Nautilus Minerals Inc.

Nautilus Minerals Inc.

March 21, 2007 14:24 ET

Nautilus Launches World's Largest Commercial Exploration Program for High Grade Seafloor Massive Sulphide Systems

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - March 21, 2007) - Nautilus Minerals Inc. (TSX VENTURE:NUS)(AIM:NUS)(AIM:NUSR) (the "Company" or "Nautilus") is pleased to announce the commencement of its 2007 exploration and development program with the mobilisation onsite Papua New Guinea ("PNG") today of the 141 meter vessel "Wave Mercury" ( and the departure from Seattle, Washington, USA, of the 50 meter Aquila on Sunday, the 18th of March.

David Heydon, Nautilus CEO, commented: "The Wave Mercury left Rabaul harbour PNG at 11.20pm USA Eastern time, Tuesday March 20th, marking the start of the world's largest ever exploration and development program for high grade seafloor massive sulphide systems. It is due on site Solwara 1 later today. This program will see environmental, mining and metallurgical studies completed on the Company's 100% owned Solwara 1 project, where surface sampling in 2006 returned average grades of 15.5 g/t Au, 9.6% Cu, 138 g/t Ag and 5.1% Zn. Targeted stage one exploration will also be undertaken on much of the Company's large PNG landholding, and will involve technical input from representatives seconded to Nautilus from Teck Cominco."

The "Wave Mercury" program will involve up to 180 days on site, spread over three phases of work:

Phase 1 involves 30 days of environmental studies being undertaken by a team of world leading scientists from Australia's national science agency - the Commonwealth Scientific and Industrial Research Organisation, ENSR Consulting, Duke University USA, Scripps Institute of Oceanography USA, University of Toronto Canada, University PNG, and a specialist from Nautilus. This work will form part of the Company's EIA (Environmental Impact Assessment).

Phase 2 involves 30 days mapping, sampling and detailed geophysical studies using one ROV ("remote operated vehicle"), evaluating strategic structural and geophysical targets generated from the current Aquila cruise and the earlier 2005/2006 Nautilus-Placer Dome work programs.

Phase 3 involves up to 120 days resource definition drilling, sampling and related metallurgical and mine development studies at the Company's Solwara 1 development project with additional drill testing of selected regional targets. Drilling will be undertaken using new "state of the art" ROV mounted drill rigs that will be deployed on the seafloor.

The associated "Aquila" program involves approximately 60 days of geophysical target generation over a number of structural zones. The geophysical survey contractor is Nautilus' "Alliance Partner" Williamson and Associates, of Seattle, Washington, USA, with data interpretation being undertaken by Nautilus' team of in-house personnel and consultants, as well as technical representatives from Teck Cominco.

Some of the regional exploration work will be undertaken on the Company's tenements that may be subject to joint venture with Teck Cominco. This work will be funded by Teck Cominco from the US$12 million it has committed to pay as part of an option to form joint ventures with Nautilus in the future.

Exercise of Options

As the result of the exercise of certain options, the Company has made application for 3,333 common shares to be admitted to AIM. The shares are expected to be admitted to trading on 27 March 2007.

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 in the western Pacific Ocean. The four largest shareholders of the Company are resource companies Anglo American, Teck Cominco, Epion and Barrick Gold.

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

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