Poseidon

Nautilus Minerals identified 10 new seafloor massive sulphide systems in Tonga during its 2008 exploration program, the company's first commercial deepwater exploration effort in the kingdom's exclusive economic zone.

Teck Cominco spent $14.8 million exploring seafloor massive sulphide deposits with Nautilus Minerals in Papua New Guinea and Tonga during 2008 but will not proceed further in those two countries.

Nautilus Minerals Inc. announced it will defer construction of the Solwara 1 mining system equipment to preserve its cash position amid the global economic downturn.

Teck has discovered a new seafloor massive sulphide system, Solwara 11, on a Nautilus Minerals exploration licence in Papua New Guinea, more than 300 km from the nearest known SMS system.