Nautilus Minerals Update

Toronto Ontario, October 24, 2013 - Nautilus Minerals Inc. (TSX:NUS, OTCQX: NUSMF) (the "Company" or "Nautilus") announces that the Independent State of Papua New Guinea (the ?State?) has not yet completed the purchase of its 30% interest in the Solwara 1 Project. The Company is in discussions with senior officials of the State and it remains Nautilus? preference to resolve these matters amicably with the State.

Links

http://www.nautilusminerals.com/s/Media-NewsReleases.asp?ReportID=606405&_Type=News-Releases&_Title=Nautilus-Minerals-Awarded-Favourable-Arbitration-Decision

For more information please refer to www.nautilusminerals.com or contact:

Investor Relations

Nautilus Minerals Inc. (Toronto)

Email: investor@nautilusminerals.com

Tel: +1 (416) 551 1100

Principal American Liaison

Cowen and Company

599 Lexington Avenue

New York, NY 10022

otcqxrequest@cowen.com

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

About Nautilus Minerals Inc.

Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits. Nautilus was granted the first mining lease for such deposits at the prospect known as Solwara 1, in the territorial waters of Papua New Guinea, where it is aiming to produce copper, gold and silver. The company has also been granted its environmental permit for this site.

Nautilus also holds approximately 500,000 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 stock exchange and OTCQX:NUSMF. Its corporate office is in Brisbane, Australia. Its major shareholders include MB Holding Company LLC, an Oman based group with interests in mining, oil & gas, which holds a 28.00% interest, Metalloinvest, the largest iron ore producer in Europe and the CIS, which has a 20.75% holding and global mining group Anglo American, which holds a 5.95% interest.