Antares defines north zone target at Rio Grande copper-gold project in NW Argentina



    WATERDOWN, ON, Jan. 31 /CNW Telbec/ - Antares Minerals Inc. ("Antares";
TSX-V: ANM) is pleased to report that assay results have been received for the
first 5 trenches of a 25 trench (5200 m) program at the Rio Grande copper-gold
project in Salta Province, north-western Argentina. The results are from the
previously poorly exposed North Zone target area; highlights include: Trench
T-42 - 48 m with 0.47 g/t Au and 0.29% Cu and Trench T-44A - 54 m with
0.48 g/t Au and 0.37% Cu (0.2% Cu cut-off). Please refer to the Antares
website (www.antaresminerals.com) for a more detailed summary of all
exploration to date at the Rio Grande project, including tables of significant
results and maps of trench and drill-hole locations.
    These results clearly delineate the surface expression (0.1% Cu cut-off)
of the North Target as a 60-200 m wide zone that extends for more than 800 m
to the west of the Sofia Zone where recent drilling has encountered
encouraging results beneath similar surface manifestations (RGA-06-024 - 128 m
with 0.71 g/t Au and 0.47% Cu; RGA-060026 - 158 m with 0.51 g/t Au and
0.46% Cu - see press release of September 5, 2006). The North Zone remains
open to the southwest and possibly to the north beneath colluvial cover.
    The current trenching program has been highly successful at penetrating
extensive thin colluvial cover with bedrock exposed along more than 85% of the
trench lengths. The effectiveness of the trenching was considerably greater
than anticipated and the trenching program was therefore extended to 5200 m
from the originally planned 4400 m. Results have been received from 1696 m of
trenches sampled in December. Sampling of the remainder of the trenches is
ongoing and will be completed in February with analytical results available in
March.
    Copper-gold mineralization at Rio Grande occurs within a distinct two-km
diameter ring fracture zone defined by IP chargeability and anomalous surface
copper and gold soil geochemistry. Exploration to date has focussed on the
better exposed Discovery and Sofia zones along the south-eastern portion of
the system. Drilling and trenching in these areas has defined a copper-gold
mineralized zone 1500 m long, 80-200 m wide, with a minimum depth of 200 m.
Mineralization remains open in both directions along strike and to depth. The
remaining two-thirds of the ring zone exhibits only minor outcrop exposure and
has received limited work to date. A total of 22 trenches have been cut at
approximately 150 m spacing to provide better exposure along the northern,
western and southern margins of the system. Additional trenching is also being
completed at the Northeast Target; a distinct gold-copper soil anomaly
associated with a magnetic/IP chargeability anomaly located approximately 2 km
to the NE of the principal Rio Grande area.

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

    "The current trenching program at Rio Grande has proven to be very
effective at exposing bedrock and has nicely defined the North Zone target
where we have had minimal previous exploration. The surface expression of the
North Zone target is more robust that we anticipated given that it is
approximately 200 meters higher in elevation than the Discovery Zone. We have
increased the size of the trenching program as it provides very cost-effective
data that will maximize the chances of success when we begin to drill later
this season."

    About the Rio Grande Project, Salta Province, Argentina

    The Rio Grande project was discovered by 100% owner Mansfield Minerals
Inc. (Mansfield). Antares can earn up to a 60% interest in the Rio Grande
project from Mansfield by completing certain work expenditures, making certain
payments and issuing shares to Mansfield over a four-year period (see Antares
press release dated July 14, 2004).
    The Rio Grande project is very favourably located along the prominent
northwest-trending Archibarca Lineament which also controls the location the
world-class giant Escondida porphyry copper deposit 150 km to the northwest in
Chile. The Rio Grande project shares many geologic similarities with the Bajo
de Alumbrera porphyry copper-gold deposit which is located along a similar
northwest-trending regional structural lineament approximately 300 km to the
south.
    Please refer to the Antares website (www.antaresminerals.com) for a more
detailed summary of all exploration to date and the Rio Grande project,
including tables of significant results and maps of trench and drill-hole
locations.

    Other projects - Catua Project, Jujuy Province, Argentina

    An eight-hole (1,379 m) drilling program has been completed at the Catua
exotic copper-oxide project in Jujuy Province, Argentina. The program was
designed to test for a buried porphyry copper source for an extensive lens of
exotic copper-oxide mineralization exposed in a younger cover sequence at the
surface. Three deeper holes (303.1-401 m) tested IP chargeability highs
interpreted to be possible copper-iron sulphides beneath post-mineral cover
and five shallow holes (24.5-100 m) tested for possible stacked lenses of
exotic copper-oxide mineralization beneath the known occurrence. All of the
holes encountered a thick continental red bed sequence of clastic sediments
with no visible evidence of porphyry copper style mineralization. No definite
pre-mineral basement rocks were encountered to the depths drilled. The
sub-horizontal lens of exposed exotic copper-oxide mineralization appears to
be thin (1-3 m thick) and no additional lenses were encountered at depth.
Antares is currently reviewing all available data sets to determine if
additional exploration at the Catua property is warranted.

    About Antares Minerals Inc.

    Antares is focused on the acquisition and exploration of precious and
base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. Antares' has
recently completed an extensive drilling program at its most advanced project,
the Haquira SX-EW copper project in south-central Peru, immediately adjacent
to the Las Bambas Project of Xstrata Copper. The Haquira project hosts an
inferred mineral resource, at a 0.3% total copper cut-off grade, of 156.3
million tonnes grading 0.49% copper amenable to SX-EW processing (leachable
copper oxides and secondary sulphides only). See Antares press release dated
February 14, 2006. An additional 97 drill holes were completed in late 2006
and an updated resource estimate will be completed in the first quarter of
2007. Antares has an option to acquire a 100% interest in the Haquira project
from Minera Phelps Dodge del Peru S.A.C.

    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. A section of
the Antares website is dedicated to sampling, assay, and quality control
procedures.
    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 resource can be placed into the
mineable category. Antares is not aware of any environmental, permitting,
legal, title, taxation, socio-political, marketing or other issue which may
materially affect this estimate of mineral resources.
    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.
    %SEDAR: 00008329E




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, cellular: (303) 618-7797,
john.black@antaresminerals.com, www.antaresminerals.com; Mark Wayne, CFO,
(403) 705-4968; Renmark Financial Communications Inc. : John Boidman,
jboidman@renmarkfinancial.com; Jason Roy, jroy@renmarkfinancial.com; Media -
Eva Jura, ejura@renmarkfinancial.com, (514) 939-3989, Fax: (514) 939-3717,
www.renmarkfinancial.com

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