Contract for offshore New Zealand mapping

Neptune Minerals announces that it has signed a contract to undertake exploration operations, the Colville-Monowai 07 program, over two of its New Zealand licences. 

The specialised fisheries and survey vessel RV Tangaroa will undertake the 30-day program in July and August 2007. NIWA, the New Zealand National Institute for Water and Atmospheric Studies (www.niwa.co.nz), owns and operates several research vessels, including Tangaroa. RV Tangaroa has been the primary tool used in New Zealand's definition of its EEZ and continental shelf. Neptune was offered, at short notice, a 30-day charter when a previous charterer was unable to commit.

The work undertaken will comprise hull-mounted multi-beam bathymetric (swath) mapping of multiple SMS target areas within Neptune's Prospecting Licences PL39-194 (Monowai) of 47,000 km² area and PL39-205 (Colville) of 13,000 km² area. The program will fulfil the first term work commitment and expenditure requirement for both tenements.

Neptune has three New Zealand prospecting licences totalling more than 63,000 km². The licences are regulated and administered by the Crown Minerals Department (www.crownminerals.govt.nz/minerals) of the New Zealand Goverment.

Neptune's Chief Executive Officer, Dr Simon McDonald, said:

"Neptune is pleased with the opportunity to use NIWA's RV Tangaroa to undertake Colville-Monowai 07. This work builds on the existing relationship with NIWA undertaking biological studies on past and present Neptune Kermadec programs. Colville-Monowai 07 is the second major exploration activity that Neptune will undertake on its NZ tenements in 2007 and is the third program undertaken using funds raised at IPO in October 2005.

"Completing Colville-Monowai 07 in August 2007 will fulfil Neptune's tenement obligations nine months ahead of schedule. The prime objective of the program is to acquire additional swath coverage within the two tenements - the seafloor equivalent of aerial photography. That seafloor imagery will be used for follow up high-resolution exploration of SMS deposits, in work similar to Neptune's present Kermadec 07 program."

For further information please contact:

Simon McDonald (Neptune MD and CEO):                                                    This e-mail address is being protected from spam bots, you need JavaScript enabled to view it

Olly Cairns (Blue Oar Securities Plc, Nomad and Broker):                         T:+44 (0) 20 7448 4400

Sofia Rehman (Cardew Group, PR):                                                               T:+44 (0) 20 7930 0777

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