NPM Neptune Min

RNS Number:2304I
Neptune Minerals Plc
22 November 2007


FOR IMMEDIATE RELEASE                                           22 November 2007


                              NEPTUNE MINERALS PLC
                          ("Neptune" or the "Company")

             PNG GOVERNMENT GRANTS EXPLORATION LICENCES TO NEPTUNE

PNG licences

Neptune Minerals Plc (NPM.L), the AIM listed explorer and developer of Seafloor
Massive Sulphide ("SMS") deposits, announces that it has been granted, pursuant
to the Mining Act of Papua New Guinea ("PNG"), seven Exploration Licences
("ELs") in the Exclusive Economic Zone (EEZ) of PNG.

The licences have been granted to Neptune Minerals (PNG) Limited, a wholly-owned
subsidiary of the Company, and cover a total area of 13,345km2. Each has been
granted for an initial two-year period, with a work commitment to complete high
resolution surface mapping and geophysics as well as to collect surface samples
during that time. The cumulative work commitment costs for these licences are
US$0.6 million in year 1 and US$1.2 million in year 2.

Five tenements (EL 1554 to EL 1558) cover prospective seamounts and other
features that surround, and are submerged parts of, the island groups that
comprise the Tabar-Feni Arc, namely the Tabar, Lihir, Tanga and Feni Island
groups. Numerous epithermal gold occurrences are known on these islands,
including the Ladolam Deposit on Lihir Island, one of the world's largest gold
resources (43Moz contained gold) and currently producing at 650Koz gold per
year, and the 2.4Moz Simberi gold deposit in the Tabar Island Group where gold
production is due to begin in late 2007.

The target is similar high-grade epithermal gold mineralisation to that sampled
and drilled by joint British and German research cruises on Conical Seamount
some 15km to the south of Lihir Island, and covered by Neptune's earlier licence
(ELA 1425). Previous research grab-sampling at the summit of Conical Seamount in
1999 and 2002 recovered distinctive epithermal-style polymetallic veins with
gold grades reaching 230g/t Au, averaging 25g/t Au from 40 samples.

Research drilling at the summit plateau of Conical Seamount in 2002 (39 holes,
31% average recovery) confirmed the sub-seafloor extent of surface gold
mineralisation and associated alteration to depths of at least 4.5m. Drill core
samples of clay-silica alteration contained average gold grades of up to 14.2g/t
Au over a length of about 30cm and appear to be part of a more extensive gold
zone.

Two tenements (EL 1541 Klotsu and EL 1542 Namel) are situated in the central
Bismarck Sea, adjacent to a granted EL which has been the subject of intensive
commercial SMS exploration and scientific research. Both tenements cover
structural features related to SMS mineralisation processes in the adjacent EL.

New Zealand licence applications

Neptune is pleased to announce that it has made a further 3 Prospecting Licence
(PL) applications in the Exclusive Economic Zone (EEZ) of New Zealand. The three
licences, numbered PLA 50 468 to PLA 50 470, have a total area of 84,880 km2 and
cover areas prospective for SMS on the Colville Ridge and Havre Trough adjacent
to Neptune's granted PL 39-194 (Monowai) and PL 39-205 (Colville).

Neptune's Chief Executive Officer, Dr Simon McDonald, said:

"The granting of the remaining exploration licences in PNG is another important
step in Neptune's strategy of building a diverse exploration portfolio. Neptune
now has 278,000km2 of granted tenements in New Zealand, Papua New Guinea, the
Federated States of Micronesia and Vanuatu.

"Geological interpretation of the large scale ship-based mapping, recently
completed by Neptune during the Colleville-Monowai-07 and Kermadec-07
programmes, has enabled the Company to identify other prospective areas in New
Zealand. These additional PL applications in New Zealand have increased the area
the Company has under application to 434,000km2, in New Zealand, Japan,
Commonwealth of Northern Marianas Islands, Palau and Italy."

                                      END

For further information please contact:

Simon McDonald (Neptune MD and CEO):                  T: +61 (0) 2 9957 5244

By email to the Company                               info@nepmins.com

Richard Hail (Fox Davies Capital Limited, Broker):    T: +44 (0) 20 7936 5200

Fiona Owen (Grant Thornton Corporate Finance, Nomad): T: +44 (0) 20 7383 5100

Rozanne Ichikowitz (Grant Thornton Sydney):           T: +61 (0) 2 8297 2522

Nadja Vetter / Matthew Law (Cardew Group, PR):        T: +44 (0) 20 7930 0777
                                                      T: +44 (0) 7941 340 436

The Neptune Minerals Website is www.neptuneminerals.com




                      This information is provided by RNS
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