Issue of Convertible Performance Shares

    Issue of Convertible Performance Shares
             



FOR IMMEDIATE RELEASE
6 February 2008

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

               ISSUE OF CONVERTIBLE PERFORMANCE SHARES

Neptune (AIM: NPM), a leading explorer and developer of precious- and
base-metal seafloor massive sulphide (SMS) deposits in off-shore New
Zealand, Papua New Guinea, the Federated States of Micronesia and
Vanuatu, announces that it has issued 200,000 convertible performance
shares in the Company as part of the Company's staff executive
incentive plan.  The total number of convertible performance shares
on issue following this award is 2,011,250.

The recently issued convertible performance shares have the same
conversion conditions attached to them as those previously on issue
and have no voting rights prior to conversion occurring. One quarter
of the convertible performance shares will be capable of vesting as
each of the following separate Performance Conditions is satisfied:

*         A Share Price Performance Condition that will be satisfied
  when the Company's share price remains above �0.75 per share over a
  period of more than sixty (60) consecutive days;
*         A Phase One Milestone Performance Condition will be
  satisfied when the Company's exploration activities of SMS targets,
  verifies, to the satisfaction of the board, that the geological
  model as set out in the Admission Document has been established;
*         A Phase Two Milestone Performance Condition will be
  satisfied upon completion of an independent technical study,
  commissioned by the Company, demonstrating to the satisfaction of
  the Board, that the mining and lifting the ore to the sea surface
  can be achieved;
*         A Phase Three Milestone Performance will be satisfied upon
  completion of an independent feasibility study, commissioned by the
  Company, demonstrating to the satisfaction of the Board, both the
  technical and commercial viability of mining SMS deposits.
The share price performance condition is separate from the three
milestone conditions. The three milestone conditions must be
satisfied consecutively unless the Board decides otherwise.
                                 END


For further information please contact:

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

Richard Hail (Fox Davies Capital Limited, Broker):
T: +44 (0) 207 936 5200

Fiona Owen (Grant Thornton Corporate Finance, Nomad):
T: +44 (0) 20 7383 5100

Rozanne Ichikowitz (Grant Thornton, Nomad)
T: +61 (0)2 8297 2522

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

The Neptune Minerals Website is www.neptuneminerals.com

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