TORONTO, ONTARIO--(Marketwire - May 6, 2011) - Nautilus Minerals (News - Market indicators)(AIM:NUS) is taking another step forward in the construction of its seafloor production system, proceeding with an order for the Subsea Slurry Lift Pump (SSLP).

The SSLP will pump high grade slurry from the bottom of the riser, at Nautilus' proposed Solwara 1 project in the Bismarck Sea of Papua New Guinea (PNG), to a Production Support Vessel (PSV) floating approximately 1600 metres above. It is a key piece of equipment in Nautilus' plan to produce commercial quantities of copper, gold and other metals from the deep ocean.

The contract for the SSLP was first awarded to GE Oil & Gas in June 2008, but was suspended later that year due to the global financial crisis. With the improvement in economic conditions, and recent major advances in the Solwara 1 project, Nautilus has reinstated the contract.

Nautilus announced earlier this year that it had secured a Mining Lease from the PNG Government, which also had elected to contribute funds to take up a 30% interest in the Solwara 1 project. That was followed by the announcement of a strategic partnership with German shipping company Harren & Partner to provide the PSV.

"We are now taking a number of steps to move the Solwara 1 project forward pending final sanction of the project by the Nautilus Board of Directors," said Nautilus CEO Steve Rogers. "By lifting the suspension, we are securing this critical component and ensuring that we meet our project timelines," he said.

GE Oil & Gas is a world leader in advanced technology equipment and services for all segments of the oil and gas industry, from drilling and production, LNG, pipelines and storage to industrial power generation, refining and petrochemicals. GE Oil & Gas also provides pipeline integrity solutions, including inspection and data management, and designs and manufactures wire-line and drilling measurement solutions for the oilfield services segment. GE Oil & Gas exploits technological innovation from other GE businesses, such as aviation and healthcare, to continuously improve oil and gas industry performance and productivity. GE Oil & Gas employs more than 16,000 people worldwide and operates in over 100 countries. GE was awarded the contract to build the SSLP using their Hydril Pressure Control subsea pumping technology.

Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law. Forward-looking statements and forward-looking information include, but are not limited to statements or information with respect to the dates of delivery of seafloor production equipment and project deadlines. Even though our management believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements or information. Such risks, uncertainties and other factors include, among others, late delivery of equipment. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly you should not place undue reliance on forward-looking statements or information. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.