TORONTO, ONTARIO--(Marketwire - May 27, 2008) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") announces that a new collaborative exploration to search for new Seafloor Massive Sulphide ("SMS") systems in Tonga, has commenced. This collaborative program is between the Australian National University ("ANU") and Teck Cominco Limited ("Teck Cominco"). The vessel, RV Southern Surveyor which is the Australian Marine National Facility vessel, departed today from Suva in Fiji (www.nautilusminerals.com/i/photos/southern_surveyor_5.jpg(i)). The vessel is managed by CSIRO, the Australian government research organisation. The objective of this program is to discover new SMS systems on Nautilus tenements in the Peggy Ridge area within the excusive economic zone of Tonga. During the 12-day program, the RV Southern Surveyor will target prospective ground using a variety of instruments to detect geochemical plumes associated with SMS systems.
The RV Southern Surveyor program is in addition to the Phase 1 (MV Sepura) and Phase 2 (DEA Surveyor) programs and is funded as part of Teck Cominco's US$12 million 2008 exploration program on Nautilus' Papua New Guinea ("PNG") and Tonga granted tenements (www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=278422). Teck Cominco directly chartered the Phase 1 and 2 vessels and is collaborating with the scientific community in this program.
ANU lead scientist Richard Arculus commented: "Our collaborative team is excited to be working with Teck Cominco and Nautilus to complete this work in Tonga. Through this collaboration we anticipate extending the bounds of science by completing research that would otherwise not occur."
Fred Daley, Vice President, Exploration Teck Cominco commented: "Teck Cominco is very excited to be working with ANU and Nautilus on a project of this calibre in Tonga. The research and technical excellence that ANU brings to the project is considerable and, we hope, successful in outlining areas for additional studies."
David Heydon, Nautilus' CEO commented: "The Southern Surveyor cruise is a great win - win opportunity. Nautilus and Teck Cominco are able to utilise a well equipped vessel that is already mobilised in the target survey area. With an international group of university scientists, we have access to leading researchers to work with our exploration team, maximising the opportunities to further build our prospect inventory and project portfolio as we progress the Solwara 1 Project."
(i)Photo courtesy of CSIRO
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and subject to timely permitting is positioning itself to become an emerging producer in 2010. 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 on AIM, and has among its largest shareholders two of the world's leading international resource companies, Teck Cominco (7.2%) and Anglo American (5.7%). Epion (22.4%) is controlled by the founder of Metalloinvest one of the largest and fastest growing mining and metallurgical holdings in Russia.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nautilus Minerals Inc. (Toronto)
Nautilus Minerals Inc.
Australian Project Office
+61 (7) 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/James Black
+ 44(0) 20 7260 1000