VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - June 28, 2006) - Nautilus Minerals Inc. (TSX VENTURE:NUS) is pleased to announce that it has retained Technip, a world-class player in engineering, technologies and construction services for offshore and onshore oil and gas industries, to complete a Pre Front End Engineering Design study of the offshore components of a development on its Solwara 1 Prospect in EL 1196 in the Bismarck Sea within the territorial waters of Papua New Guinea. The study will examine the production process and estimate the capital and operating costs required to mine, lift, dewater and deliver ore into vessels for shipment to an onshore mineral concentration facility. It will consider a development with an initial production rate of 1Mtpa with the capacity to double to 2Mtpa and it is anticipated that the study will be completed by September.
Nautilus CEO David Heydon comments that, "This study will provide key information to the market to understanding of the value of the Solwara 1 Prospect and will provide the framework for subsequent detailed engineering studies. We look forward to working with Technip who are one of the leading offshore engineering and construction companies."
Nautilus is the first company to commercially explore the ocean floor for gold and copper seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration. The Company's main focus for 2006 is the Solwara Project, where a 1,300m zone 80 to 200m wide averaging 15.5g/t Au and 10.1% Cu has been defined from 88 seafloor samples. Solwara 1 is located in water depths of 1600m in the territorial waters of Papua New Guinea in the western Pacific Ocean.
Certain disclosures in this release, including management's assessment of Nautilus' plans and projects, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Nautilus' operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements. Nautilus expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Nautilus Minerals Inc.
Nautilus Minerals Inc.
Mr. David Heydon
President & CEO