Gazmetall Holding (Cyprus) Limited ("Gazmetall") Announces the Acquisition of 32,708,799 Shares of Nautilus Minerals Inc. ("Nautilus")

    NICOSIA, CYPRUS, Aug. 21 /CNW/ - In accordance with regulatory
requirements, Gazmetall announced that on August 20, 2008 it acquired
ownership over 32,708,799 common shares (the "Nautilus Shares") of Nautilus
which were transferred pursuant to a memorandum of agreement dated
21 June 2007 as amended with effect as of 4 October 2007 (the "Agreement").
The Nautilus Shares represent approximately 22.3%(1) of the issued and
outstanding common shares of Nautilus.
    Immediately after acquiring on 20 August 2008 the Nautilus Shares
transferred pursuant to the Agreement, Gazmetall owned in total
32,708,799 common shares of Nautilus which number represents approximately
22.3% of the issued and outstanding common shares of Nautilus.
    Gazmetall is the registered owner of the Nautilus Shares which are
beneficially owned by Joint Stock Company "Holding Company "Metalloinvest".
    The Nautilus Shares were acquired for investment purposes only and not
for the purpose of exercising control or direction over Nautilus. At the
moment, Gazmetall has no future intention to acquire ownership or control over
or additional securities of Nautilus. Gazmetall does not exclude that in the
future it may wish to increase its stake in Nautilus and participate in the
management of Nautilus.
    Under the Agreement, Epion Holdings Limited shall transfer to Gazmetall
full legal and beneficial ownership in and to the Nautilus Shares for a total
consideration of US$210,500,000. Consideration has been paid by Gazmetall in
advance in 2007.

    (1) Percentage based on 146,625,182 issued and outstanding shares of
        Nautilus as of June 30, 2008 (as reported by Nautilus).

For further information:

For further information: Gazmetall Holding (Cyprus) Limited, Agiou
Pavlou 15, Ledra House, Agios Andreas, P.C. 1105, Nicosia, Cyprus

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Nautilus Minerals Inc.

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