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| | September 26, 2006
Nautilus Reports New Zone of High Grade Gold - Silver - Copper - Zinc Mineralization
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Press Release Number 2006 - 11
Vancouver B.C., September 26, 2006 - Nautilus Minerals Inc. (TSXV: NUS) (the "Company" or "Nautilus") is pleased to report a new zone of high grade gold-silver-copper-zinc mineralization, the Solwara 4 Prospect and further high grade copper-gold results from its Solwara 1 Prospect. Both prospects are located in its 100% owned exploration license EL 1196 within territorial waters of Papua New Guinea (PNG: Fig 1 http://www.nautilusminerals.com/i/pdf/Loc_14_9_2006.pdf )
Twenty eight samples (28) surface samples collected from Solwara 4 averaged 13.5 g/t gold (Au), 23.2% zinc (Zn), 11.3% Cu and 263g/t silver (Ag).
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Solwara 4 - ROV Sampling September 2006
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Au Zn Cu Ag
Area n g/t % % g/t
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Fenway 11 9.0 17.0 11.0 206
NE Pual 1 19.0 41.1 6.2 396
Rogers Ruins 2 4.8 31.8 11.0 590
Roman Ruins 6 14.8 26.9 4.8 310
Satanic Mills 5 18.2 11.0 23.6 113
Snowcap 2 2.8 39.5 9.7 419
Tsukushi 1 66.5 62.2 0.8 251
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Total 28 13.5 23.2 11.3 263
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n equals number of samples
g/t equals grams/tonne
(For full details of Sampling Results see http://www.nautilusminerals.com/i/pdf/Solwara_1_4Samp.pdf ). Sample locations are shown in Figure 2; http://www.nautilusminerals.com/i/pdf/Solwara_4_sample.pdf
A further 7 surface samples taken from the Solwara 1 Prospect returned average grades of 13.1g/t Au, and 16% Cu. This compares well to previous sampling where 88 surface samples have averaged 15.5g/t Au, 10.8% Cu.
Additional reconnaissance sampling at two locations, approximately 1.4km and 2.5km to the South of Solwara 1 also indicates potential for other high grade mineralized systems.
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Solwara 1 - ROV Sampling September 2006
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Au Zn Cu Ag
Area n g/t % % g/t
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Solwara 1 7 13.1 3.9 16.0 91
SE Areas 4 13.1 11.2 14.6 220
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Total 11 11.5 6.4 12.7 129
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(For full details of Sampling Results see http://www.nautilusminerals.com/i/pdf/Solwara_1_4Samp.pdf ). Sample locations are shown in Figure 3; http://www.nautilusminerals.com/i/pdf/Solwara_1_sample.pdf
David Heydon Nautilus CEO comments "The sampling of high-grade gold-copper-zinc mineralization at the Solwara 4 prospect further confirms the prospectivity of Nautilus' ground holding in PNG to host additional high grade copper-gold-zinc-silver mineralized systems. We are also excited by further sampling from the Solwara 1 Prospect confirming the high grades returned from previous programs. These results, along with the previous reported results for the Solwara 2 and 3 Prospects where 68 samples returned average grades of 10.3g/t Au and 22.1% Zn, provide Nautilus with the opportunity to build a prospect inventory to support the planned development of our flagship Solwara 1 Propect."
Located 47 kilometres west of the Solwara 1 high grade copper-gold project, the Solwara 4 Prospect comprises a cluster of 7 fields of sphalerite-rich "chimney" sulfide each field of scattered chimneys up to 250m long and 150m outcrop width (Fig. 2). These sulfide chimney outcrops occur at fracture zones in variably altered dacite and rhyodacite lavas (Fig. 1) of the Manus Back Arc Basin.
Sampling was completed during the second 24 day phase of a collaborative exploration project with the Woods Hole Oceanographic Institution using the Scripps Institute Vessel Melville to deploy the remote operated vehicle "JASON" and autonomous underwater vehicle "ABE". In total 39 samples were collected for Nautilus during the second phase by JASON and detailed bathymetric and geophysical data were collected by ABE.
The Company has further granted a total of 235,000 options to two employees of the Company at a strike price of $CAN 2.50 and 20,000 options to a key contracted service provider at a strike price of $CAN 2.18. These options have a term of three years vesting as to 20% every six months for a period of 30 months starting six months after the date of grant.
About Nautilus Minerals Inc.
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, which is located in the territorial waters of Papua New Guinea in the western Pacific Ocean and comprises 17,500km2 of exploration licenses and applications.
For more information please refer www.nautilusminerals.com or contact:
Investor Relations
Nautilus Minerals Inc. (Vancouver)
Email: investor@nautilusminerals.com
Tel: +1 (778) 785 7591
President & CEO
Mr. David Heydon,
Email:dheydon@nautilusminerals.com
Tel: +1 (778) 785 7591
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Sample Custodianship
All sampling, sample handling and analysis was completed under the supervision of Nautilus personnel or personnel contracted to Nautilus. Sampling was carried out aboard the vessel MV Melville, whilst at sea. All sub-samples were placed into pre-numbered calico bags. The bagged samples were then subsequently placed into larger polyweave bags. The polyweave bags were sealed with security tags, which were then signed by the supervising geologist on site at the time.
Laboratory Analysis
All analyses were carried out by ALS Laboratory Group in Brisbane, Australia. ALS operates quality systems based on international standards ISO/IEC17025:1999 "General requirements for the competence of calibration and testing laboratories" and ISO9001:2000 "Quality Management Systems - Requirements".
QA/QC
External certified geochemical reference materials prepared by Geostats Pty Ltd, of Perth, Western Australia and independently tested, and field duplicate samples were interspersed at regular intervals between the 39 samples submitted for analysis. These reference materials comprised "standards", with known and statistically tested concentrations of the major base and precious metals, and "blanks", with extremely low concentrations of the major base and precious metals. Standards were submitted approximately every 10th sample. Blanks were placed with a similar frequency. This frequency resulted in approximately 10% of all samples submitted consisting of standards and blanks. In addition ten field duplicate pairs were also taken, where samples were split in half and both sub-samples submitted for assay.
Evaluation of these standards, duplicates and blanks indicate that the quality of the analyses are within acceptable limits.
Qualified Person
These results have been compiled under the supervision of Anthony O'Sullivan Chief Operating Officer of Nautilus. Anthony is a member of the Australasian Institute of Mining and Metallurgy, has 18 years experience in mining and exploration geology, and is a qualified person as defined under National Instrument 43 - 101. He consents to his name being used in this release.
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