Nautilus Minerals Inc.

Nautilus Minerals Inc.

August 29, 2007 13:05 ET

Nautilus Minerals Inc.: Financial Results For the 2nd Quarter Ended June 30, 2007

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2007) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the 2nd quarter ended June 30, 2007 together with Management's Discussion and Analysis.

2nd Quarter 2007 Highlights:

- US$272 million in cash held on deposit with major banks.

- US$9.4 million invested during the quarter on the world's largest commercial exploration program for high grade seafloor massive sulphide systems.

- Discovery of four new seafloor massive sulphide prospects (named Solwara 5, 6, 7 and 8) in the territorial waters of Papua New Guinea.

- Completion of fieldwork for the environmental baseline study on the Solwara 1 prospect.

- Appointment of Mr. Farhad Moshiri as an independent director to the Board.

David Heydon, President and CEO, commented: "The June quarter has been very successful for the Company with important new discoveries and the continued exploration and mine planning activities for Solwara 1."

"The loss reported this quarter of US$6.2 million is in line with our expectations and is a reflection of the investment and expense we are making as an exploration company in pre-development mode."

"As we reported to the market on August 20, 2007, our cash - which stood at $272m at June 30, 2007 - is not invested in asset backed commercial paper but on deposit for periods of less than 90 days with leading banks."

The Financial Statements and Management's Discussion and Analysis have been filed on

About Nautilus Minerals Inc.

Nautilus is the first company to commercially explore the seafloor for high grade gold-copper-zinc-silver massive sulphide deposits and is positioned as a world leader in underwater mineral exploration.

The Company's main focus is the development of the Solwara 1 Project, located in the territorial waters of Papua New Guinea between the island chains of New Britain and New Ireland in the western Pacific Ocean.

Nautilus is listed on the Toronto Stock Exchange and on London AIM, and has among its largest shareholders four of the world's leading international resource companies, including Epion (16.8% holding), Anglo American (6.4%), Teck Cominco (5.8%), and Barrick Gold (3.7%).

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

Contact Information

  • Nautilus Minerals Inc.
    Investor Relations (Vancouver)
    (778) 785-7591
    Nautilus Minerals Inc.
    President & CEO
    (778) 785-7591
    Numis Securities Limited (NOMAD)
    John Harrison/James Black
    +44 (0) 20 7260 1000
    Parkgreen Communications
    +44 (0) 20 7851 7480