Nautilus Issues Statement to Clarify Recent Press Coverage

TORONTO, ONTARIO -- (Marketwire) -- 08/28/12 -- Nautilus Minerals Inc. (TSX: NUS)(OTCQX: NUSMF)(AIM: NUS) ("Company" or "Nautilus") seeks to clarify recent statements and press coverage regarding the Company's Solwara 1 Project.

The Company reiterates that the Mining Lease was granted by the State of Papua New Guinea in January 2011 and is not a recent development as has been reported in some news articles.

Further, in a recent interview, Mr. Stephen Rogers, the CEO of the Company, was referenced as saying that Nautilus is in talks with potential partners to sell a stake in the Project and that Nautilus may sell shares to help raise $100 million if it can't find a partner.

Nautilus will only determine its precise additional funding requirements when it has finalized details of the vessel financing and secures a resolution to the current dispute with the PNG government. The Company continues its efforts on both these matters. The Project equipment build at the end of June was approximately 51% complete. Consistent with Mr. Roger's statements above, the Company has stated previously in "Management's Discussion and Analysis" filed in conjunction with Financial Results on August 2, 2012, that it may need to rely on the equity markets for future financing of its development of Solwara 1 or alternate financing in the form of joint ventures.

The Financial Statements and Management's Discussion and Analysis have been filed on www.sedar.com and are also available on the Company's website www.nautilusminerals.com/s/Investors-Financials.asp.

For more information please refer to www.nautilusminerals.com.

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 additional capital requirements and possible joint venture arrangements. We have made numerous assumptions about the material forward-looking statements and information contained herein, including among other things, the status of the dispute with the State of PNG and current vessel related negotiations. Even though our management believes that 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, resolution of the dispute with the State of PNG and completion of vessel negotiations. 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 Nautilus' business contained in Nautilus' reports filed with the securities regulatory authorities in Canada.

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 copper, gold and silver. The company has been granted all necessary environmental and mining permits.

Nautilus also holds approximately 600,000 km2 of highly prospective exploration acreage 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: NUS) and (AIM: NUS) stock exchanges and (OTCQX: NUSMF). Its corporate office is in Brisbane, Australia. Its major shareholders include Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 21% holding, global mining group Anglo American, which holds an 11% interest and MB Holdings, an Oman based group with interests in mining, oil & gas, which holds a 9.98% interest.

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

Contacts:

Nautilus Minerals Inc. (Toronto)

Investor Relations

+1 (416) 551 1100
investor@nautilusminerals.com
www.nautilusminerals.com


Numis Securities Limited

Nominated adviser: Alastair Stratton/Stuart Skinner

Corporate broking: James Black

+ 44(0) 20 7260 1000


Dahlman Rose & Co., LLC

Christopher R. Weekes

1301 Avenue of the America's

New York, NY 10019

Direct: +1 212 372 5766