News Release Number 2007 - 46
Vancouver B.C., November 19, 2007
- Nautilus Minerals Inc. (TSX & AIM: NUS)
(the "Company" or "Nautilus") announces that it has received final processed data from the electromagnetic (EM) survey completed over its Solwara 1 prospect located at 1700m water depth in the territorial waters of Papua New Guinea ("PNG") (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM1.pdf
David Heydon, Nautilus CEO, commented: "We are pleased with the results of this world first survey. There is excellent correlation between the EM survey and assay results within the drilled area (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM1.pdf
), as we anticipated in such a high grade copper system where drilling results regularly assayed better than 10% copper over significant thicknesses. The EM survey indicates good continuity of the conductive massive sulphide in the mineralized zone (http://www.nautilusminerals.com/i/pdf/2007-11-19_NRM2.pdf
), suggesting that the mineralization is open to the west, and there are untested anomalies within the survey area requiring drilling".
"With this EM technique in our exploration toolbox we will be able to better target future drilling, which will allow us to test future systems more rapidly and cost effectively, and allow us to build on our current competitive advantages in the world of seafloor resource development".
Nautilus, together with its shareholder Teck Cominco Limited, have partnered with the Vancouver based Ocean Floor Geophysics Inc. to develop, deploy and protect the intellectual property associated with the deep-ocean electromagnetic technology.
Electromagnetic data have long been the geoscientist's preferred geophysical technique for locating and mapping massive sulphide mineralization beneath the land. Now after solving the problems associated with inducing measurable fields from within the conductive sea-water environment, Nautilus and its partners have shown the electromagnetic method can be utilised not only by airplane and helicopter over land, but also by remote operated vehicle on the seafloor for the detection of massive sulphide systems.
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 an emerging producer in 2010. The Company's main focus for 2008 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 three of the world's largest international resource companies, including Epion (16.8%), Anglo American (6.4%) and Teck Cominco (5.8%).
For more information please refer to our website: www.nautilusminerals.com or contact:
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Nautilus Project Office (Australia)
President & CEO
Tel: +61 (7) 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/James Black
Tel: + 44(0) 20 7260 1000
Conduit PR Ltd (UK Financial PR)
Arabella Hobbs/ Charlie Geller
Tel: + 44(0) 20 7429 6610 / +44(0) 20 7429 6604
Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.
The exploration results reported in this announcement have been compiled under the supervision of Anthony O'Sullivan, Chief Operating Officer of Nautilus. Mr.O'Sullivan is a member of the Australasian Institute of Mining and Metallurgy, has 20 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.
These electromagnetic data represent 37 line km acquired over the Solwara 1 site. A further 15 line km acquired over the Solwara 5 Prospect are still with the contractor Ocean Floor Geophysics for processing.
||Line Spacing - 25m or 50m|
Transmitter Altitude - 9m (nominal)
Receiver Altitude - 5m (nominal)
Survey Speed - 0.75 knots (nominal)
EM System - Ocean Floor Geophysics Inc.'s proprietary OFEM system, under patent application
Depth of Investigation - <5m
Peak Response 5%