Antares Encounters High Grade Primary Porphyry Cu-Mo Mineralization Beneath Haquira SX-EW Copper Deposit
February 26, 2007 (Waterdown, Ontario). Antares Minerals Inc. ("Antares"; ANM-TSX.V) is pleased to announce that in-fill drilling to define near-surface leachable(1) copper at the Haquira East zone has led to the discovery of underlying high-grade primary copper-molybdenum mineralization at the Haquira project in southern Peru. This discovery is in addition to confirmation of grades and thicknesses expected in the near-surface leachable portion of the deposit. Highlights of results from the ten diamond drill holes completed in late 2006 at the Haquira East Zone include:
Primary sulphide mineralization:
� AHAD-097: 52.10 m with 1.10% Cu, 0.101% Mo, and 0.12 g/t Au (1.78% Cu Eq) final 3.1 m of hole is post-mineral pebble breccia with low grades - mineralization may continue at depth
� AHAD-082: 42.80 m with 0.97% Cu and 0.077% Mo (1.43% Cu Eq) - remains open to depth, hole terminated at 249.8 m in 1.18% Cu and 0.22% Mo
� The mineralized porphyry Cu-Mo system currently shows minimum dimensions of 750 by 450 metres in plan and remains open to the south and to depth
Near-surface leachable secondary mineralization:
� AHAD-075: 66.7 m with 0.76% Cu (69% soluble)
� AHAD-089: 47.3 m with 0.48% Cu (74% soluble)
� AHAD-091: 53.6 m with 0.59% Cu (77% soluble)
� AHAD-094: 39.3 m with 0.57% Cu (63% soluble)
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We are quite excited about results from drilling at the Haquira East zone. The infill program was designed to delineate near-surface secondary copper mineralization amenable to low-cost heap leaching and has returned very encouraging results. The holes typically bottom in underlying primary copper sulphide mineralization that was thought to be of only moderate grade and therefore not of immediate interest to us. However, excellent detective work by our geological team lead to the identification of vectors leading to higher grades and we completed several deeper holes late in the drilling campaign to test their ideas. These holes returned increasingly positive results and a new target has emerged.
AHAD-097, the last drill hole of the 2006 campaign, has confirmed that we have identified the bornite-rich core of the porphyry system containing very high copper and molybdenum grades as well as elevated gold contents. The molybdenum contents are particularly noteworthy given the elevated price for this metal. The system currently has minimum dimensions of 750 by 450 m in plan view and remains open to the south and at depth. These results may completely change the scale of the opportunity at Haquira and we look forward to additional drilling in the near future."
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About Antares Minerals Inc.
Antares is a relatively new 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 option/joint-venture agreements 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 Mark Wayne, CFO
(720) 514-9036 office (403) 705-4968
(303) 618-7797 cellular
john.black@antaresminerals.com
www.antaresminerals.com
Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Jason Roy: jroy@renmarkfinancial.com
Media - Eva Jura: ejura@renmarkfinancial.com
Tel.: (514) 939-3989
Fax: (514) 939-3717
www.renmarkfinancial.com
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 cynade 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.
