Antares Announces Updated Copper Resource for Near-Surface Leachable Portion of Haquira Project



    
    - Greater than 70% of mineralization converted to indicated resource
      status
    - Indicated resource of 133.7 million tonnes at 0.53% Cu and additional
      inferred resource of 43.6 million tonnes at 0.44% Cu (0.3% total Cu
      cut-off)
    - Total of 1.98 billion lbs of in situ copper amenable to low-cost SX-EW
      processing (0.3% total Cu cut-off) - a 17.6% increase from the previous
      resource estimate
    - Includes an indicated resource of 52 million tonnes at 0.75% Cu and
      additional inferred resource of 10.7 million tonnes at 0.63% Cu at
      higher cut-off grade of 0.5% total copper
    - Resource estimate is for near-surface "leachable" material and does not
      include recent drill results from the Haquira East primary Cu-Mo
      porphyry discovery
    


    WATERDOWN, ON, Oct. 9 /CNW Telbec/ - Antares Minerals Inc. ("Antares";
ANM-TSX.V) is pleased to announce an updated independent NI 43-101 compliant
mineral resource estimate for the near-surface leachable(1) portion of the
Haquira copper project in southern Peru. The updated estimate was prepared by
Chlumsky, Armbrust, and Meyer L.L.C., ("CAM") of Denver, Colorado, USA and
includes all drill results (97 drill holes for 14,355.5 m) from the 2006
in-fill drilling campaign. This resource estimate supersedes the previous
estimate, also prepared by CAM, based upon all drilling through the end of
2005 (see press release of Feb 14, 2006). The focus of this work was on the
near-surface, leachable copper mineralization at Haquira. The recent 2007
drill results from the newly discovered higher grade primary copper-molybdenum
deposit at Haquira East are not included in the estimate.

    John Black, President of Antares Minerals Inc. commented as follows:

    "We are very pleased with the results of the updated resource estimate at
Haquira. Our 2006 in-fill drill campaign converted more than 70% of the total
resource to the indicated resource category. We also increased the total in
situ pounds of copper in the near-surface leachable portion of the deposit to
1.98 billion pounds at a 0.3% total copper cut-off (17.6% increase from
previous resource estimate) or 2.59 billion pounds at a 0.2% cut-off (21.0%
increase from previous resources estimate). The improved confidence in the
resource at Haquira will now allow us to move forward quickly into the
pre-feasibility stage.
    We are currently preparing a preliminary economic assessment based upon
the updated resource and look forward to presenting these results in
approximately six weeks. Drilling also continues to define the recently
discovered higher grade, primary copper-molybdenum-gold at Haquira East and
additional results will be reported soon. "

    Updated Haquira resource estimate

    At a 0.3% total copper cut-off the updated indicated resource, amenable
to SX-EW processing (leachable copper oxides and secondary sulphides) at
Haquira is 133.7 million tonnes at a grade of 0.53% total copper with an
additional inferred resource of 43.6 million tonnes at a grade of 0.44% total
copper (please refer to Table 1 below).
    At a 0.2% total copper cut-off the updated indicated resource amenable to
SX-EW processing (leachable copper oxides and secondary sulphides) at Haquira
is 212.2 million tonnes at a grade of 0.42% total copper with an additional
inferred resource of 77.2 million tonnes at a grade of 0.36% total copper
(please refer to Table 2 below).

    
    -------------------------------------------------------------------------
         Table 1 - Mineral Resource Estimate Update - Haquira Project
                      Oxide and Secondary Sulphide Zone
                    Cut-off grade(2) of 0.3% total copper
    -------------------------------------------------------------------------
                                      Tonnes           Grade  Contained Cu(3)
    Resource                       (millions)    (% total Cu)   (billion lbs)
    classification             ----------------------------------------------
                              Sep 07  Feb 06  Sep 07  Feb 06  Sep 07  Feb 06
    -------------------------------------------------------------------------
    Indicated Resource         133.7       0    .526       0    1.55       0
    -------------------------------------------------------------------------
    Inferred Resource           43.6   156.3    .442    .488    0.43    1.68
    -------------------------------------------------------------------------
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
         Table 2 - Mineral Resource Estimate Update - Haquira Project
                      Oxide and Secondary Sulphide Zone
                    Cut-off grade(2) of 0.2% total copper
    -------------------------------------------------------------------------
                                      Tonnes           Grade  Contained Cu(3)
    Resource                       (millions)    (% total Cu)   (billion lbs)
    classification             ----------------------------------------------
                              Sep 07  Feb 06  Sep 07  Feb 06  Sep 07  Feb 06
    -------------------------------------------------------------------------
    Indicated Resource         212.2       0    .423      .0    1.98       0
    -------------------------------------------------------------------------
    Inferred Resource           77.2   240.3    .358    .404    0.61    2.14
    -------------------------------------------------------------------------

    The updated resource estimates presented above in Tables 1 and 2 pertain
only to the near-surface, leachable portion of the Haquira deposit. An
inferred resource for underlying primary sulphide mineralization was also
calculated and is presented below in Table 3. This estimate represents only
the upper portion of the primary mineralization at Haquira and does not
include any of the 2007 drilling at the recently discovered Haquira East zone.

    -------------------------------------------------------------------------
         Table 3 - Mineral Resource Estimate Update - Haquira Project
                            Primary Sulphide Zone
    -------------------------------------------------------------------------
                                      Tonnes           Grade  Contained Cu(3)
    Resource                       (millions)    (% total Cu)   (billion lbs)
    classification             ----------------------------------------------
                              Sep 07  Feb 06  Sep 07  Feb 06  Sep 07  Feb 06
    -------------------------------------------------------------------------
    Inferred Resource
    @ 0.3% CuT cut-off       95.8    96.5   0.451   0.450    0.95    0.96
    -------------------------------------------------------------------------
    Inferred Resource
    @ 0.2% CuT cut-off      190.8   179.7   0.348   0.353    1.46    1.40
    -------------------------------------------------------------------------

    Please refer to the Antares website at www.antaresminerals.com for
drill-hole location maps, sections, and additional details of the updated
resource estimate.

    Mineral Resource Estimate

    Mr. Robert Sandefur, P.E., Senior Geostatistician with CAM and Qualified
Person as defined by National Instrument 43-101, prepared the resource
estimate summarized in this press release. This estimate will be filed as a
part of a Revised Technical Report for the Haquira Project, compliant with
National Instrument 43-101, to be posted on SEDAR within 45 days.
    The updated mineral resource estimate prepared by CAM utilizes an inverse
distance squared block model based on assay results from 215 drill holes and
includes all pertinent data through December 2006.
    Mineral resources do not have demonstrated economic viability and future
in-fill drilling and scoping, pre-feasibility and feasibility studies will
determine what percentage of the inferred and indicated resources can be
placed into the mineable category. Antares is not aware of any environmental,
permitting, legal, title, taxation, socio-political, marketing or other issues
which may materially affect this estimate of mineral resources.

    About Haquira

    The Haquira project is contiguous with, and immediately to the south of,
the Las Bambas Cu-Au district where Xstrata Copper has committed to invest
US$121 million. Antares has an option agreement with Minera Phelps Dodge del
Peru S.A.C. ("Phelps Dodge") to acquire a 100% interest in the Haquira project
by completing optional payments totalling US$15 million over a five-year
period (see Antares press release dated March 17, 2005). Additional
information about the Haquira project is available on our website at
www.antaresminerals.com

    About Antares Minerals Inc.

    Antares is a successful mineral exploration company with a highly
experienced technical and management team. The Company is focused on precious-
and base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. In addition
to the Haquira Project in Peru with Minera Phelps Dodge del Peru S.A.C.,
Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in
Salta Province of NW Argentina in an option/joint-venture agreement with
Mansfield Minerals Inc.


    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    All of Antares' exploration programs and pertinent disclosure of a
technical or scientific nature are prepared by or prepared under the direct
supervision of John Black, Antares' President, who serves as the qualified
person (QP) under the definitions of National Instrument 43-101.

    Certain disclosure in this release, including management's assessment of
Antares' plans and projects, constitutes forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating to
Antares' operation as a mineral exploration company that may cause future
results to differ materially from those expressed or implied. Readers are
cautioned not to place undue reliance on forward-looking statements.

    Footnotes:

    (1) The term "leachable copper" refers to copper that can dissolved into
        a solution of dilute sulphuric acid (oxide mineralization) and
        bacteria (secondary sulphide mineralisation) allowing the use of
        lower cost solvent extraction and electro-winning technology (SX-EW)
        as opposed to the higher cost flotation-concentration and smelting
        technology traditionally utilized for primary copper sulphide
        mineralisation.

    (2) The cut-off grades utilized for this communication were chosen to
        match those utilized at other similar stage projects and operating
        mines in Latin America.

    (3) The term "contained copper" refers to the total in situ amount of
        copper contained within the resource estimate and not the amount of
        copper that may be ultimately recovered during mining and processing.
    




For further information:

For further information: please visit our website at
www.antaresminerals.com or contact: Antares Minerals Inc.: John Black,
President and CEO, (720) 514-9036 office, (303) 618-7797 cellular,
john.black@antaresminerals.com, www.antaresminerals.com; Mark Wayne, CFO,
(403) 705-4968; Broadgate Consultants, LLC: Alan Oshiki,
aoshiki@broadgate.com, (212) 232-2354; Renmark Financial Communications Inc.:
John Boidman, jboidman@renmarkfinancial.com; Jason Roy,
jroy@renmarkfinancial.com; Media - Eva Jura, ejura@renmarkfinancial.com, (514)
939-3989, (514) 939-3717, www.renmarkfinancial.com

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