Antares Announces Updated Copper Resource for Near-Surface Leachable Portion of Haquira Project

• Greater than 70% of mineralization converted to indicated resource status
• Indicated resource of 133.7 million tonnes at 0.53% Cu and additional inferred resource of 43.6 million tonnes at 0.44% Cu (0.3% total Cu cut-off)
• Total of 1.98 billion lbs of in situ copper amenable to low-cost SX-EW processing (0.3% total Cu cut-off) - a 17.6% increase from the previous resource estimate
• Includes an indicated resource of 52 million tonnes at 0.75% Cu and additional inferred resource of 10.7 million tonnes at 0.63% Cu at higher cut-off grade of 0.5% total copper 
• Resource estimate is for near-surface "leachable" material and does not include recent drill results from the Haquira East primary Cu-Mo porphyry discovery

October 9, 2007 (Waterdown, Ontario). Antares Minerals Inc. ("Antares"; ANM-TSX.V) is pleased to announce an updated independent NI 43-101 compliant mineral resource estimate for the near-surface leachable1 portion of the Haquira copper project in southern Peru. The updated estimate was prepared by Chlumsky, Armbrust, and Meyer L.L.C., ("CAM") of Denver, Colorado, USA and includes all drill results (97 drill holes for 14,355.5 m) from the 2006 in-fill drilling campaign. This resource estimate supersedes the previous estimate, also prepared by CAM, based upon all drilling through the end of 2005 (see press release of Feb 14, 2006). The focus of this work was on the near-surface, leachable copper mineralization at Haquira. The recent 2007 drill results from the newly discovered higher grade primary copper-molybdenum deposit at Haquira East are not included in the estimate.

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

"We are very pleased with the results of the updated resource estimate at Haquira.  Our 2006 in-fill drill campaign converted more than 70% of the total resource to the indicated resource category. We also increased the total in situ pounds of copper in the near-surface leachable portion of the deposit to 1.98 billion pounds at a 0.3% total copper cut-off (17.6% increase from previous resource estimate) or 2.59 billion pounds at a 0.2% cut-off (21.0% increase from previous resources estimate). The improved confidence in the resource at Haquira will now allow us to move forward quickly into the pre-feasibility stage.

We are currently preparing a preliminary economic assessment based upon the updated resource and look forward to presenting these results in approximately six weeks.  Drilling also continues to define the recently discovered higher grade, primary copper-molybdenum-gold at Haquira East and additional results will be reported soon. "

Updated Haquira resource estimate

At a 0.3% total copper cut-off the updated indicated resource, amenable to SX-EW processing (leachable copper oxides and secondary sulphides) at Haquira is 133.7 million tonnes at a grade of 0.53% total copper with an additional inferred resource of 43.6 million tonnes at a grade of 0.44% total copper (please refer to Table 1 below).

At a 0.2% total copper cut-off the updated indicated resource amenable to SX-EW processing (leachable copper oxides and secondary sulphides) at Haquira is 212.2 million tonnes at a grade of 0.42% total copper with an additional inferred resource of 77.2 million tonnes at a grade of 0.36% total copper (please refer to Table 2 below).

Table 1 - Mineral Resource Estimate Update - Haquira Project Oxide and Secondary Sulphide Zone Cut-off grade2 of 0.3% total copper
Resource classification	Tonnes (millions)		Grade (% total Cu)		Contained Cu3 (billion lbs)
	Sep 07	Feb 06	Sep 07	Feb 06	Sep 07	Feb 06
Indicated Resource	133.7	0	.526	0	1.55	0
Inferred Resource	43.6	156.3	.442	.488	0.43	1.68

Table 2 - Mineral Resource Estimate Update - Haquira Project Oxide and Secondary Sulphide Zone Cut-off grade2 of 0.2% total copper
Resource classification	Tonnes (millions)		Grade (% total Cu)		Contained Cu3 (billion lbs)
	Sep 07	Feb 06	Sep 07	Feb 06	Sep 07	Feb 06
Indicated Resource	212.2	0	.423	.0	1.98	0
Inferred Resource	77.2	240.3	.358	.404	0.61	2.14

The updated resource estimates presented above in Tables 1 and 2 pertain only to the near-surface, leachable portion of the Haquira deposit. An inferred resource for underlying primary sulphide mineralization was also calculated and is presented below in Table 3.  This estimate represents only the upper portion of the primary mineralization at Haquira and does not include any of the 2007 drilling at the recently discovered Haquira East zone.

Table 3 - Mineral Resource Estimate Update - Haquira Project Primary Sulphide Zone
Resource classification	Tonnes (millions)		Grade (% total Cu)		Contained Cu3 (billion lbs)
	Sep 07	Feb 06	Sep 07	Feb 06	Sep 07	Feb 06
Inferred Resource @ 0.3% CuT cut-off	95.8	96.5	0.451	0..450	0.95	0.96
Inferred Resource @ 0.2% CuT cut-off	190.8	179.7	0.348	0.353	1.46	1.40

Please refer to the Antares website at www.antaresminerals.com for drill-hole location maps, sections, and additional details of the updated resource estimate.

Mineral Resource Estimate

Mr. Robert Sandefur, P.E., Senior Geostatistician with CAM and Qualified Person as defined by National Instrument 43-101, prepared the resource estimate summarized in this press release. This estimate will be filed as a part of a Revised Technical Report for the Haquira Project, compliant with National Instrument 43-101, to be posted on SEDAR within 45 days.

The updated mineral resource estimate prepared by CAM utilizes an inverse distance squared block model based on assay results from 215 drill holes and includes all pertinent data through December 2006.

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 and indicated resources can be placed into the mineable category. Antares is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect this estimate of mineral resources.

About Haquira

The Haquira project is contiguous with, and immediately to the 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

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.

For more 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
www.antaresminerals.com  

Mark Wayne, CFO
(403) 705-4968      

Broadgate Consultants, LLC
Alan Oshiki: aoshiki@broadgate.com
Tel: (212) 232-2354

Renmark Financial Communications Inc.
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Media - Eva Jura: ejura@renmarkfinancial.com
Tel.: (514) 939-3989
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www.renmarkfinancial.com 

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.

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.

Footnotes:

¹   The term "leachable copper" refers to copper that can dissolved into a solution of dilute sulphuric acid (oxide mineralization) and bacteria (secondary sulphide mineralisation) allowing the use of lower cost solvent extraction and electro-winning technology (SX-EW) as opposed to the higher cost flotation-concentration and smelting technology traditionally utilized for primary copper sulphide mineralisation.
 
²   The cut-off grades utilized for this communication were chosen to match those utilized at other similar stage projects and operating mines in Latin America.

³   THE TERM "CONTAINED COPPER" REFERS TO THE TOTAL IN SITU AMOUNT OF COPPER CONTAINED WITHIN THE RESOURCE ESTIMATE AND NOT THE AMOUNT OF COPPER THAT MAY BE ULTIMATELY RECOVERED DURING MINING AND PROCESSING.