Nautilus Minerals Inc.

Nautilus Minerals Inc.

September 09, 2009 08:58 ET

Nautilus Minerals-High Success Rates Exploring from MV Fugro Solstice

TORONTO, ONTARIO--(Marketwire - Sept. 9, 2009) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") is pleased to announce the discovery of seven highly prospective areas that were identified during the first two weeks of its MV Fugro Solstice exploration campaign on Nautilus' wholly owned exploration licenses in the Bismarck Sea, Papua New Guinea ("PNG"). The areas were identified using enhanced target generation techniques and technology developed by Nautilus' exploration team over the last two years. The areas will be followed up later this year when a remotely operated vehicle ("ROV") will be used to test for seafloor massive sulphide ("SMS") systems and then to delineate and sample from these prospective locations.

Stephen Rogers, Nautilus' CEO, commented: "Through innovation we are driving down our costs and improving our success rates in SMS exploration. Using improved, proprietary exploration techniques we are now recording one new prospective site every two or three days which we will follow up by ROV in October. We have chosen to announce target generation work because of Nautilus' recent success in converting similar prospective areas to SMS prospects."

In the first two weeks, the exploration team reported seven anomalies that are considered likely to have a hydrothermal source ( Four of these have sufficient attributes to be considered targets for SMS testing by ROV.

Nautilus' enhanced techniques involve adapting the deep towed sensor package to enable turbidity, oxidation reduction potential, water sampling and multibeam back scatter responses through the water column to be recorded at significantly faster survey speeds than comparable equipment packages. These datasets enable rapid assessment of large exploration tenements in the search for SMS systems. Combined with a commercial laboratory approach to geochemical assaying of water samples these improved techniques enable a shortened target testing cycle with greater chance of success. The net result is improved target quality and reduction in targeting costs.

MV Fugro Solstice was successfully mobilised from Singapore and arrived in Madang on 21 August. The exploration systems on the vessel were successfully commissioned and for the last two weeks have been applied over exploration licenses in the Bismarck Sea located in the territorial waters of PNG.

RK Equity Appointment

Nautilus also announces that it has engaged RK Equity Advisors LLC (New York) ("RK Equity") as investor relations consultants to broaden the Company's outreach to investors and analysts in the United States.

Commenting on the appointment, Stephen Rogers, Nautilus' CEO, said: "This appointment is made at an appropriate time to increase our profile with investors in US markets. With the breadth and quality of its investor network, RK Equity will assist Nautilus to build its US investor footprint."

Howard Klein, Managing Partner of RK Equity, said: "The Nautilus vision and mission impressed us the first time we heard it. We look forward to introducing this opportunity to our network in the investment community and further expanding the awareness of this new frontier in the minerals resource sector."

For more information on RK Equity visit:

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for polymetallic 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 AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%), Teck Resources (6.8%) and 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 (Cyprus) 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
    Nautilus Minerals Inc.
    Australian Project Office
    +61 (7) 3318 5555
    Numis Securities Limited
    John Harrison
    Nominated adviser
    + 44(0) 20 7260 1000
    Numis Securities Limited
    James Black
    Corporate broking
    + 44(0) 20 7260 1000