Nautilus Minerals Inc.: Report on Updated Resource Filed

VANCOUVER, BRITISH COLUMBIA -- (Marketwire - Dec. 29, 2011) - Nautilus Minerals Inc. (TSX:NUS) (AIM:NUS) yesterday filed its updated Mineral Resource Estimate for the Solwara Project in the Bismarck Sea in Papua New Guinea.

Details of the updated resource were released to the market on November 25, 2011. (For the full release see Links section below).

The full technical report, prepared by Ian Lipton of Golder Associates Pty Ltd and including information prepared by Peter Munro of Mineralurgy Pty Ltd, Philip Jankowski of SRK (Australasia) Pty Ltd and Jonathan Lowe, Exploration Manager of Nautilus Minerals, is available on the Company's website at http://www.nautilusminerals.com/s/Investors-Financials.asp and under the Company's profile at www.sedar.com.


Links

Nautilus Increases Mineral Resources

http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=492567&_Type=News-Releases&_Title=Nautilus-Increases-Mineral-Resources


About Nautilus Minerals Inc.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is developing its first project at Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits.

Nautilus also holds approximately 600,000 square kms of highly prospective exploration acreage and tenements under application in the western Pacific; in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific.

A Canadian registered company, Nautilus is listed on the TSX and AIM stock exchanges and has its corporate office in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, and global mining group Anglo American, which holds an 11% interest.


Certain of the statements made in this news release may contain forward-looking statements within the meaning of the United States Securities Exchange Act of 1934 and forward-looking information within the meaning of applicable Canadian securities law. Forward-looking statements and forward-looking information include, but are not limited to statements or information with respect to the mineral resources of the Company. The forward-looking statements and information contained herein include numerous assumptions. Please refer to the Company's most recently filed Annual Information Form in respect of material assumptions and risks relevant to forward looking information. Even though our management believes the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that the forward-looking statement or information will prove to be accurate. Forward-looking statements and information by their nature involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements or information. Such risks, uncertainties and other factors include, among others, the risk that the amount of metals contained in the Company's deposits may differ from estimates of resources. Should one or more of these risks, uncertainties or other factors materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. Although we have attempted to identify factors that would cause actual results to differ materially from those described in forward-looking statements and information, there may be other factors that cause actual results, performances, achievements or events to not be as anticipated, estimated or intended. Also, many of the factors are beyond our control. There can be no assurance that forward-looking statements or information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly you should not place undue reliance on forward-looking statements or information. Except as required by law, we do not expect to update forward-looking statements and information as conditions change and you are referred to the full discussion of the Company's business contained in the Company's reports filed with the securities regulatory authorities in Canada.


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



Contact Information

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

Nautilus Minerals Inc.
Joe Dowling
Vice President Investor Relations and Communications
+61 (7) 3318 5544 or Cell: +61 431 365 741
jjd@nautilusminerals.com
www.nautilusminerals.com

Numis Securities Limited
Stuart Skinner
Nominated Adviser
+ 44(0) 20 7260 1000

Numis Securities Limited
James Black
Corporate Broking
+ 44(0) 20 7260 1000