Nautilus Minerals Inc.: PNG Government Option

TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) has extended the term of an option retained by the PNG Government in January 2011 to enable it to take up to a 30% stake in the Solwara 1 project in the Bismarck Sea.

If the option is exercised, the government will contribute funds to the project in proportion to its interest, including its share of the exploration and development costs incurred to date.

Nautilus has extended the term of the option until March 11, 2011, to allow the government to complete its internal approval processes.

Links

Jan 17, 2011, Nautilus Granted Mining Lease:

http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=437932

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%) and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, which beneficially owns 21.0% of the Company's issued shares through Gazmetall Holding (Cyprus) Limited.