Contract with Geo Subsea

RNS Number:0256Q
Neptune Minerals Plc
24 January 2007


FOR IMMEDIATE RELEASE 

                              NEPTUNE MINERALS Plc

                          ("Neptune" or the "Company")


  NEPTUNE SIGNS CONTRACT WITH GEO SUBSEA FOR KERMADEC EXPLORATION PROGRAM, NEW
                                  ZEALAND EEZ


Neptune Minerals Plc (NPM.L), the AIM listed explorer and developer of Seafloor
Massive Sulphide ("SMS") deposits, announces that it has signed a contract with
Geo Subsea Pty Ltd to proceed with Neptune's Kermadec 2007 New Zealand
exploration program. Operations under the contract are planned to commence in
March and conclude in late May 2007 with preliminary results expected to be
released in June 2007.

Geo Subsea is part of the Geo ASA Group based in Bergen, Norway (www.geoasa.no).
Geo ASA is a worldwide marine specialist with offshore survey, maintenance,
construction and subsea engineering operations performed down to 4000m water
depth. Geo Subsea will be providing a specialised deepwater geotechnical survey
vessel, the SV Geosounder, with a dedicated Schilling Sub-Atlantic Alliance
(www.ssaalliance.com) remotely operated vehicle ("ROV") that is rated to 3000m
water depth.

The program will be up to six weeks on station and comprise extensive, high
resolution acoustic and geophysical mapping of multiple SMS targets within
Neptune's 3,800 km2 Prospecting Licence 39-195. SMS mineralisation will be
sampled by the ROV using recovery techniques that include collecting SMS
material up to several hundred kilograms.

Marine biologists from New Zealand's National Institute of Water and Atmospheric
Research (NIWA) (www.niwa.co.nz) will monitor the sampling operations and
provide an independent baseline environmental impact assessment.

Neptune has three granted New Zealand prospecting licences totalling over 60,000
km2. The prospecting licences are regulated and administered by the Crown
Minerals Department (www.crownminerals.govt.nz/minerals) of the New Zealand
Government. Last financial year Neptune's expenditure in PL39-195 amounted to
more than 70% of the total mineral prospecting expenditure undertaken by all
companies in New Zealand.

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

"Neptune is very pleased to be working with an industry-leading contract partner
in Geo Subsea. The Kermadec program will be important in refining the SMS
mineralisation model and confirming Neptune's belief in SMS as a high-grade
source of future precious and base metals. The forthcoming Kermadec project will
be a major step in adding significant value to the company."

                                      Ends


For further information please contact:


Neptune Minerals info@nepmins.com

Simon McDonald, CEO


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

John Prior


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

Nadja Vetter                                              M: +44 (0)7941 340 436

Sofia Rehman                                              M: +44 (0)7771 683 185


The Neptune Minerals Plc website is www.neptuneminerals.com



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

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