Farallon Capital Management, L.L.C. announcement regarding holdings in Antares Minerals Inc.

    TORONTO, July 2 /CNW/ - Farallon Capital Management, L.L.C. and certain
investment funds and an affiliated entity managed by Farallon Capital
Management, L.L.C. (collectively "Farallon") have increased their
proportionate holdings in the common shares of Antares Minerals Inc., an
Alberta Corporation ("Antares"). Farallon has acquired ownership of an
additional 7,510,900 common shares and 1,630,450 common share purchase
warrants of Antares in a series of transactions.
    Farallon acquired 3,260,900 common shares and 1,630,450 common share
purchase warrants for an aggregate subscription amount of $15,000,000.00
pursuant to a private placement transaction on November 23, 2007. Each Unit
consisted of one common share and one-half of one common share purchase
warrant of Antares. Each common share purchase warrant entitles the holder to
purchase one additional common share at an exercise price of $6.00 per share
for a period of 18 months from November 23, 2007.
    On February 29, 2008, Farallon acquired 1,750,000 common shares upon the
exercise of 1,175,000 previously issued common share purchase warrants for an
aggregate exercise amount of $1,575,000.00.
    On June 30, 2008, Farallon acquired 2,500,000 common shares upon the
exercise of 2,500,000 previously issued common share purchase warrants for an
aggregate exercise amount of $2,250,000.00.
    Based on Farallon's understanding that 50,550,284 common shares of
Antares were issued and outstanding immediately prior to the June 30, 2008
transactions described herein, Farallon's common shareholdings now represent
approximately 39.9% of the outstanding common shares of Antares on an
undiluted basis (representing an increase of approximately 5.3% from the
previous report issued by Farallon on October 31, 2006) and 42.2% assuming
exercise of all warrants currently held by Farallon.
    Farallon has acquired the securities for investment purposes. Farallon
reserves the right to acquire further securities of Antares depending on
market conditions and other relevant factors.

For further information:

For further information: and to obtain a copy of the Early Warning
Report (also available at www.sedar.com) in connection with this release
please contact: Farallon Capital Management, L.L.C.: One Maritime Plaza, Suite
2100, San Francisco, CA, 94111; The Abernathy MacGregor Group: Kathleen
Merrigan, (212) 371-5999, kmm@abmac.com; Gwen Daniels, (212) 371-5999,

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