Nautilus Submits Environmental Impact Statement to Papua New Guinea Government

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TORONTO, ONTARIO--(Marketwire - Nov. 6, 2008) - Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus") is pleased to report that the Papua New Guinea government has accepted the Solwara 1 Project Environmental Impact Statement ("EIS") for review. Acceptance of the EIS confirms that the document complies with the submission requirements of the Environment Act 2000. The next steps in the environmental permitting process for the world's first seafloor copper-gold mining project begin with a public hearing program.

"The submission and acceptance for review of the EIS is the result of over two years of hard work. It is also a significant step forward for deep sea science which we are very proud of," says Stephen Rogers, Nautilus president and CEO. "We brought together leading scientists, marine biologists and oceanographers from around the world to develop the EIS. By implementing the recommended mitigation strategies, the EIS shows that we can develop Solwara 1 with minimal impact to the community and environment."

PNG has a well-established environmental permitting process for mineral projects. Review and public consultation of the environmental assessment will now progress over the coming months. During this time, as part of the permitting process, Nautilus will continue to conduct community outreach and consultation activities as it has done for the last two years.

To enhance transparency, and provide access to information, Nautilus will launch the CARES ("Community Accountable, Responsible Environmentally and Safe") website Monday, November 10, 2008. The website will provide information on the EIS, including the full EIS report, background information and commonly asked questions and answers. Please visit www.nautilusminerals.com and follow the link to the CARES website.

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 (11.1%). Metalloinvest, one of the largest and fastest growing mining and metallurgical holding companies in Russia, beneficially owns 22.4% of its shares through Gazmetall Holding (Cypress) Limited.

Neither the TSX nor the London Stock Exchange accept responsibility for the adequacy or accuracy of this press release.

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