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Press Release

Mawarid Mining becomes 3rd largest investor in Nautilus Minerals inc

Mawarid Mining LLC, a subsidiary of MB Holding Co. LLC, has subscribed for 9.98% share of Nautilus Minerals Inc.(Nautilus) a company listed in Toronto Stock Exchange (TSX). Mawarid Mining is part of MB Holding group of companies which has a presence in over 20 countries with an employee strength of over 6500. MB Holding’s business interests include drilling and integrated oilfield services, the exploration and production of oil and gas, investments, engineering, manufacturing & trading, and mining and processing of minerals.

Mawarid Mining will make an investment of C$ 49 million to purchase 19.44 million shares, at a price of C$ 2.52 per share, equivalent to 9.98% of the increased share capital of the company. Nautilus Minerals is raising approx. US$100 million through a private placement of common shares by issuing 39 million shares to a number of investors at a price of C$2.52 per share. Under the terms of the agreements, the allotment will be completed in two tranches, with the final closing taking place on October 6, 2011. The first closing took place on September 8, 2011, wherein Mawarid subscribed 50% of its total shares and the remaining 50% shares will be allotted on final closing. The shares have been acquired through a SPV which is a 100% subsidiary of Mawarid Mining.

A company registered in Canada, Nautilus is listed on the TSX and AIM stock exchanges and has its corporate office in Brisbane, Australia. Nautilus is the first company to explore the ocean floor for polymetallic seafloor massive sulphide deposits and is currently developing its first development project at Solwara 1, in the territorial waters of Papua New Guinea, where the company is aiming to produce gold, copper and silver. The company has been granted all necessary environmental and mining permits.Nautilus is intending to commence operations at the Solwara 1 deposit by end 2013, where it has identified certain high grade resource. Funds raised through this private placement will be utilised to fund the development of Solwara 1 project.

The company also holds approximately 600,000 square kilometers of highly prospective exploration acreage in the western Pacific, in PNG, the Solomon Islands, Fiji, Vanuatu and Tonga, as well as in international waters in the eastern Pacific. Its major shareholders include Metalloinvest, the largest commercial iron ore producer in Europe and the CIS, which has a 21% holding, and global mining group Anglo American, which holds an 11.1% interest. More details about Nautilus are available on its website www.nautilusminerals.com

Existing Nautilus strategic shareholders, Metalloinvest and Anglo American, are also participating in the private placement. Metalloinvest has subscribed for approximately 8.2 million shares to maintain its interest in Nautilus at 21%, and Anglo American has subscribed for approximately 4.3 million shares on the basis that its stake will be maintained at 11.1%. Institutional investors have subscribed for the remaining 7 million shares to be issued.

Mawarid Mining is currently engaged in copper and gold exploration in Oman, where it operates several open pit copper mines and processes ore at its copper concentrate facility in the Al Batinah region. Investment in Nautilus is part of a long term growth strategy where it gives an opportunity to invest in a unique and emerging seafloor resource industry besides geographical diversification, thereby also getting the first mover advantage. MB Group also sees synergies with Nautilus in drilling as well as engineering /manufacturing areas.

Mawarid Mining has also been granted anti-dilution rights to maintain their % shareholding in Nautilus as and when any common shares or securities convertible into common shares are issued by Nautilus, until the earlier of the date of commencement of first production or February 28, 2014.

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