ML Millennial Lithium Corp

Nautilus Minerals Inc. (TSX:NUS)(AIM:NUS) (the "Company" or "Nautilus")
announces that Technip USA Inc. ("Technip") has awarded the three major
fixed-price contracts for the Riser and Lifting System ("RALS") to major
offshore oil and gas suppliers in Houston, Texas. Technip has confirmed that it
remains on target to deliver the RALS system for US$116 million. Additionally,
Nautilus confirms it remains on program to deliver first ore at Solwara 1, in Q4
2010.


Stephen Rogers, CEO of Nautilus, said: "Leading offshore oil and gas suppliers
are providing proven equipment at fixed prices for integration with the Mining
Support Vessel ("MSV"). The entire spread for Solwara 1 is being built in a
factory environment and transported to site on the MSV, which reduces project
schedule and cost escalation risk."


The RALS components along with the Seafloor Mining Tools ("SMT's") are the
primary equipment items for the Solwara 1 offshore copper-gold project. The MSV
is being provided by North Sea Shipping AS ("NSS") of Norway under charter as an
operating cost to Nautilus.


Phase 1 Schedule

Key Solwara 1 project milestones:

- MSV hull launch date - July 2009

- Commence mining equipment integration - January 2010

- MSV sea trials begin - June 2010

- Mining systems pre-commissioning complete - October 2010

- Materials handling works complete - September 2010

- First ore - December 2010

Project Update

Seafloor Mining Tools: The engineering design and assembly of the SMT by Soil
Machine Dynamics Ltd. is progressing with completion anticipated in Q1 2010.
Procurement will start before the end of 2008 and assembly will commence in Q2
2009.


Riser and Lifting System: Technip is on schedule and budget with engineering,
procurement and construction of the RALS which transports material from the
seafloor to the MSV. Contract awards have been made to GE Vetco Gray Inc. for
the riser pipe, connectors and associated transition joints, to Le Tourneau
Technologies Inc. for the riser handling and pumping equipment and to GE Hydril
USA LLC for provision of the subsea slurry lift pump. These companies are
leaders in their respective fields in the offshore oil and gas sector.


Mining Support Vessel: The construction of the 160-metre MSV being built by NSS
continues in Turkey. The first fabricated blocks of the hull have been placed in
the slipway and the build is being supervised by NSS in the presence of the
classification society Det Norske Veritas
(http://www.nautilusminerals.com/i/misc/Shipyard.jpg).


Mining License ("ML") Application: Nautilus submitted its application for a ML
to the Department of Mines in PNG on 3 October 2008, thereby commencing the
formal review process.


Materials Handling: The extracted copper and gold rich ore will be transported
to nearby East New Britain for stockpiling prior to export overseas for
treatment and onwards sale to the smelter market. Enquiry documents to obtain
expressions of interest on the provision of cargo barges have been issued to the
market. Studies have commenced in conjunction with the PNG Port Authority to
examine the potential use of its existing Rabaul facility for the landing,
stockpiling and export of the Solwara 1 ore.


Summary: The last remaining major capital contracts to be placed are for the
dewatering plant and the shipyard integration works. When they have been
finalised, Nautilus can then complete its capital expenditure estimates for the
Solwara 1 Project, expected in Q1 2009.


Forward Looking Statements

This press release includes certain "forward-looking statements". All
statements, other than statements of historical fact, are forward-looking
statements that involve various risks and uncertainties. There can be no
assurances that such statements will prove accurate and actual results and
future events could differ materially from those anticipated in such statements.
Such information contained herein represents management's best judgment as of
the date of release based on information currently available. The company does
not assume the obligation to update any forward-looking statement.


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 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 (7.2%) and Anglo American (5.7%). 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.

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