Nautilus Minerals Inc.

Nautilus Minerals Inc.

May 15, 2008 10:29 ET

Nautilus Minerals Inc.: Financial Results for First Quarter 2008

TORONTO, ONTARIO--(Marketwire - May 15, 2008) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the first quarter ended March 31, 2008 together with Management's Discussion and Analysis.

First Quarter 2008 Highlights:

- US$308.0 million (equivalent) in cash and cash equivalents held on deposit with major banks as at March 31, 2008

- Preliminary results from first phase mineralogical and metallurgical investigations of ore show a commercial grade copper concentrate with low impurity levels indicating that good recovery should be produced

- Teck Cominco Limited commences deep sea exploration program

- US$116 million contract awarded for Engineering Procurement and Construction Management ("EPCM") services for Riser and Lifting System ("RALS")

David Heydon, President and CEO, commented: "The first quarter of 2008 has been very successful for the Company with the award of the second of three major contracts for the components of the mining system. The Company is in a healthy position financially with US$308.0 million invested as at the end of the quarter."

The Financial Statements and Management's Discussion and Analysis are attached below and have been filed on and are also available on the Company's website

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and subject to timely permitting is positioning itself to become an emerging producer in 2010. 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 Cominco (7.2%) and Anglo American (5.7%). Epion (22.4%) is controlled by the founder of Metalloinvest one of the largest and fastest growing mining and metallurgical holdings in Russia.

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
    (416) 551-1100
    Nautilus Minerals Inc.
    Australian Project Office
    +61 (7) 3318 5555
    Numis Securities Limited (NOMAD)
    John Harrison/James Black
    + 44(0) 20 7260 1000