Nautilus Minerals Inc.: Discovery Identifies Potential New Sms District In

PAPUA NEW GUINEA

Nautilus Minerals Inc. has been advised by Teck of the discovery of a new sea floor massive sulphide (SMS) system, Solwara 11, on a Nautilus exploration licence (EL) in the territorial waters of Papua New Guinea (PNG).

“Solwara 11 represents an important milestone for Nautilus because it is a potential lead into a new mineralized district. The system is located more than 300 km away from the nearest known SMS system. This discovery highlights the potential of Nautilus’s large land package and the ability of modern exploration techniques to find mineralized systems quickly,” commented Stephen Rogers, Nautilus’s chief executive officer.

Teck, working under their earn-in option to certain Nautilus ELs, has submitted a report detailing the discovery of Solwara 11. This press release compiles results reported by Teck. Work was completed from the DEA Surveyor, a 61-metre-long vessel, on exploration licence EL1647. Samples were recovered from the sea floor of the Willaumez district at water depths ranging from 1,300 to 1,500 m.

Teck has reported that:

Sulphide outcrops up to 10 m high have been mapped using video camera and sonar instruments from a remotely operated vehicle (ROV) protruding from a base of predominantly pillow basalts. Solwara 11 comprises at least three defined metal-bearing chimney fields plus other associated iron/manganese oxide and/or silica-iron sulphide zones. These demonstrate a broad hydrothermal alteration system within an area of approximately 2.8 kilometres by two km. Chimney fields are largely inactive except one where hot water was observed. This discovery resulted from multibeam, backscatter and water-column physical and chemical data collected from Teck cruises in the Bismarck Sea during April and June, 2008. This information was used to define an exploration program that targeted areas with the greatest prospectivity.

• Sulphide outcrops up to 10 m high have been mapped using video camera and sonar instruments from a remotely operated vehicle (ROV) protruding from a base of predominantly pillow basalts.
• Solwara 11 comprises at least three defined metal-bearing chimney fields plus other associated iron/manganese oxide and/or silica-iron sulphide zones. These demonstrate a broad hydrothermal alteration system within an area of approximately 2.8 kilometres by two km.
• Chimney fields are largely inactive except one where hot water was observed.
• This discovery resulted from multibeam, backscatter and water-column physical and chemical data collected from Teck cruises in the Bismarck Sea during April and June, 2008. This information was used to define an exploration program that targeted areas with the greatest prospectivity.

LABORATORY RESULTS — MINERALIZED SAMPLES

Cu Zn Au Ag Pb Easting Northing

Sample (%) (%) (g/t) (g/t) (%) (i) (i) Description

less Semi-massive

than sulphides

MB2015 0.1 0.1 0.6 171 0.1 519792 9652264 (pyrite — silica)

less less disseminated

than than sulphides

MB2018 0.1 2.6 0.1 6 0.1 521226 9649971 (Volcanic breccia)

MB2030 0.2 5.3 2.0 305 0.5 521209 9650106 Semi-massive

sulphide

MB2031 0.3 20.0 2.0 258 1.2 521202 9650046 Massive sulphide

MB2032 0.1 3.8 1.2 334 3.4 521223 9650014 Semi-massive

sulphide

MB2033 0.4 0.5 1.3 415 1.0 521210 9650068 Massive sulphide

MB2034 0.1 1.3 0.2 38 0.1 521157 9650130 Oxide sample

MB2041 23.8 0.4 0.3 42 0.1 521183 9650169 Massive sulphide

MB2042 0.3 4.1 1.9 282 0.5 521234 9650174 Massive sulphide

MB2036 0.5 11.3 1.3 79 0.5 520421 9649891 Massive sulphide

MB2038 1.0 31.2 1.2 148 0.4 520485 9649868 Massive sulphide

less Massive

than sulphide

MB2053 0.1 0.1 1.2 236 0.1 521790 9650974 (pyrite — silica)

MB2055 0.1 0.3 2.1 471 0.4 521845 9650992 Massive sulphide

(pyrite — silica)

disseminated

less less sulphides

than than (silica +/-

MB2057 0.1 0.4 0.1 8 0.1 520943 9651404 pyrite)

MB2058 1.0 10.0 1.6 420 12.7 520920 9651354 Massive sulphide

MB2059 0.2 46.6 0.6 340 0.7 520878 9651271 Massive sulphide

MB2060 1.4 21.8 0.5 73 0.6 520812 9651288 Massive sulphide

(i) Easting and northing co-ordinates are projected as UTM zone 55 south

using WGS 1984 data.

Sampling

Pieces of sulphide chimneys averaging 1.4 kilograms (from 0.38 kg to 3.93 kg) were collected from the sea floor using a manipulator arm mounted on the ROV (Remora III 25 horsepower). Samples were placed in a sample basket on the front of the ROV and then subsampled on board the ship. Sample selection targeted material that was considered representative of the SMS system. Representative subsamples for analysis were taken from the larger samples using either a hammer or rock saw. The remaining portions of each sample were retained for reference purposes.

Laboratory analysis

All analysis was carried out by ALS Laboratory Group in Brisbane, Australia. ALS operates 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 were completed under the supervision of Teck personnel. Sampling was carried out aboard the DEA Surveyor while at sea. All subsamples were placed into numbered calico bags. The bagged samples were then subsequently placed into larger polyweave bags and then finally placed into sealable plastic containers for secure transportation.

Quality assurance

External certified geochemical reference materials (prepared by Geostats Pty. Ltd. of Perth, Western Australia) along with blank samples were interspersed at regular intervals between the samples submitted for analysis.

These reference materials comprised standards, with known and statistically tested concentrations of the major base and precious metals. Evaluations of these standards indicate that the quality of the analyses is within acceptable limits.

Qualified person

The exploration results reported in this announcement have been compiled from information provided to Nautilus by Teck, 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 and has over 20 years experience in mining and exploration geology. He is a qualified person as defined under National Instrument 43-101 and consents to his name being used in this release.