Nautilus Minerals Inc. (Nautilus) is engaged in commercially exploring the ocean floor for copper, gold, silver and zinc seafloor massive sulphide (SMS) deposits, and is positioned to develop the seafloor massive sulphide system. On September 4, 2008, the Company announced the discovery of Solwara 10, located within a 100%-owned Nautilus exploration license (EL1383). On September 11, 2008, the Company announced the discovery of Solwara 9a and Solwara 9b. During the year ended December 31, 2008, the Company holds more than 521,000 square kilometers of tenement licenses and exploration applications in the economic zones and territorial waters of Papua New Guinea, Fiji, Tonga, the Solomon Islands and New Zealand along the western Pacific Ocean's Rim of Fire. The wholly owned subsidiaries for the Company are Nautilus Minerals Niugini Limited (NMN) and Nautilus Minerals Oceania Limited (NMO).