Antares Minerals Inc.

Antares Minerals Inc.

April 28, 2008 16:36 ET

Antares Acquires Option for Cristo De Los Andes Copper Project, Peru

WATERDOWN, ONTARIO--(Marketwire - April 28, 2008) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce than Minera Antares Peru S.A.C. (Antares Peru), a wholly owned subsidiary of Antares, and Minera del Suroeste S.A.C. (MISOSA), a wholly owned subsidiary of Southwestern Resources Corp. (Southwestern), have executed an option agreement whereby Antares Peru can acquire up to a 60% interest in MISOSA"s Cristo de los Andes project located immediately to the south of Antares' Haquira copper project in south-central Peru. Highlights of the Cristo de los Andes project and its synergies with the Haquira project include the following:

- New project for Antares - located only 10 km from Antares' Haquira Copper Project

- Multiple targets identified for both secondary and primary copper mineralization

- Limited prior drilling focussed on only one target (8 widely-spaced holes - 1,808 m total)

- Three of the eight holes encountered ore grade intervals of near-surface secondary copper mineralization 1) 33 m @ 0.65% Cu, 2) 33 m @ 0.77% Cu and 3) 15.4 m @ 0.48% Cu plus an additional 17.5 m with 0.44% Cu

A key aspect of the Cristo de los Andes project is its close proximity to Antares' Haquira Project - the central portion of the project occurs approximately 10 km to the south of the principal area of copper mineralization at Haquira West. Antares believes that mineralized rock from Cristo de los Andes could be processed at a common facility built to treat the mineralized rock from the Haquira copper project.

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

"The Cristo de los Andes project has excellent potential to quickly provide additional secondary copper mineralization amenable to SX-EW processing within a manageable haulage distance from our Haquira copper project. We are also anxious to apply what we have learned from the Haquira East primary copper-molybdenum-gold discovery to explore for underlying primary copper mineralization at Cristo de los Andes. The surficial expression of mineralization in this geologic setting can be remarkably subtle; however a persistent exploration effort can achieve success as we have seen at Haquira. We look forward to working with Southwestern and plan to initiate drilling at Cristo de los Andes as soon as is practical."

The Cristo de los Andes Copper Project

Previous work at Cristo de los Andes by MISOSA and prior JV partners identified several occurrences of porphyry copper style mineralization associated with dikes and small stocks of diorite to monzodiorite composition emplaced into siltstones and quartzites of the Jurassic Chuquibambilla and Soraya Formations - a geologic setting almost identical to that of the adjacent Haquira project. Only limited drilling has been completed at the 6,400 ha property with a total of eight shallow, widely-spaced holes (1,808 m total) restricted to the principal area of known mineralization which is located nine km south from the Haquira West ore body. Three of the eight holes encountered ore grade intervals of near-surface secondary copper mineralization (hole 143-06 with 33 m @ 0.65% Cu, hole 143-08 with 33 m @ 0.77% Cu and hole CA-2 with 15.4 m @ 0.48% Cu and 17.5 m with 0.44% Cu). Two additional targets with characteristics similar to the mineralized zones encountered by Antares at Haquira have been identified by geologic mapping, rock chip sampling and geophysical surveys.

Extension of property position at Haquira

Antares has staked 9,100 ha of additional ground surrounding the original Haquira project and with the inclusion of the Cristo de los Andes project, the overall Haquira project has increased in size from the initial core position of 4,600 ha to more than 20,000 ha. Much of this land position has received only limited exploration to date and a district wide exploration program will be undertaken in the next few months to determine if additional targets are present.

Summary of Acquisition Terms

Antares (through Antares Peru) has the option to acquire an initial 51% interest in the Cristo de los Andes project by 1) completing 12,000 m of drilling over a period of 3 years (3,000 m in the first year as a firm commitment), 2) paying US$50,000 upon signature of the agreement and completing optional payments totalling an additional US$1,000,000 within 3 years, and 3) granting MISOSA a production royalty of US$0.005/lb of Antares' share of copper production exceeding 500,000,000 lbs from the Cristo de los Andes property. Antares also has the option to acquire an additional 9% interest in the project for a total of 60% by electing to complete a bankable feasibility study within five years.

The Cristo de los Andes project falls within the area of interest of the option agreement between Antares and Minera Phelps Dodge del Peru S.A.C. (a subsidiary of Freeport-McMoRan Copper and Gold Inc.) that grants Antares the option to acquire a 100% interest in the Haquira project (see press release of March 17, 2005). Certain terms of the Haquira option agreement will also be applicable to any potential Antares interest in the Cristo de los Andes project.

About Haquira

The Haquira project offers potential for a low-strip, low-cost SX-EW operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum deposit. 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

Antares recently announced an updated resource estimate for the near-surface, SX-EW amenable portion of the Haquira project (October 09, 2007) and has filed the corresponding 43-101 technical report on SEDAR. Based on 215 drill holes completed through the end of 2006, Haquira hosts an indicated resource of 133.7 million tonnes at 0.53% total Cu with an additional inferred resource of 43.6 million tonnes at 0.44% total Cu (0.3% total Cu cut-off, leachable secondary copper sulphides and oxides only). The current resource estimate does not incorporate any of the 2007 drilling that has been focussed on delineation of the newly discovered high-grade primary copper-molybdenum-gold zone beneath the Haquira East copper oxide zone. A preliminary economic analysis for the updated leachable resource will be presented in approximately one week.

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.

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.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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