Toronto Ontario, August 20, 2009 - Nautilus Minerals Inc. (TSX & AIM: NUS) (the "Company" or "Nautilus") is pleased to provide a company update and notice of forthcoming events for our subscribers and key investors.

Despite the cost reduction measures taken to conserve cash at the end of 2008, Nautilus continues to advance its exploration, project engineering and permitting activities while pursuing development partners to participate in its leading seafloor resource development project Solwara 1.

Solwara 1 Development Project, Papua New Guinea ("PNG")

Environment & Permitting Update

Nautilus continues to work with the Mineral Resource Authority ("MRA"), the Department of Mines ("DOM") and the Department of Environment and Conservation ("DEC") on grant of our Mining Lease and Environmental Permit for mining. An independent consultant has recently completed its review of the Environmental Impact Statement ("EIS") on behalf of the DEC. We expect to conclude negotiations and receive our Environmental Permit and Mining Lease within the calendar year.

Offshore

Engineering work continues under contract to Technip and SMD on the Riser and Lifting System ("RALS") and Seafloor Mining Tools ("SMTs") respectively. We expect to complete the optimisation work on the RALS design in Q3 2009 with a view to finalising steel sizing and associated cost reductions. Wear testing has been postponed until Q4 when optimisation work will have been completed and associated slurry velocities confirmed.

Our offshore development team has been busy evaluating the market for a Production Support Vessel ("PSV"). The market for vessels has changed dramatically in the last 12 months with a surplus of available tonnage and a corresponding decrease in vessel rates and procurement costs. Nautilus has screened a number of different vessel types including bulk carriers, heavy lift transportation vessels, construction vessels, barges, semi-subs and pontoons. The screening studies include evaluation of hull procurement versus time charter, new build versus conversion and dynamically positioned versus moored. The list of options has been reduced through a techno-economic screening process to five candidates and commercial discussions are now underway. The mooring studies are complete and we await the final report before making a decision on the station keeping approach for the PSV (moored vs dynamically positioned).

The team is well advanced in these evaluations and plans to conclude the work and finalise a vessel option before the year end. The option would be exercised on restart of the equipment build program.

Onshore

Nautilus continues to move forward in discussions with the PNG Ports Authority for use of the Rabaul Port. Nautilus plans to stockpile and ship ore from Rabaul during Phase 1 of the Solwara 1 development.

After a worldwide screening and inquiry process, Nautilus has commenced negotiations with several parties for toll treatment of the Solwara 1 ore. Discussions are in the early stages but they are competitive as there are several plants with the logistical infrastructure and plant configurations to concentrate Solwara 1 material.

Exploration

PNG Exploration Projects

In July, the vessel MV Fugro Solstice, contracted to expand Nautilus' Seafloor Massive Sulphide ("SMS") prospect inventory in Papua New Guinea and Solomon Islands, successfully mobilised from Singapore. The vessel has now arrived in PNG and after a port call in Madang, will commence target generation work in the Bismarck Sea before moving to the Solomons Sea in the southern region of PNG. Nautilus is pleased to have Fugro, a market leader in offshore surveying and exploration, as our contractor.

First results from the program are expected in Q4 2009.

Tonga Exploration Project

Nautilus recently completed a very successful "geochemical screening" program in Tonga. A total of 31 new anomalies were defined, and are now being evaluated for follow-up definition and sampling. Planning is currently underway to complete this next phase of work in 2010.

Paul Taumoepeau, our Country Manager for Tonga, continues to build our profile and consult with local communities and government. With a very small export industry in Tonga, Nautilus' exploration program has already brought some benefits and potential development work could bring significant further benefits to this small island nation. For more information on Tonga and our programs there, please visit:
www.cares.nautilusminerals.com/TongaCountryProfile.aspx

Solomon Islands Exploration Project

MV Fugro Solstice will undertake the first ever deepwater commercial exploration program in Solomon Islands waters in early October 2009. The Solomon Islands occurs in a unique geological setting with "double subduction" and known large metal systems on land (Bougainville and Gold Ridge) making our tenements highly prospective for metal rich SMS systems. Results from this program are expected before the end of Q4 2009.

Corporate Social Responsibility and Safety

Nautilus is committed to establishing best practice social, environmental, health and safety standards for the seafloor resource industry. Last year we launched our CARES (Community Accountable, Responsible Environmentally and Safe) program to communicate our commitment to communities, the environment and safety.

Safety

We recently celebrated the achievement of 500,000 man-hours with zero lost time injuries, an enviable track record and a world-class benchmark. This result is testament to the quality of our safety management system and the commitment of our offshore teams.

Community

Since 2007, Nautilus has had a strong community awareness program. Over the last twelve months Nautilus has engaged with numerous community groups in East New Britain and New Ireland provinces. In this time we have reached some 4,000 people directly. Indirectly this number has been exceeded.

Community sessions have also been attended by government officials and NGO groups.

Our next awareness campaign is scheduled to take place in East New Britain from 24 to 28 August, 2009 and another campaign will be held along the west coast of New Ireland in September.

We recently established an office facility in Kavieng, New Ireland and are in the process of appointing a local manager to look after the Company's interests in New Ireland and facilitate opportunities for local people in association with our Solwara 1 project.

More information on our social, environmental and safety programs are available at www.cares.nautilusminerals.com/PapuaCommunityWork.aspx.

Upcoming Speaking Events

Nautilus Minerals is intent on widening its shareholder base and spreading its vision for the new frontier in mineral resource production. We do this through targeted attendance at leading events and conferences.

Rodman & Renshaw 11th Metals and Mining Conference, New York - September 9-11
www.rodmanandrenshaw.com/conferences?id=32
This is Nautilus' inaugural visit to the Rodman and Renshaw event, one of the world's leading resource investment conferences.
Come to our presentation on Friday the 11th @ 11.40AM

Credit Suisse Global Mining Conference (invitation only), London -- September 23-24
www.csfb.com/conferences/steelandmining2009/client/index.shtml
Nautilus is pleased to be returning to the Credit Suisse event for the second year.

Toronto Resource Investment Conference, Toronto -- September 26-27
www.cambridgehouse.ca/index.php/toronto-resource-investment-conference.html

PNG Mining Seminar, Port Moresby -- October 29-30
Annual mining and energy event put on by the PNG Chamber of Mines and Petroleum.
http://www.pngchamberminpet.com.pg/industry.html

Mines & Money, London -- December 1-2
www.minesandmoney.co.uk/

We hope to see many of you at these events.

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. 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 AIM stock exchanges, and has among its largest shareholders two of the world's leading international resource companies, Teck Resources (6.8%) and Anglo American (11.1%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 21.0% of its shares through Gazmetall Holding (Cyprus) Limited.

For more information please refer www.nautilusminerals.com or contact:

Investor Relations
Nautilus Minerals Inc. (Toronto)
Email: investor@nautilusminerals.com
Tel: +1 (416) 551 1100

Australian Project Office
Tel: +61 (7) 3318 5555

Numis Securities Limited
Nominated adviser: John Harrison
Corporate broking: James Black
Tel: + 44(0) 20 7260 1000

Forward-Looking Statements

Any statements made in this press release that are not statements of historical fact may constitute "forward-looking statements," including those concerning the Company's goals, assumptions or expectations. Forward-looking statements are subject to risks, uncertainties and other factors which could cause actual results to differ including, but not limited to, the inherent risks involved in the exploration and development of seafloor mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, accidents, equipment breakdowns, labor disputes or other unanticipated difficulties with or interruptions in production and operations, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, regulatory restrictions, including environmental regulatory restrictions and liability and the lack of any assurance that the Company will receive all of the necessary governmental approvals to proceed with the development of Solwara Project, competition, loss of key employees, and other related risks and uncertainties. These risks are generally outlined in the Company's disclosure filings with the British Columbia Securities Commission. For more information on the Company, investors should review the Company's public filings, available at www.sedar.com. The Company undertakes no obligation to update forward-looking information except as required by applicable law. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Accordingly, readers are advised not to place undue reliance on forward-looking statements or information.