia digest followed by an inductively coupled plasma atomic emission spectroscopy (ICP-AES) finish (ALS technique ME-OG46). Very high grade zinc (greater than 30%) was re-assayed by method ME-OG46, but using a more diluted digest (ALS technique ME-ICPDil). Iron was determined using a four acid digest with ICP-AES finish (ALS technique ME-ICP61).

For a full schedule of ALS services see http://www.alsglobal.com/Mineral/DivisionServices.aspx

Sampling Methodology:

Samples were collected during the deployment of a small dredge (www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=350274), with the exception of sample FRSC02 which was collected from the frame of the camera tow. A small reference sample was retained for each sample (except FRSC02), with the bulk of the sample dispatched to ALS for sample preparation and assaying. All sampling was completed under the supervision of Nautilus personnel.

Quality Assurance:

Standards were submitted with the samples, and results assessed to be within acceptable tolerances. The methodology used for indicative XRF results is defined in the following press release (www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=350274).

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 currently developing its first project. 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 Resources (6.8%) and Anglo American (11.1%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cypress) Limited.

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
    +1 (416) 551 1100
    investor@nautilusminerals.com
    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