Peru: Antares Commences Drill Program in Peru


Antares Commences Drill Program to Delineate New High-Grade Cu-Mo Porphyry Deposit at Haquira Project, Peru

Antares Minerals Inc. ("Antares" or the "Company", ANM.TSX-V) is pleased to announce that a drill program has started at the Haquira copper project in Peru. One rig is currently drilling and a second rig has been delayed, but is scheduled to be on the property by mid-July. The program will consist of a minimum of 5,000 m of drilling with a strong probability that the total meterage will be increased. The objective of the program is to delineate recently discovered high-grade primary copper-molybdenum mineralization beneath the secondary copper blanket at the
Haquira East zone.

In February 2007 Antares announced that in-fill drilling to define near-surface leachable copper mineralization at the Haquira East zone had led to the discovery of underlying high-grade primary copper-molybdenum sulphide mineralization. This discovery was in addition to confirmation of grades and thicknesses expected in the near-surface leachable portion of the deposit. Drill holes at the Haquira East zone typically pierce the near-surface secondary copper zone and terminate in 20-100 m of underlying primary copper sulphide mineralization hosted within a monzonite porphyry stock with abundant stockwork quartz veining. Two slightly deeper holes, drilled in late 2006, intersected high-grade primary copper-molydenum sulphide mineralization at the bottom of the holes as indicated below:

– AHAD-097: 52.10 m with 1.10% Cu, 0.101% Mo, and 0.12 g/t Au (1.78% Cu
equivalent); hole terminated at 252.7 m, final 3.1 m of hole is post-
mineral pebble breccia with low grades
– AHAD-082: 42.80 m with 0.97% Cu and 0.077% Mo (1.43% Cu equivalent);
hole terminated at 249.8 m in 1.18% Cu and 0.22% Mo

AHAD-097, the last drill hole of the 2006 campaign, confirmed the discovery of a bornite-rich core to the Haquira East porphyry system with very high primary copper and molybdenum grades as well as elevated gold contents. The molybdenum contents are considered noteworthy given the current elevated price for this metal. The mineralized primary system is now defined by 20 drill holes (0.3% Cu cut-off), has minimum dimensions of 750 by 450 m in plan view, and remains open to the south and to depth. High-grade drill holes AHAD-082 and AHAD-097 are located along the southern margin of the currently defined system. AHAD-082 (drilled at -70 degrees to the southwest) is collared 315 m to the east-northeast of AHAD-097 (drilled at -70 to the northeast). See press release issued on February 26, 2007 and maps and sections available at the Antares website –

John Black, CEO of Antares, commented as follows:

"We are very excited about the opportunity to follow-up the high grade copper-molybdenum intercepts in holes AHAD-082 and AHAD-097. The primary sulphide mineralization encountered in these two holes is very typical of porphyry-style mineralization with good potential for large volumes. The mineralized system remains open to the south and has only been tested to a maximum of 250 m depth. The current drilling program will focus on delineation of the higher grade bornite core of system and will include deep drilling to test the full vertical extent of the system. Success in this drilling program would add an entirely new dimension to the Haquira Project."

About Antares

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 by July 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.

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/CEO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. 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.

Official Press Release link


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