Thursday, May 01, 2008
Nautilus Signs Contract with Canyon Offshore Inc.
News Release Number 2008-12
Toronto Ontario, May 1, 2008
- Nautilus Minerals Inc. (TSX & AIM: NUS) (the
"Company" or "Nautilus") is pleased to announce that it
has signed a contract with Canyon Offshore Inc. ("Canyon") to
provide the vessel, Remote Operated Vehicle ("ROV") and drilling
equipment for it's exploration and environmental programs, to be undertaken
on the Company's 100% owned Papua New Guinea and Tonga granted exploration
Canyon, a member of the Helix Energy Solutions Group Inc., is a leading
service provider to the offshore oil and gas industry. The contract with
Canyon allows for a minimum of 165 days on the water, with four 30 day
extension options at Nautilus' discretion. The Nor Sky, a DP2 class ROV
support ship, will deploy a T200 ROV, the same type of work-class ROV
employed by Nautilus and Canyon during the highly successful 2007
David Heydon, Nautilus' CEO commented: "We are pleased that Canyon's
competitive quote for our 2008 exploration program has allowed us to use
the same successful teams that discovered and sampled four new Seafloor
Massive Sulphide ("SMS") systems in four weeks of target testing
in 2007. In 2008 the teams will be adding our improved electromagnetic and
geophysical capability to their "tool kits", as well as 75,000 km2 of highly prospective ground in
Tonga, where researchers have already found in-excess of 12 SMS systems.
The combination of this Nautilus managed program with programs being
managed by Teck Cominco Ltd ensures Nautilus' shareholders will see
aggressive exploration being undertaken in 2008 over most of our 154,000 km2 of granted exploration titles.
This program will have the potential to increase our resource inventory and
deepen our project pipeline as we aim to deliver our mining equipment and
commence production in 2010, subject to timely permitting."
Link to view the Nor Sky:
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.
For more information please refer www.nautilusminerals.com
Nautilus Minerals Inc. (Toronto)
Tel: +1 (416) 551 1100
Australian Project Office
Tel: +61 (7) 3318 5555
Numis Securities Limited (NOMAD)
John Harrison/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.
� 2006 Nautilus Minerals Inc. All