FOR: NAUTILUS MINERALS INC.
TSX, AIM SYMBOL: NUS May 1, 2008 Nautilus Signs Contract With Canyon Offshore Inc.
TORONTO, ONTARIO--(Marketwire - May 1, 2008) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the
"Company" or
"Nautilus") is pleased to announce that it has signed a contract with Canyon Offshore Inc. ("Canyon") to
provide the vessel, Remote Operated Vehicle ("ROV") and drilling equipment for it's
exploration and
environmental programs, to be undertaken on the Company's 100% owned Papua New Guinea and
Tonga granted
exploration titles.
Canyon, a member of the Helix Energy Solutions Group Inc., is a leading service provider to
the offshore oil
and gas industry. The contract with Canyon allows for a minimum of 165 days on the water, with
four 30 day
extension options at Nautilus' discretion. The Nor Sky, a DP2 class ROV support ship, will
deploy a T200 ROV,
the same type of work-class ROV employed by Nautilus and Canyon during the highly successful
2007 exploration
programs.
David Heydon, Nautilus' CEO commented: "We are pleased that Canyon's competitive quote for our
2008 exploration
program has allowed us to use the same successful teams that discovered and sampled four new
Seafloor Massive
Sulphide ("SMS") systems in four weeks of target testing in 2007. In 2008 the teams will be
adding our improved
electromagnetic and geophysical capability to their "tool kits", as well as 75,000 km2 of
highly prospective
ground in Tonga, where researchers have already found in-excess of 12 SMS systems. The
combination of this
Nautilus managed program with programs being managed by Teck Cominco Ltd ensures Nautilus'
shareholders will
see aggressive exploration being undertaken in 2008 over most of our 154,000 km2 of granted
exploration titles.This program will have the potential to increase our resource inventory and deepen our project
pipeline as we
aim to deliver our mining equipment and commence production in 2010, subject to timely
permitting." Link to view the Nor Sky: http://www.nautilusminerals.com/i/misc/norskyHD3.jpg About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for gold and copper
seafloor massive
sulphide deposits and subject to timely permitting is positioning itself to become an emerging
producer in
2010. The Company's main focus is the Solwara 1 Project, which is located in the territorial
waters of Papua
New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and on AIM, and has
among its largest
shareholders two of the world's leading international resource companies, Teck Cominco (7.2%)
and Anglo
American (5.7%). Epion (22.4%) is controlled by the founder of Metalloinvest one of the
largest and fastest
growing mining and metallurgical holdings in Russia. -30- FOR FURTHER INFORMATION PLEASE CONTACT: Nautilus Minerals Inc. (Toronto)
Investor Relations
(416) 551-1100
Email: investor@nautilusminerals.com
Website: www.nautilusminerals.com OR Nautilus Minerals Inc. Australian Project Office
+61 (7) 3318 5555 OR Numis Securities Limited (NOMAD)
John Harrison/James Black
+ 44(0) 20 7260 1000 Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or
accuracy of this press
release.
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Nautilus Minerals Inc.
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