Update re Applications

RNS Number:4011O
Neptune Minerals Plc
21 December 2006




                              NEPTUNE MINERALS Plc
                          ("Neptune" or the "Company")



*    NEPTUNE SIGNS LoI FOR KERMADEC WORK

*    NEPTUNE MAKES STRATEGIC PNG APPLICATIONS

*    NEPTUNE ADDS TO MANAGEMENT TEAM




Kermadec

Neptune Minerals Plc (NPM.L), the AIM listed explorer and developer of Seafloor
Massive Sulphide ("SMS") deposits, announces that it has signed a Letter of
Intent with the Geo Subsea Group from Bergen, Norway to proceed with the
Company's Kermadec 2006/07 exploration program.  The exploration will be carried
out within the Company's Kermadec license and will comprise high resolution
seafloor mapping and SMS sampling operations over numerous targets in that
licence.  Exploration work is expected to commence in Q1 2007 - further details
will be forthcoming upon signing a final contract with Geo Subsea.


Papua New Guinea

Neptune further announces that it has lodged six exploration licence
applications (ELAs) within the territorial waters of Papua New Guinea (PNG).
Four of the licenses are on the submarine flanks of Lihir Island, which hosts
one of the world's largest gold resources (Ladolam Deposit at 43Moz contained
gold) and which is currently being mined at 650Koz gold per year.  Two
applications are in the central Bismarck Sea between the islands of New Britain
and New Ireland.


Lihir-Feni Arc Application Areas

The four applications surrounding Lihir Island were lodged by subsidiary,
Neptune Minerals (PNG) Limited.  The applications over Conical Seamount and
neighbouring features have a total area 317km2 and a work commitment, when
granted, to complete high resolution surface mapping and geophysics and to
collect surface samples.


Neptune's ELA 1425 targets Conical Seamount to the south of Lihir Island;
Conical has already been sampled and drilled by joint British and German
research cruises and hosts submarine epithermal gold mineralisation similar to
Ladolam deposit. Previous research grab-samples recovered distinctive
epithermal-style polymetallic veins with gold grades reaching 230g/t Au,
averaging 25g/t Au from 40 samples.


Research drilling at the summit plateau of Conical Seamount in 2002 (39 holes,
31% average recovery) confirmed the sub-seafloor extent of surface gold
mineralization and associated alteration to depths of at least 4.5m. Drill core
samples of clay-silica alteration contain average gold grades of 14.2g/t Au over
lengths of about 30cm and that appear to be part of a more extensive gold zone.


The three other ELA areas around Lihir - ELA 1449 (New World), ELA 1457 (Dripela
Maunten) & ELA 1458 (Fopela Susa) have not been researched to any great extent,
but are features similar to Conical and in similar locations on the flanks of
the Lihir seamount.


Bismark Sea Application Areas

Two recent applications in the central Bismarck Sea were made by Neptune
Minerals (PNG) Limited adjacent to a granted Exploration Licence (EL) held by
nautilus Minerals and which has been the subject of intensive commercial SMS
exploration and scientific research.  Both Neptune applications (ELA 1541
(Klostu) and 1542 (Namel) are situated on structural features related to SMS
mineralisation processes in the granted EL.


Neptune Management

Neptune is pleased to announce additions to the management team with the
employment of Mr Justin Baulch as Exploration Manager and Mr Chandra Wijeratne
as Finance Manager.  Both are highly skilled individuals with the required
experiences to greatly benefit Neptune as the Company looks towards further
exploration and development programs.


Justin Baulch was part of the Placer Dome global exploration team, involved in
project generation, acquisition and management of gold, PGE and base metals
projects in the Asia-Pacific region.  Most recently Justin was Vice President of
Exploration for Nautilus Minerals and was Co-Principal Investigator on the
recent collaborative SMS exploration/research cruise in Papua New Guinea between
Nautilus Minerals and the Woods Hole and Scripps Oceanographic Institutions of
the USA.


Chandra Wijeratne is a qualified accountant with more than 30 years' experience
in commercial accounting in Australia, the United Kingdom, Africa and Sri Lanka.
He served as financial controller in companies engaged in mining, mining support
services and international shipping. Chandra was Financial Controller of Delta
Gold from 1984 to 2000, helping to grow the company from a nascent explorer to a
middle tier gold mining company.


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

"Neptune is very pleased with recent progress in Operational and New Ventures
departments.  Agreement with a well-regarded marine contractor to undertake the
Kermadec 2006 program is an important step in adding value to the company.


"The EL applications in Papua New Guinea form an important second string to
Neptune's asset inventory. Neptune looks forward to the imminent granting of the
PNG tenement package.


"The addition of Justin Baulch and Chandra Wijeratne to Neptune's Management
team is a welcome increase in the breadth and depth of experience and skills in
the Company."


                                      END



For further information please contact:



Simon McDonald (Neptune CEO):                        info@nepmins.com

John Prior (Corporate Synergy, Nomad and Broker):    T: +44 (0) 20 7448 4400

Nadja Vetter (Cardew Group, PR):                     T: +44 (0) 20 7930 0777

The Neptune Minerals Website is www.neptuneminerals.com




                      This information is provided by RNS
            The company news service from the London Stock Exchange
END

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