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| ||May 17, 2011|
Nautilus Minerals Completes Drilling Program
| ||Vancouver, British Columbia, May 17, 2011 - Nautilus Minerals has completed its 2010/11 seafloor drilling program, with the vessel, REM Etive, having demobilized in Singapore on May 16, 2011.|
During the drilling program in the Bismarck Sea of Papua New Guinea, Nautilus completed a 99 hole diamond drilling project, for a total of 1475 metres.
Drilling was focused within the area of the Mining Lease (ML154) recently granted to Nautilus, which contains the Solwara 1 deposit and the Solwara 5 seafloor massive sulphide (SMS) discovery. A total of 71 holes was drilled in ML154, for 1147 metres. The remainder of the drilling was conducted in Exploration Lease 1374, which hosts Nautilus' Solwara 12 SMS discovery.
Nautilus' CEO, Steve Rogers, said the highlight of the campaign had been the identification of mineralization at depth at Solwara 12 and the improved knowledge gained at Solwara 1.
"We have commenced data evaluation and analysis and it is expected that results will be reported before the end of this year," he said.
Nautilus has commissioned Golder & Associates to generate an updated resource estimate.
Detailed information on the drilling program, including drilling results available up to 11 February 2011, were reported in the news releases of 1 November 2010, 16 December 2010; 6 January 2011, 25 January 2011 and 11 February 2011.
The exploration results reported in this announcement have been compiled under the supervision of Nautilus' Exploration Manager Mr John Lowe, a Member of the AUSIMM with over 16 years experience in mineral exploration and a qualified person as defined by National Instrument 43-101. Mr Lowe has reviewed and approved the technical disclosure contained in this news release.
About Nautilus Minerals Inc.
Nautilus is the first company to commercially explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first project at Solwara 1, in the territorial waters of Papua New Guinea in the western Pacific Ocean. Nautilus is listed on the TSX and AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies Anglo American (11.1%) and Teck Resources (6.8%), as well as Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, which beneficially owns 21.0% of the Company's issued shares through Gazmetall Holding (Cyprus) Limited.
For more information please refer www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Vice President Investor Relations and Communications
Tel: +61 (7) 3318 5544
Cell: +61 431 365 741
Numis Securities Limited
Nominated adviser: John Harrison
Corporate broking: James Black
Tel: + 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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