Issue of Equity
             



                            1 August 2008

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

                           Issue of equity

The Company announces that the  Phase Two Milestone has been  reached
in terms of the Performance Shares issued to management in accordance
with the Executive Incentive Plan.

The Phase  Two  Milestone  Performance Condition  is  satisfied  upon
completion of an  independent technical study  (Scoping Study  Result
was  announced  on  1  May   2008),  commissioned  by  the   Company,
demonstrating to the satisfaction of  the Board, that the mining  and
lifting of ore to the sea surface can be achieved.

As a result of the achievement of the Phase Two Milestone, a total of
653,750 performance  shares for  Directors, Simon  McDonald and  John
Feenan and  for  Exploration  Manager,  Justin  Baulch  (individually
201,250  performance  shares  each)  and  Chandra  Wijeratne  (50,000
performance shares) have been converted to ordinary shares.

Following receipt of conversion notices on 24 July 2008, the  Company
has on 30 July  2008 issued and allotted  653,750 ordinary shares  of
0.5p to the aforementioned recipients.  Following the issue of  these
shares, the Company will have 66,767,863 ordinary shares in issue.

Application has been made for these new Ordinary Shares to be
admitted to trading on AIM ("Admission").  It is expected that
Admission will become effective on 7 August 2008.

Following the  conversion  of  the above  performance  shares,  Simon
McDonald and John  Feenan will  have the following  interests in  the
Company:


 Director      Ordinary    % of share Performance       Options
                Shares      capital     Shares
Simon       8,310,000      13.05%     402,500     700,000 Options are
McDonald    Ordinary                  convertible exercisable at 35
            Shares (Held              performance pence with a first
            by Ismacate               shares      exercise date of 17
            Pty Ltd) and                          October 2008 and an
            402,500 held                          expiry date of 17
            directly.                             October 2012


John Feenan 4,362,751      7.14%      402,500     609,000 Options are
            Ordinary                  convertible exercisable at 35
            Shares (Held              performance pence with a first
            by JPF Energy             shares      exercise date of 17
            Pty Limited)                          October 2008 and an
            and 402,500                           expiry date of 17
            held directly.                        October 2012



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, T: +44 (0) 20 7936 5230
Broker):

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

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

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

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