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Significant Massive Sulphide Drill Intercepts at Solwara 1

Thursday, July 12th, 2007

Nautilus Minerals Inc. has successfully completed 29 holes of a 90-hole program with 38% of holes terminating in copper sulphide mineralization, with the longest mineralized sulphide intercept being 18.2 metres. Nautilus also reports high grade assay results for its recently discovered Solwara 8 Prospect.
David Heydon, Nautilus CEO, commented: “The results of the drilling at our Solwara 1 Project in the territorial waters of Papua New Guinea, demonstrate that we have a strong mineral system persisting at depth. This is in addition to the system of high grade massive sulphide spires that are often 10 metres high above the system currently being drilled.”
Heydon elaborated: “We are actively promoting the development of new tools for this new industry. In less than a year we have, with Remote Operated Vehicle (ROV) builder Perry Slingsby Systems and operator Canyon Offshore, taken the ROV Drill from the drawing board to operational status. These new remote controlled drills operating in water depths up to 1,800m are providing good core recovery, allowing us to define the mineralised system at Solwara 1, and provide quality samples for resource evaluation, metallurgical and geotechnical studies.”
Heydon added: “We are also impressed by the results from Solwara 8 where the 12 surface samples taken from Solwara 8 averaged 16.9 g/t gold, 6.1% copper, 32.5% zinc, and 328 g/t silver, with individual samples returning up to 34% copper and 50.7% zinc.” “This confirms that we have yet another high grade gold-copper-zinc system, supporting the hit rate during the target testing phase of this year’s program of four systems discovered in four weeks.”
Solwara 1 Program
Since drilling commenced on June 14, 2007 at Solwara 1, 29 holes have been completed for a total of 305.8m with an average massive sulphide core recovery of 72%. Selected intercepts are outlined in Table 1 and all drill holes are listed in Table 3. Assay results are expected in 4 to 6 weeks
The evaluation drilling of Solwara 1 is conducted on a nominal 50 metre grid with the aim of collecting quality samples preparation for a mineral resource statement and for metallurgical and mine planning purposes, specifically to undertake assaying and metallurgical and geotechnical test work. Between 70 to 90 holes are planned.
This drilling is mostly adjacent to the exposed high-grade sulphide outcrop zones defined by previous surface sampling and mapping ( The geology encountered in drilling to date has been relatively consistent comprising;
1. a locally developed, thin fine-grained sediment “drape” typically about 1m thick;
2. a chalcopyrite-rich massive-sulphide ore zone) in places at least 18m thick; and
3. a highly altered (clay-pyrite-anhydrite) footwall.
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