VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 20, 2007) - Nautilus Minerals Inc. (TSX VENTURE:NUS)(AIM:NUS) notes the current volatility in world equity and debt markets and confirms the following for the benefit of investors and market observers:
- Nautilus is debt free.
- Its cash position as at July 31, 2007 was approximately C$289 million (or pound sterling135 million) equivalent to C$2.22 a share (or pound sterling1.04 a share).
- The cash is not invested, but held on deposit with major banks for terms of less than 90 days.
- Nautilus's exploration program is ongoing and continues to meet with success.
- Reviews are underway of mining platform and vessel options.
David Heydon, Nautilus CEO commented: "Our exploration program for Solwara 1 in the territorial waters of Papua New Guinea is approximately 80% complete. Drill core assays from Solwara 1 are several weeks away, however, an exploration update regarding recent activities is expected next week.
"We remain on track to deliver a preliminary resource and geological model in the fourth quarter of this year.
"Our US$23 million, 120 day exploration program has delivered new prospects, targets and technologies. Planning is well underway for 2008 and 2009 to leverage important new technologies, such as the remote operated vehicle drill (ROVDrill) which is providing up to 18 metres of core in water depths of 1,700 metres.
"With regard to our preferred mining platform, we are advancing our options. A range of expressions of interest have been received for vessels, riser pipes and subsea tools and we will update the market, as previously advised, in October when the technical and commercial reviews are completed."
Mr Heydon added: "The Company is in a far stronger position than at any time in its past given our cash reserves, the management we have attracted with deep water mining and oil and gas expertise, and the exploration success we have achieved."
The Company's quarterly financial report for the three month period ended June 30, 2007 will be released next week.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for high grade gold-copper-zinc-silver seafloor massive sulphide deposits and is positioned to become a world leader in underwater mineral exploration.
The Company's main focus is the development of the Solwara 1 Project, located in the territorial waters of Papua New Guinea between the island chains of New Britain and New Ireland in the western Pacific Ocean.
Nautilus is listed on the TSX Venture Exchange and on AIM, and has among its largest shareholders four of the world's leading international resource companies, including Epion (16.8% holding) Anglo American (6.4%), Teck Cominco (5.8%), and Barrick Gold (3.7%).
FOR FURTHER INFORMATION PLEASE CONTACT:
Nautilus Minerals Inc. (Vancouver)
Nautilus Minerals Inc.
Mr. David Heydon
President & CEO
+61 7 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/James Black
+44 (0) 20 7260 1000
+44 (0) 20 7851 7480