Nautilus Minerals Inc.
TSX VENTURE : NUS
AIM : NUS

Nautilus Minerals Inc.

July 11, 2007 02:58 ET

Nautilus Minerals Inc.: Significant Massive Sulphide Drill Intercepts at Solwara 1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 11, 2007) - Nautilus Minerals Inc. (TSX VENTURE:NUS)(AIM:NUS) (the "Company" or "Nautilus") has successfully completed 29 holes of a 90-hole program with 38% of holes terminating in copper sulphide mineralization, with the longest mineralized sulphide intercept being 18.2 metres. Nautilus also reports high grade assay results for its recently discovered Solwara 8 Prospect.

David Heydon, Nautilus CEO, commented: "The results of the drilling at our Solwara 1 Project in the territorial waters of Papua New Guinea, demonstrate that we have a strong mineral system persisting at depth. This is in addition to the system of high grade massive sulphide spires that are often 10 metres high above the system currently being drilled."

Heydon elaborated: "We are actively promoting the development of new tools for this new industry. In less than a year we have, with Remote Operated Vehicle (ROV) builder Perry Slingsby Systems and operator Canyon Offshore, taken the ROV Drill from the drawing board to operational status. These new remote controlled drills operating in water depths up to 1,800m are providing good core recovery, allowing us to define the mineralised system at Solwara 1, and provide quality samples for resource evaluation, metallurgical and geotechnical studies."

Heydon added: "We are also impressed by the results from Solwara 8 where the 12 surface samples taken from Solwara 8 averaged 16.9 g/t gold, 6.1% copper, 32.5% zinc, and 328 g/t silver, with individual samples returning up to 34% copper and 50.7% zinc." "This confirms that we have yet another high grade gold-copper-zinc system, supporting the hit rate during the target testing phase of this year's program of four systems discovered in four weeks."

Solwara 1 Program

Since drilling commenced on June 14, 2007 at Solwara 1, 29 holes have been completed for a total of 305.8m with an average massive sulphide core recovery of 72%. Selected intercepts are outlined in Table 1 and all drill holes are listed in Table 3. Assay results are expected in 4 to 6 weeks.

The evaluation drilling of Solwara 1 is conducted on a nominal 50 metre grid with the aim of collecting quality samples preparation for a mineral resource statement and for metallurgical and mine planning purposes, specifically to undertake assaying and metallurgical and geotechnical test work. Between 70 to 90 holes are planned.

This drilling is mostly adjacent to the exposed high-grade sulphide outcrop zones defined by previous surface sampling and mapping (http://www.nautilusminerals.com/i/maps/Figure2_DrillingProgress.jpg). The geology encountered in drilling to date has been relatively consistent comprising;

1. a locally developed, thin fine-grained sediment "drape" typically about 1m thick;

2. a chalcopyrite-rich massive-sulphide ore zone in places at least 18m thick; and

3. a highly altered (clay-pyrite-anhydrite) footwall.



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Table 1 - Solwara 1 - 2007 ROV Drill Selected Intercepts
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SULPHIDE INTERSECTION
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Drillhole No TD Core recovery - From To Intersection Cu% (hand
(m) in Sulphide % (m) (m) width held XRF)
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SD038 13.6 75 1.1 4.8 3.7 10.3
SD052 16.7 45 0.3 8.1 7.8 11.1
SD056 18.9 91 1.0 18.9 17.9 4.9
SD064 19.5 85 0.0 18.2 18.2 7.0
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The drill core diameter is 52mm (NQ Size). Onboard preliminary handheld XRF analyses indicate that the Solwara 1 massive sulphide is copper-bearing with average result for the massive sulphide intervals (Table 3). Measurements by hand held XRF are not assay results and do not measure gold or silver. Samples will be formally assayed by the ALS Group in Brisbane. Initial results are expected in 4 to 6 weeks.

High Grade Assays Confirmed at Solwara 8

Assay results confirm high-grade gold-copper-zinc mineralisation at the recently discovered the Solwara 8 Prospect. The Solwara 8 Prospect lies in a water depth of between 1,680m and 1,750m at longitude 151 degrees 40'26" E; latitude 3 degrees 43'47" S, approximately 750m WSW of Solwara 6 and approximately 47 km west of the Solwara 1 Prospect (http://www.nautilusminerals.com/i/maps/Figure3_Sol4-8.jpg).

The Solwara 8 Prospect covers an area of approximately 280m by 60m and lies within a NNW trending structural zone approximately 1 km south of, and possibly linked with, the greater Solwara 4 system.



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Table 2 - Solwara 8 - Surface Sampling Results
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Assay Results Preliminary Results
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Samples Au Cu Zn Pb Ag XRF Cu XRF Zn XRF Pb
g/t % % % g/t % % %
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12 16.9 6.1 32.5 2.3 328 6.6 31.5 1.1
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The laboratory assay results are on average 0.7% lower for copper and 0.2% higher for zinc than the preliminary hand held XRF results for Solwara 8 reported on June 14, 2007 and suggest that the XRF units can play an important preliminary guide, in advance of full laboratory results given the 4 - 6 week time lag of recovering samples and getting them off the ship, back to Australia and assayed.

Samples were recovered using a Triton 200 series ROV at water depths from 1,650m to 1,800m. (http://www.nautilusminerals.com/s/PhotoGallery-Solwara8Discovery.asp).

Sample sizes ranged from 1.6 kg to 7.55 kg with a representative cross sectional slice from the end of the rock or chimney sample dispatched to ALS Laboratory Group in Brisbane, Australia for analysis. Ancillary information on sampling is included in the appendix and attached to this release. In addition, Table 3 provides full set of sample assay data.

Additional Listing

As a result of the exercise of certain options, the Company has made application for 150,000 common shares to be admitted to AIM. The shares are expected to be admitted to trading on July 17, 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 between the island chains of New Britain and New Ireland in the western Pacific Ocean.

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

Qualified Person: The exploration results reported in this announcement have been compiled under the supervision of Anthony O'Sullivan, Chief Operating Officer of Nautilus. Mr.O'Sullivan is a member of the Australasian Institute of Mining and Metallurgy, has 20 years experience in mining and exploration geology, and is a qualified person as defined under National Instrument 43 - 101. He consents to his name being used in this release.

APPENDIX - SOLWARA 1

Table 3 below shows a full list of massive sulphide drill intercepts completed on Solwara 1. Measurements by hand held XRF are not considered as assay results and do not measure gold or silver. Samples will be formally assayed by the ALS Group in Brisbane. Initial results are expected in 4 to 6 weeks.



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Table 3 - Solwara 1 - 2007 ROV Drill Intercepts
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SULPHIDE INTERSECTION
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Sulphide Cu%
Drillhole Depth Easting Northing Core From To Sulphide (hand
No (m) recovery (m) (m) width held
% XRF)
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SD036 2.3 398849 9581099 89 0.4 2.3 1.9 7.6
Hole ended in massive sulphide
SD037 3.0 398850 9581099 88 1.0 3.0 2.0 3.2
Hole ended in massive sulphide
SD038 13.6 398858 9581051 75 1.1 4.8 3.7 10.3
SD039 5.6 398861 9581012 68 2.0 5.6 3.6 8.8
Hole ended in massive sulphide
SD040 2.8 398897 9581004 64 1.6 2.8 1.2 5.5
Hole ended in massive sulphide
SD041 9.2 399003 9580992 49 1.3 9.2 7.9 3.4
Hole ended in massive sulphide
SD042 8.9 399052 9580997 44 0.4 4.2 3.8 5.9
SD043 7.8 399084 9580950 62 2.8 7.8 5.0 7.0
Hole ended in massive sulphide
SD044 6.1 399244 9580960 Poor recovery - Altered volcanic rock
SD045 2.7 399200 9580932 Poor recovery - Altered volcanic rock
SD046 13.2 399151 9580935 96 0.4 4.4 4.0 3.8
SD047 9.5 399106 9580926 80 0.3 6.0 5.8 7.5
SD048 14.9 399102 9580980 Poor Recovery - Massive sulphide
SD049 17.2 399137 9580962 68 1.1 7.6 6.5 8.1
SD050 10.1 399231 9580970 Poor recovery - Volcanic rock
SD051 13.3 399138 9580959 Poor recovery - Altered volcanic,
disseminated sulphide
SD052 16.7 399292 9581026 45 0.3 8.1 7.8 11.1
SD053 15.3 399352 9581070 39 1.8 6.1 4.4 6.4
SD054 17.2 399341 9581047 77 1.2 5.9 4.7 4.0
SD055 6.8 399401 9581152 Altered volcanic breccia,
disseminated sulphide
SD056 18.9 399397 9581223 91 1.0 18.9 17.9 4.9
SD057 3.1 399386 9581239 Poor recovery - ended in massive
sulphide
SD058 12.0 399386 9581239 Poor recovery - ended in massive
sulphide
SD059 7.2 399404 9581234 76 1.0 7.2 6.1 7.6
Hole ended in massive sulphide
SD060 18.1 399343 9581219 51 0.0 3.3 3.3 2.7
SD061 4.7 399444 9581180 75 0.0 4.7 4.7 7.2
Hole ended in massive sulphide
SD062 14.3 399443 9581179 73 0.0 8.8 8.8 3.3
SD063 11.9 399446 9581291 55 4.1 8.0 3.9 6.6
SD064 19.5 399486 9581276 85 0.0 18.2 18.2 7.0
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Total 305.8
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Results of Indicative Analyses from Hand Held XRF Unit

Nautilus is using a hand-held Niton XLT 592 X-ray florescence (XRF) instrument on the Wave Mercury to obtain indications of the grade of materials recovered from the sea floor. This system provides indicative information on grade tenor of samples for copper, zinc and lead mineralization but does not measure for many elements including gold and silver. It is unable to provide gold and silver assays.

The instrument used for this application does not provide the accuracy required to report assays. These analyses are the mean of ten point measurements on unprepared wet surfaces of each of the samples reported. XRF readings are taken at 10cm intervals along the drill core to provide indicative grade data for mineralized intervals. The instrument is not calibrated using certified standards and the samples have not been crushed and prepared to minimise matrix effects which may affect the accuracy of the analysis. However, comparison of results to date with assay data for surface samples indicate the XRF tool is a reliable method for providing indicative results of the tenor of mineralization and providing data for "real time" decisions in the field.

APPENDIX - ASSAY SAMPLES FOR SOLWARA 8

Table 4 lists the results of the Solwara 8 sampling, including a comparison between laboratory assay results and preliminary XRF analyses.

Laboratory Analysis:

All analysis was carried out by ALS Laboratory Group in Brisbane, Australia. ALS operate quality systems based on international standards ISO/IEC17025:1999 "General requirements for the competence of calibration and testing laboratories" and ISO9001:2000 "Quality Management Systems - Requirements".

Sample Custodianship:

All sampling, sample handling and analysis was completed under the supervision of Nautilus personnel. Sampling was carried out aboard the Wave Mercury whilst at sea. All sub-samples were placed into numbered plastic vacuum sealed bags. The bagged samples were then subsequently placed into boxes. The boxes were sealed with security tape and signed by the supervising geologist on site at the time.

Quality Assurance:

External certified geochemical reference materials were prepared by Geostats Pty Ltd, of Perth, Western Australia and independently tested, and field duplicate samples were interspersed at regular intervals between the 12 samples submitted for analysis.

These reference materials comprised "standards", with known and statistically tested concentrations of the major base and precious metals. Standards were submitted approximately every tenth sample. Evaluation of these standards indicate that the quality of the analyses are within acceptable limits.



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Table 4 - Solwara 8 - Surface Sampling Results

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Assay Results Preliminary Results
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SAMPLE East North Au Cu Zn Pb Ag XRF Cu XRF Zn XRF Pb
g/t % % % g/t % % %
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58577 352775 9587558 15.5 13.2 25.4 1.0 274 10.7 25.6 1.0
58578 352798 9587548 19.6 0.7 50.7 2.4 417 0.8 43.8 0.8
58579 352794 9587540 24.9 0.6 29.1 7.8 702 0.9 26.7 2.0
58580 352766 9587538 13.4 0.5 42.1 3.7 653 0.7 33.5 0.6
58581 352801 9587559 50.1 0.9 34.5 1.9 242 1.2 37.1 2.2
58582 352806 9587576 23.9 0.7 34.0 0.7 208 0.8 37.3 0.8
58583 352790 9587576 5.3 9.9 26.4 0.9 286 12.6 26.2 0.7
58584 352808 9587581 14.0 4.0 46.3 2.2 245 2.8 50.4 1.3
58585 352795 9587581 0.8 0.6 29.2 4.7 343 0.8 33.4 2.7
58586 352760 9587559 9.5 6.0 31.4 0.8 264 7.8 28.1 0.6
58587 352668 9587670 1.0 2.2 36.2 1.1 156 3.5 33.9 0.4
58588 352676 9587684 24.6 34.0 4.6 0.1 142 37.2 2.4 0.1
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16.9 6.1 32.5 2.3 328 6.6 31.5 1.1


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