May 15, 2008 Financial Results for First Quarter 2008
News Release Number 2008-15
Toronto Ontario, May 15, 2008 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the "Company" or "Nautilus") announces the release of its unaudited consolidated financial results for the first quarter ended March 31, 2008 together with Management's Discussion and Analysis.
First Quarter 2008 Highlights:
US$308.0 million (equivalent) in cash and cash equivalents held on deposit with major banks as at March 31, 2008
Preliminary results from first phase mineralogical and metallurgical investigations of ore show a commercial grade copper concentrate with low impurity levels indicating that good recovery should be produced
Teck Cominco Limited commences deep sea exploration program
US$116 million contract awarded for Engineering Procurement and Construction Management ("EPCM") services for Riser and Lifting System ("RALS")
David Heydon, President and CEO, commented: "The first quarter of 2008 has been very successful for the Company with the award of the second of three major contracts for the components of the mining system. The Company is in a healthy position financially with US$308.0 million invested as at the end of the quarter."
The Financial Statements and Management's Discussion and Analysis are attached below and have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com.
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.
