Nautilus Minerals Inc.

Nautilus Minerals Inc.

July 06, 2007 09:45 ET

Nautilus Takes Over Offshore Development at Solwara 1

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 6, 2007) - Nautilus Minerals Inc. (TSX VENTURE:NUS)(AIM:NUS) (the "Company" or "Nautilus") will take over the offshore development aspects of the Solwara 1 project following the lapse of an agreement with Belgium-based dredging company, Jan De Nul.

On October 4, 2006 Nautilus announced it had reached a Heads of Agreement with Jan de Nul with a view to formalizing a detailed Works Contract by July 1, 2007.

David Heydon, Nautilus CEO comments: "The Company's project development team, led by Steve Rogers, the former CEO of Clough Limited's oil and gas business, will now deal directly with the suppliers of the specialized equipment required for mining and raising the ore. We will retain international engineering contractors to act as owner's engineers in the development program. Whilst the Agreement with Jan de Nul called for the construction of a new build ship, the Company is now scoping other mining platforms including the modification of existing vessels and barges to suit its planned production rates and development time line. This in fact may be a more flexible and more cost effective solution than the previous approach."

The Company proposes to conduct a conference call on Wednesday July 11, 2007 at 10am Eastern Time (3pm GMT) to discuss the current drilling program and development of the Solwara 1 Project. Details of the conference call and presentation slides will be posted on the Company's website on Tuesday July 10, 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%).

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

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