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

Thursday, August 21st 2008

In accordance with regulatory requirements, Gazmetall announced that on August 20, 2008 it acquired ownership over 32,708,799 common 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).