Nautilus Maintains Strong Cash Position and Achieves Significant Project Milestone

Nautilus Minerals Inc. has released its unaudited consolidated financial results for the third quarter ended Sept. 30, 2009, together with management’s discussion and analysis.

Third-quarter 2009 highlights:

$217.6-million (U.S.) (equivalent) in cash and cash equivalents held on deposit with major banks as at Sept. 30, 2009;Exploration success in target-generation program;Granted approval in principle for Solwara 1 environmental permit;Port capacity at Rabaul secured.

• $217.6-million (U.S.) (equivalent) in cash and cash equivalents held on deposit with major banks as at Sept. 30, 2009;
• Exploration success in target-generation program;
• Granted approval in principle for Solwara 1 environmental permit;
• Port capacity at Rabaul secured.

The company’s cash balance at the end of the third quarter is in line with management’s expectations, and reflects a reduction in creditors during the quarter. Nautilus continues to conserve cash until the Solwara 1 project equipment build restart. This is accomplished through cost-reduction programs, and maintaining its cash in currencies that reflect the company’s current and expected cash outflows, to take advantage of natural hedges.

Stephen Rogers, Nautilus’s chief executive officer, commented, “Nautilus continues to make progress on advancing the Solwara 1 project and building a resource pipeline for the future in the Bismarck Sea.”

The financial statements and management’s discussion and analysis have been filed on SEDAR and are also available on the company’s website.