Number 2007--28
Vancouver B.C., July 17th, 2007 -
Nautilus Minerals Inc. (TSXV & AIM: NUS) (the "Company" or "Nautilus") is pleased to announce that it has been granted eleven new exploration licences covering an area of 21,386 square kilometres within the territorial waters of Papua New Guinea ("PNG").
The Company also announces it has received advice from the Mineral Resources Authority of PNG of the renewal of EL1374 for a further two year period, with effect from September 10th 2006. [
http://www.nautilusminerals.com/i/misc/PR26-PNGTenements.jpg]
David Heydon, Nautilus' CEO, commented: "The grant of the first of our eighty-one exploration licence applications made in late 2006 ensures that we maintain a pipeline of acreage to explore so we can build on the phenomenal exploration discovery rate we achieved earlier this year when we found four new high grade sulphide mineralisation systems over a four week period (Solwara 5, 6, 7 and 8).
The area of exploration licences granted or under application in PNG covers an area larger than Greece, and maintains our first mover advantage as the leading company in the world for the exploration, discovery and development of high grade seafloor massive sulphide systems."
Heydon added: "Eight of the licences granted are subject to an agreement with Teck Cominco ("Teck"), announced
December 7, 2006. As part of this agreement Teck has seconded certain personnel to Nautilus to assist the company with its US$20 million exploration program. Teck has also agreed to fund up to US$2 million dollars of tenement/licence fees and rentals along with US$10 million dollars of exploration, R&D, and the development of specialised technical equipment to further improve the cost of discovery of these seafloor massive sulphide systems."
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%).
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Vancouver)
Email: investor@nautilusminerals.com
Tel: +1 (778) 785 7591
Australian Project Office
Email: ceo@nautilusminerals.com
Tel: +61 7 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/James Black
Tel: +44 (0) 20 7260 1000
Parkgreen Communications
Clare Irvine/Justine Howarth
+44 (0) 20 7851 7480
Neither the TSXV nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release