WATERDOWN, ON, April 17 /CNW Telbec/ - Antares Minerals Inc. ("Antares"
or the "Company", ANM.TSX-V) and its joint venture partner, Mansfield
Minerals Inc. ("Mansfield", MDR.TSX-V), have executed a vesting agreement
whereby Antares will undertake to vest its 50% interest in the Rio Grande
property by completing US$3,375,000 in exploration expenditures and issuing a
further 300,000 shares of Antares to Mansfield on or before September 30,
2007. Antares has spent approximately US$2,700,000 on Rio Grande to date
pursuant to the terms of the Letter of Understanding between the two companies
dated June 30, 2004.
In addition, Mansfield will subscribe for 3 million treasury units of
Antares at $1.75 per unit ($5,250,000), each unit consisting of one common
share and one-half of a common share purchase warrant, with each full warrant
exercisable at $2.25 for one year. At the same time, Mansfield will issue to
Antares, 3 million warrants exercisable at $4.00 for one year (the "Initial
Mansfield Warrants") and a further 1.5 million warrants exercisable at
$4.75 per share for a period of two years, subject to the Initial Mansfield
Warrants being exercised. In consideration of Mansfield subscribing to the
private placement and granting the warrants to Antares, Antares has agreed to
spend an additional US$375,000 to earn a 50% interest in Rio Grande and to
forfeit its right to acquire a further 10% interest in the property by
spending an additional US$1,500,000 on the property and Mansfield has released
Antares from its obligation to make further cash payments of $375,000 and
issue an additional 300,000 common shares to Mansfield, all as contemplated in
Subsequent to the closing of the above private placement, Mansfield and
Antares plan to commence a 15,000 m drilling campaign at Rio Grande with
Antares funding the program until the completion of its US$3,375,000 vesting
obligation. Thereafter, the parties will fund the completion of this and
subsequent programs on a 50/50 joint venture basis with Antares as operator.
The above transactions are subject to regulatory approval.
About the Rio Grande Project, Salta Province, Argentina
The Rio Grande project is very favourably located along the prominent
northwest-trending Archibarca Lineament which also controls the location of
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.
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 focused 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. An
extensive trenching program completed by Antares earlier this year was
successful in identifying additional drill targets on the property.
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 second
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. Antares is also
exploring the Rio Grande copper-gold porphyry project in NW Argentina pursuant
to an option/joint venture agreement with Mansfield Minerals Inc.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
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,
email@example.com; Mark Wayne, CFO, (403) 705-4968; Renmark
Financial Communications Inc.: John Boidman: firstname.lastname@example.org,
Jason Roy: email@example.com, Media: Eva Jura:
firstname.lastname@example.org, (514) 939-3989, Fax: (514) 939-3717,