Antares Minerals Inc.
TSX VENTURE : ANM

Antares Minerals Inc.

November 13, 2009 09:00 ET

Antares Announces New Discovery at Cristo De Los Andes Zone of Haquira Cu-Mo-Au Project, Peru

All Five Drill Holes Cut Significant Copper with 3 of 5 Holes Containing +1% Cu Grades over +25 m Intervals at Shallow Depths Associated Gold Grades as High as 0.35 g/t

WATERDOWN, ONTARIO--(Marketwire - Nov. 13, 2009) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the results of the first five diamond drill holes (1,814 m) of the current drilling campaign at the Cristo de los Andes target of the Haquira Cu-Mo-Au Project in southern Peru. These results confirm the presence of near-surface secondary copper mineralization and have also discovered underlying primary copper sulphide mineralization with elevated gold contents in a geological setting similar to Antares' nearby Haquira discovery (which hosts 43-101 compliant resources containing a total of 8.0 billion lbs Cu or 9.2 billion lbs Cu Equivalent utilizing a cut-off grade of 0.2% Cu for leachable resources and 0.3% Cu for primary sulphide resources; see press releases of November 24th, 2008 and September 1st, 2009).



Highlights from the five holes reported in this release are as follows:

- Near-surface secondary copper mineralization encountered in all five holes
-- ACAD-001 30.00 m with 0.60% Cu and 0.035 g/t Au
-- ACAD-002 34.10 m with 1.19% Cu and 0.161 g/t Au and 0.035% Mo
-- ACAD-003 25.90 m with 1.56% Cu and 0.104 g/t Au
-- ACAD-004 27.85 m with 1.71% Cu and 0.358 g/t Au and 0.022% Mo
and 47.00 m with 0.74% Cu and 0.089 g/t Au
-- ACAD-005 52.80 m with 0.35% Cu and 0.027 g/t Au
-- Additional secondary mineralization present below most of these zones
-- These five holes define an area with minimum lateral dimensions of 300 m
by 200 m with mineralization open along strike to the north and south

- Primary copper sulphide mineralization encountered at depth in several
holes including
-- ACAD-002 65.75 m with 0.47% Cu and 0.197 g/t Au
-- Extensive zones of greater than 0.3% primary copper mineralization
associated with the margin of a multi-phase intrusive/breccia complex


Please see table 1 below for a complete summary of the new results and refer to the Antares website at www.antaresminerals.com for drill-hole location maps, cross-sections and additional information about the Cristo de los Andes target and the Haquira Copper project. The initial phase of drilling at Cristo de los Andes has been completed with a total of 4,265 m in 15 holes. The drilling campaign was extended from an original plan of 3,000 m based upon the visual results from initial drilling. Assays are pending for the remaining 10 drill holes and will be reported as they become available.

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

"We are very encouraged with the initial results from Cristo de los Andes. The secondary copper zone is consistently present and with grades commonly in excess of 1% total copper. We have also encountered widespread primary copper sulphide mineralization beneath the secondary copper zone with grades similar to those at the Haquira East zone in the earliest stages of drilling prior to vectoring into to the best areas. Gold grades are notably higher than we have seen at Haquira and significant molybdenum is also present. Although exploration at Cristo de los Andes is only in the initial stages, results to date indicate that there is a very good chance that this will become a significant deposit, contributing to the overall Haquira Project."

Discussion of results

The Cristo de los Andes property is located to the south of, and contiguous with, Antares' Haquira property and the areas are collectively referred to as the Haquira Project. The principal area of known mineralization at Cristo de los Andes is located approximately 10 km south from Antares' Haquira East and Haquira West discoveries. The best exposed mineralization occurs within a 100 m by 400 m zone with abundant copper oxides and secondary copper sulphides hosted in siltstones, sandstones and quartzites of the Jurassic Chuquibambilla and Soraya Formations. This area of mineralization trends to the north-northwest and is associated with the margins of a multi-phase monzonite intrusive complex in a setting almost identical to that of the Haquira East deposit.

Previous drilling was completed by other parties at the project in the mid 1990's and consisted of eight, widely-spaced, shallow drill holes exploring for a large high-grade primary porphyry 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).

The current drilling program was initiated by twinning prior drill holes 143-06 and 143-08 to confirm the historical results. The geology and mineralization was confirmed, with a notable increase in grade for one of the two holes as indicated below.



143-06 33.0 m with 0.65% Cu and 0.02 g/t Au
ACAD-001 30.0 m with 0.60% Cu and 0.035 g/t Au

143-08 33.0 m with 0.77% Cu, 0.06 g/t Au and 0.04% Mo
ACAD-002 34.1 m with 1.19% Cu, 0.161 g/t Au and 0.035% Mo


The two sets of twin holes were drilled at an orientation (azimuth 060, inclination -50 degrees) designed to be perpendicular to the north-northwest trending zone of known mineralization at the surface and to also be at a high angle to the southwest dipping sedimentary wall rock stratigraphy. Hole ACAD-002 is located 200 m along strike to the south-southeast of ADAD-001. The holes were initiated in sedimentary rocks and terminated at depth in the multiphase intrusive/breccia complex. The best zones of secondary mineralization are hosted in siltstone intervals within the sedimentary sequence and are characterized by copper oxides as well as locally abundant secondary copper sulphides (chalcocite). The orientation of the drilling suggests that the drill intercepts are close to representing true thicknesses although additional drilling will be required to confirm this.

ACAD-001 and ACAD-002 were each extended to greater depths than the previous shallow holes and encountered widespread intervals of primary copper sulphide mineralization as indicated in Table 1. The majority of the primary copper sulphide mineralization is hosted in the monzonite intrusive complex and appears to be spatially associated with a later, more quartz rich intrusive phase along the margins of the complex. Primary copper grades are typically in the 0.3-0.4% Cu range but locally exceed 0.5% Cu and are similar to grades encountered in the initial drill holes at the Haquira East discovery in the earliest stages of drilling. Gold grades at Cristo de los Andes are notably higher than at Haquira and are associated with the presence of bornite.

Drill hole ACAD-003 is located a further 100 m to the south-southeast of ACAD-002 and extends the drill-tested strike length of the mineralized zone to a minimum of 300 m. Drill holes ACAD-004 and ACAD-005 are on the same drill section as ACAD-001 where they are located at 100 m intervals to the north-northeast, providing a complete profile of the width of the mineralized zone. As the holes move progressively to the northeast they encounter less sedimentary wall rock and enter into the intrusive/breccia complex at shallower depths. The minimum width of the mineralized zone as determined by the ACAD-001, ACAD-004, ACAD-005 section is 200 m.

The initial phase of drilling at Cristo de los Andes has been completed with a total of 4,265 m in 15 holes. Assays are pending for the remaining 10 drill holes and will be reported as they become available. The principal objectives of this drilling campaign are to determine the lateral extent of secondary mineralization and establish sufficient pierce points into underlying primary mineralization to determine the optimal point to focus additional exploration for primary sulphide mineralization.



----------------------------------------------------------------------------
Table 1 - Significant drill intercepts Cristo de los Andes - Holes ACAD-001
to ACAD-005
----------------------------------------------------------------------------
from to Length % Au
Drill-hole (m) (m) (m) Cu% soluable g/t Mo% Comments
----------------------------------------------------------------------------
0.2% Cu
cut-off;
secondary
ACAD-001 31.20 61.20 30.00 0.60 73 0.035 0.005 only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
TD = secondary
400.50 m 108.20 123.35 15.15 0.36 89 0.015 0.020 only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
169.80 216.10 46.30 0.38 33 0.043 0.013 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
240.75 267.50 26.75 0.41 11 0.068 0.013 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
312.25 374.55 62.30 0.30 41 0.043 0.008 mixed
----------------------------------------------------------------------------

----------------------------------------------------------------------------
0.2% Cu
cut-off;
ACAD-002 6.20 40.30 34.10 1.19 77 0.161 0.035 secondary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
secondary
including 29.65 40.30 10.65 3.07 91 0.370 0.012 only
----------------------------------------------------------------------------
0.2% Cu
TD = cut-off;
405.35 m 81.35 111.60 30.25 0.40 62 0.053 0.019 mixed
----------------------------------------------------------------------------
0.2% Cu
cut-off;
148.10 213.85 65.75 0.47 20 0.197 0.008 primary only
----------------------------------------------------------------------------
including 190.00 209.50 19.50 0.71 8 0.578 0.007
----------------------------------------------------------------------------
0.2% Cu
cut-off;
262.50 399.10 136.60 0.34 49 0.049 0.005 mixed
----------------------------------------------------------------------------
including 373.45 388.20 14.75 0.52 61 0.099 0.006
----------------------------------------------------------------------------

----------------------------------------------------------------------------
0.2% Cu
cut-off;
ACAD-003 32.60 58.50 25.90 1.56 51 0.104 0.008 mixed
----------------------------------------------------------------------------
0.2% Cu
cut-off;
including 48.45 58.50 10.05 2.50 41 0.219 0.016 mixed
----------------------------------------------------------------------------
0.2% Cu
TD = cut-off;
416.30 m 150.05 162.35 12.30 0.47 6 0.009 0.009 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
194.85 206.40 11.55 0.27 9 0.009 0.006 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
213.00 228.75 15.75 0.29 8 0.022 0.012 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
251.80 298.00 46.20 0.41 8 0.034 0.005 primary only
----------------------------------------------------------------------------
including 258.15 276.20 18.05 0.62 8 0.043 0.004
----------------------------------------------------------------------------

----------------------------------------------------------------------------
0.2% Cu
cut-off;
ACAD-004 0.00 27.85 27.85 1.71 86 0.358 0.022 secondary only
----------------------------------------------------------------------------
0.2% Cu
TD = cut-off;
345.30 m 37.65 91.00 53.35 0.51 20 0.032 0.009 primary only
----------------------------------------------------------------------------
0.2% Cu
cut-off;
103.00 150.00 47.00 0.74 76 0.089 0.006 secondary only
----------------------------------------------------------------------------
including 118.05 131.10 13.05 1.91 86 0.237 0.008
----------------------------------------------------------------------------
0.2% Cu
188.00 293.00 105.00 0.36 54 0.048 0.006 cut-off; mixed
----------------------------------------------------------------------------
including 233.00 261.00 28.00 0.51 52 0.078 0.008
----------------------------------------------------------------------------
0.2% Cu
330.00 345.30 15.30 0.34 70 0.046 0.005 cut-off; mixed
----------------------------------------------------------------------------
0.2% Cu
ACAD-005 34.20 87.00 52.80 0.35 61 0.027 0.003 cut-off; mixed
----------------------------------------------------------------------------
0.2% Cu
TD = cut-off;
246.55 m 149.35 182.20 32.85 0.35 54 0.058 0.003 mixed
----------------------------------------------------------------------------
0.2% Cu
cut-off;
192.30 204.00 11.70 0.27 70 0.023 0.003 mixed
----------------------------------------------------------------------------
0.2% Cu
cut-off;
232.70 246.55 13.80 0.25 31 0.038 0.011 primary only
----------------------------------------------------------------------------
----------------------------------------------------------------------------


Please refer to the Antares website at www.antaresminerals.com for drill-hole location maps, geological cross-sections and additional information about the Cristo de los Andes target and the Haquira Copper project.

About the Cristo de los Andes target and the Haquira Copper Project, Peru

The Haquira project offers potential for a low-strip, low-cost SX-EW copper operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum mill/concentrator operation. The project is located contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project and consists of two blocks of property optioned under separate agreements as well as additional concessions acquired by Antares for a total of 20,635 hectares of area. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a 100% interest in the original Haquira project by completing optional payments totalling US$15 million over a five-year period (see Antares press release dated March 17, 2005). A total of US$10 million has been paid to date with the remaining US$5.0 million due on or before March 4, 2010. Antares also has an option agreement with Minera del Suroeste S.A.C. (MISOSA), a wholly owned subsidiary of Hochschild Mining PLC, whereby Antares can acquire up to a 60% interest in the Cristo de los Andes project, located contiguous to, and immediately south of the Haquira project (April 28, 2008). Antares can acquire an initial 51% interest in the Cristo de los Andes project by completing 12,000 m of drilling, making US$1,050,000 in payments and 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.

Antares has announced an updated resource estimate (October 9, 2007) and Preliminary Economic Assessment (May 14, 2008) for the near-surface, SX-EW amenable portion of the Haquira project. 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 sulphide and oxide mineralization only). This resource is projected to support a 50,000 t/d SX/EW heap leach operation that will produce an average of 109 million lbs of copper cathode for 11 years of mine life. The capital cost to construct the operation is estimated at US$301 million with a projected IRR of 26.9% and an NPV of US$224 million utilizing a copper price of US$2.00/lb and a discount rate of 8%.

Antares has also recently announced the first interim resource estimate for the underlying primary Cu-Mo-Au mineralization at the Haquira East zone based upon drill holes up to AHAD-120 (November 24, 2008). The Haquira East primary mineralization includes an indicated resource of 147.9 million tonnes at 0.57% Cu and 0.015% Mo, an inferred resource to a depth of 700m of 205.2 million tonnes at 0.56% Cu and 0.014% Mo and an additional inferred resource below 700 m depth of 99.4 million tonnes at 0.46% Cu and 0.008% Mo. Mineralization remains open to depth and several directions laterally. Additional drill holes that have been released after the completion of the interim resource calculation include hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au - the best hole completed at Haquira to date.

About Antares

Antares is a successful mineral exploration company with highly experienced technical and management teams. 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, Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50 option/joint-venture basis with Pachamama Resources Ltd., a spin-off from 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.

Antares' security, chain of custody and quality control is described on their website and can be reviewed at:

http://www.antaresminerals.com/bestpractices/samplingmethodologies.

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.

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