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| ||July 07, 2006|
Nautilus and Woods Hole Oceanographic Institution to Undertake Collaborative Exploration Program
| ||Vancouver, BC, 7 July, 2006 - Nautilus Minerals Inc. (TSX-V. NUS) is pleased to announce that it has entered into a collaborative agreement with the Woods Hole Oceanographic Institution (WHOI), the world's largest private, non-profit ocean research, engineering and education organisation, to undertake joint exploration and scientific research within the Company's exploration leases in the Bismarck Sea in the territorial waters of Papua New Guinea. The 42-day cruise to investigate both active and extinct sulphide deposits, using Scripps Institution of Oceanography's research vessel Melville, will commence on July 21st and deploy the WHOI Deep Submergence Laboratory Remote Operated Vehicle (ROV) Jason and the Autonomous Benthic Explorer (ABE). This combination will provide for an integrated seafloor mapping and sampling program gathering samples using Jason along with high resolution mapping and imaging using ABE.|
The initial 10 days of the cruise will be focused on mapping and sampling mineralised areas discovered on previous Marine Scientific Cruises on the Solwara 2 prospect in EL 1383. The following 32-day program will involve further mapping, rock and fluid sampling of known seafloor hydrothermal systems within EL's 1196 and EL 1374 as well as hydrothermal plume sampling aimed at identifying further mineralised systems.
This work expects to delineate the size and surface grades of further mineralised systems, as well as significantly advance the scientific understanding of these systems, by delineating the tectonic and structural controls on and constrain the geochemical processes responsible for the formation of these systems. This will assist in the formulation of better exploration models for these massive sulphide deposits both in ancient system on land and modern systems on the sea floor.
The Geological Survey PNG, the University of PNG and the Australian Commonwealth Scientific and Industrial Research Organization (CSIRO) will be active participants in the science program, which is funded by Nautilus, the U.S. National Science Foundation, WHOI and the respective research agencies.
Nautilus CEO David Heydon comments that "this is an excellent example of collaboration between scientific organisations, industry and government aimed at promoting our understanding of the seafloor and the mineralised systems that form on it. From this work we expect to better understand the nature of, distribution, size, grade and manner of formation of seafloor massive sulphide deposits and to use this information to promote the discovery and evaluation of these systems within our leases and elsewhere".
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 where 88 seafloor surface samples averaged 15.5g/t Au and 10.1% Cu. Solwara 1 is located in water depths of 1600 m in the territorial waters of Papua New Guinea in the western Pacific Ocean.
For more information please refer www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Vancouver)
Tel: +1 (778) 785 7591
President & CEO
Mr. David Heydon,
Tel: +1 (778) 785 7591
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the information contained herein. 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.
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