Antares intercepts 385 m grading 0.74% Cu and 0.043% Mo in second deep hole at Haquira East porphyry discovery



    Includes 297 m with 0.88% Cu and 0.052% Mo
    which includes 178 m with 1.05% Cu and 0.080% Mo

    WATERDOWN, ON, Aug. 9 /CNW Telbec/ - Antares Minerals Inc. ("Antares";
ANM-TSX.V) is pleased to announce the results from the second hole of the
current drilling program at the Haquira Project in southern Peru. The
objective of the drill program is to delineate recently discovered high-grade
primary porphyry copper-molybdenum-gold mineralization beneath the secondary
copper blanket at the Haquira East zone (see press releases of July 3 and
July 12, 2007).
    AHAD-099 intersected a 384.80 m interval with 0.74% Cu and 0.043% Mo
(1.03% Cu Equivalent) which includes a higher grade interval of 178.00 m with
1.05% Cu and 0.080% Mo (1.58% Cu Equivalent). Gold contents in AHAD-099 are
less than 0.1 g/t. Highlights of the copper and molybdenum grades encountered
are listed in the table below (please refer to the Antares website at
www.antaresminerals.com for drill-hole location maps, sections, and photos of
drill core):

    
    -------------------------------------------------------------------------
    Drill-hole       from      to  Length    Cu     Mo  Cu EQ       Comments
                       (m)     (m)     (m)    %      %   %(*)
    -------------------------------------------------------------------------
    AHAD-099       175.30  560.10  384.80  0.74  0.042   1.03        0.2% Cu
                                                               cut-off grade
    -------------------------------------------------------------------------
    including      186.40  483.40  297.00  0.88  0.052   1.22        0.3% Cu
                                                               cut-off grade
    -------------------------------------------------------------------------
    and including  186.40  364.40  178.00  1.05  0.080   1.58       0.75% Cu
                                                               cut-off grade
    -------------------------------------------------------------------------
    and including  234.20  344.90  110.70  1.15  0.082   1.69       1.00% Cu
                                                               cut-off grade
    -------------------------------------------------------------------------

    (*) Copper Equivalent is calculated for intervals dominated by primary
mineralization using US$1.50/lb Cu, US$500/oz Au, and US$10.00/lb Mo and is
not adjusted for metallurgical recoveries as these remain uncertain. Please
note these metal prices have changed slightly from previous press releases.
Metallurgical recoveries and net smelter returns are assumed to be 100%. The
formula used is as follows:
CuEQ = Cu% + (Au g/t x 10.72/22.05) + (Mo% x 10.00/1.50). Copper
Equivalent contributions from Au and Mo only occur if the grade of Au exceeds
0.1 g/t and/or the grade of Mo exceeds 0.01%.

    Diamond drill-hole AHAD-099 was collared 100 m to the southeast of
AHAD-098A (380.65 m with 0.67% Cu and 0.013% Mo - see press release of
July 12, 2007) and drilled at an inclination of -80 degrees to the northeast
(055 degrees) to a total depth of 563.90 m. The hole encountered post-mineral
colluvium to a depth of 28 m and then entered into quartzite wall rocks prior
to intersecting monzonite porphyry with extensive sheeted and stockwork quartz
veins and associated copper sulphide mineralization from 200-403 m. A series
of mineralized monzonite porphyry dikes cutting quartzite wall rock were
intersected from 403-517 m and the hole was terminated in quartzite with lower
grade (0.2% Cu) mineralization. The majority of the better grade Cu and Mo
mineralization is hosted by the monzonite porphyry stock and dikes but
mineralization also extends into the quartzite wall rocks.

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

    "We are excited by the results of AHAD-099, the second hole to explore the
full vertical extent of the Haquira East porphyry Cu-Mo discovery. The
vertical range of mineralization in AHAD-099 is very similar to that of
AHAD-098A but with notably higher grades of copper and particularly
molybdenum. These grades are similar to those found at the bottoms of the
nearby short holes AHAD-082 and AHAD-097 and this hole significantly increases
the chance of outlining a sizable higher grade core to the porphyry system. We
now have two rigs drilling at the project and are evaluating the possibility
to add additional rigs in the near future."

    Discussion of Results

    Drill-hole AHAD-099 was collared 100 m to the southeast of the previous
drill-hole AHAD-098A on the adjacent northeast-striking drill section. The
drill holes were each drilled at -80 degree inclinations but in opposite
directions trending away from each other. AHAD-099 was designed to test for
the continuation of mineralization below the previously reported interval
intersected at the bottom of AHAD-082 (52.10 m with 1.10% Cu, 0.101% Mo, and
0.12 g/t Au - see press release of February 26, 2007). AHAD-099 is located on
the same drill section (1800NW) and 160 m to the SW of AHAD-082 and drilled to
the NE (055 degrees) towards AHAD-082 at an inclination of -80 degrees so that
it passes just below the bottom of AHAD-082 (please refer to the Antares
website at www.antaresminerals.com for drill-hole location maps, sections, and
photos of drill core).
    AHAD-099 encountered post-mineral colluvium to a depth of 28 m and then
entered into quartzite wall rocks prior to intersecting monzonite porphyry
with extensive sheeted and stockwork quartz veins and associated copper
sulphide mineralization from 200-403 m. A series of mineralized monzonite
porphyry dikes cutting quartzite wall rock were intersected from 403-517 m and
the hole terminates in quartzite with lower grade (0.2% Cu) mineralization.
The majority of the better grade Cu and Mo mineralization is hosted by the
monzonite porphyry stock and dikes but mineralization also extends into the
quartzite wall rocks.
    The quartzite in the upper portion of AHAD-099 is predominantly oxidized
and leached with very low copper contents. Copper mineralization commences at
a depth of 172.30 m. The uppermost 51.1 m of copper mineralization consists of
secondary mineralization hosted primarily in quartzite wall rock but also
extending slightly into the monzonite porphyry stock (see table below). The
secondary copper mineralization consists of minor black and green copper oxide
minerals with locally abundant chalcocite and native copper. The underlying
primary sulphide mineralization is strongly associated with the monzonite
porphyry stock and dikes and consists of disseminated and veinlet-hosted
chalcopyrite, bornite and molybdenite. Molybdenite is associated with a
distinctly later quartz vein set and can be quite abundant with grades of up
to 0.25% Mo over intervals of 5-10 m. The drill hole was stopped at a depth of
563.90 m in lower grade (0.25% Cu) mineralization within quartzite wall rock
with decreasing frequency of monzonite porphyry dikes.

    -------------------------------------------------------------------------
    Drill-hole  from      to  Length    Cu     Mo    Au    Cu       Comments
                  (m)     (m)    (m)     %      %   g/t  EQ %
    -------------------------------------------------------------------------
    AHAD-099   28.35  563.90  535.55  0.55  0.033  0.02  0.76       Complete
                                                                  hole below
                                                                   colluvium
    -------------------------------------------------------------------------
               28.35  172.30  143.95  0.03  0.008  0.01    NA        Leached
                                                                     Capping
    -------------------------------------------------------------------------
              172.30  223.40   51.10  0.88  0.034  0.03    NA   Secondary Cu
                                                              Mineralization
    -------------------------------------------------------------------------
              223.40  483.40  260.00  0.84  0.054  0.04  1.20     Primary Cu
                                                              Mineralization
    -------------------------------------------------------------------------
              483.40  563.90   80.50  0.29  0.010  0.01  0.35     Primary Cu
                                                              Mineralization
    -------------------------------------------------------------------------
    

    The third and fourth drill-holes of the current campaign (AHAD-100 and
AHAD-101) are in progress. AHAD-100 is located 200 m to the southwest of
AHAD-099 and drilled to the northeast. AHAD-101 is located 140 m to the east
of AHAD-099 and drilled to the southwest. Both holes are located to test for
potential southward extension of the higher grade mineralization encountered
in holes AHAD-082, AHAD-097, AHAD-098A, and AHAD-099.
    Porphyry-style copper mineralization at Haquira East occurs over an area
of approximately 450 by 750 m in plan (open to the south) as defined by
21 shallow holes drilled to test the potential for near surface secondary
copper mineralization amenable to SX-EW processing. These holes typically
bottom in 10-100 m of underlying primary copper-molybdenum mineralization with
an average primary grade of approximately 0.5% Cu based on the limited
vertical extent of sampling to date. The primary grades increase to the south
and are the focus of the current deeper drilling campaign.

    About Haquira

    The Haquira project offers potential for a low-strip, low-cost SX-EW
operation in southern Peru with a good opportunity for an underlying higher
grade primary porphyry copper-molybdenum target. The project is located
contiguous to, and immediately 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.
    Based upon 118 drill holes previously completed by Phelps Dodge and
Antares through December of 2005, the Haquira project hosts a 43-101 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(1,2)
secondary copper sulphides and oxides only, see Antares press release dated
February 14, 2006). A total of 97 additional drill holes have been completed
in 2006 and are not included in the current resource calculation. An updated
independent resource estimate that completes the scoping phase of development
is anticipated for delivery in late August 2007.

    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.

    (1) "leachable" refers to the dissolution of copper into solution using
    sulphuric acid (secondary copper oxide mineralization) and bacteria
    (secondary copper sulphide mineralization) allowing the use of lower cost
    solvent extraction and electrowinning (SX-EW) technology as opposed to
    traditional flotation technology as the metallurgical extraction method.
    SX-EW requires significantly lower capital investment and eliminates the
    costly need to produce copper concentrates that require off-site
    smelting.

    (2) All sample intervals are analyzed for total copper content. Those
    samples that contain greater than 0.1% copper are also subjected to a
    sequential leach analysis to determine the leachability of the copper in
    the sample. The sequential leach analysis consists of a sulphuric acid-
    soluble analysis (simulates leaching of copper oxides) and a sodium
    cyanide soluble analysis (simulates the leaching of secondary copper
    sulphides). The sum of the two analyses gives the soluble copper
    estimate, a preliminary approximation of the percentage of copper in the
    sample that can be leached and recovered by SX-EW processing.

    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.
    All diamond drilling at Haquira has been performed using HQ diameter core
with recoveries averaging greater than 95%. Core is logged and cut with a
diamond saw on site under the supervision of Antares geologists. Sampling is
done on intervals varying from 1-3 metres. Reverse-circulation drilling at
Haquira typically has recoveries averaging greater than 90% with some
exceptions in areas of difficult drilling conditions. Reverse circulation
drilling samples are routinely collected at 2 m intervals under the
supervision of Antares staff. All samples are transported by Antares vehicles
or contract transport, accompanied by Antares staff, to Arequipa, Peru for
direct shipping to ALS Chemex Laboratories in Lima. The QC/QA program includes
the insertion of control samples (known standards, blanks, and duplicates)
comprising a minimum of 10% of each sample batch.
    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 office, (303) 618-7797 cellular,
john.black@antaresminerals.com; Mark Wayne, CFO, (403) 705-4968,
www.antaresminerals.com; 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, Fax: (514) 939-3717, www.renmarkfinancial.com

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