Antares Minerals Inc.

Antares Minerals Inc.

February 25, 2010 14:09 ET

Antares Announces Results of Infill Drilling From Haquira West Zone of the Haquira Cu-Mo-Au Project, Peru

WATERDOWN, ONTARIO--(Marketwire - Feb. 25, 2010) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the results of the remaining 34 in-fill diamond drill holes (11,060 m) completed through the end of 2009 at the Haquira West near-surface leachable copper deposit of the Haquira copper-molybdenum-gold project. These results have been incorporated into an updated 43-101 resource estimate that will be released prior to the February 27th commencement of the BMO 2010 Global Metals and Mining Conference (Hollywood, Florida) where Antares executives will be making one-on-one presentations to global financial institutions, international mining companies, and natural resources fund managers. Highlights from the holes reported in this release are as follows:

- Secondary copper mineralization amenable to SX-EW heap leaching: Results reported complete an in-fill drilling pattern (approximately 150-m spacing) for the western portion of Haquira West deposit. In-fill drilling was previously completed to 100-m spacing for the thicker and higher grade zone along the northern margin of the deposit (see figure 1).

-- Average thickness of 27 m with 0.68% Cu

-- Drill-hole intercepts compare favorably with previous drilling with notable increase in grade that is partially offset by decrease in average thickness

-- Significant intervals of leachable secondary copper present in 26 of 34 holes, including:

--- AHAD-123: 20.60 m with 1.06% total Cu
--- AHAD-128: 21.20 m with 0.79% total Cu
--- AHAD-134: 71.90 m with 0.78% total Cu
And 39.25 m with 0.89% total Cu
--- AHAD-135: 40.15 m with 0.74% total Cu
--- AHAD-141: 44.80 m with 0.56% total Cu
--- AHAD-144: 49.70 m with 0.63% total Cu
--- AHAD-146: 14.45 m with 3.74% total Cu
--- AHAD-147: 19.95 m with 1.00% total Cu
--- AHAD-152: 21.85 m with 0.82% total Cu
--- AHAD-167: 30.85 m with 0.55% total Cu

- Most holes bottomed in primary sulphide-bearing rock and seven holes were extended to depths of approximately 600-800 m to test for underlying primary copper sulphide mineralization analogous to that found at the nearby Haquira East deposit. Significant intercepts of primary mineralization include:

-- AHAD-128: 47.00 m with 0.57% Cu and 0.010% Mo (0.63% Cu EQ)
-- AHAD-142: 21.30 m with 0.79% Cu, 0.042% Mo and 0.054 g/t Au
(1.10% Cu EQ)
-- AHAD-144: 49.70 m with 0.63% Cu and 0.009% Mo (0.063% Cu EQ)
-- AHAD-149: 27.10 m with 1.93% Cu, 0.015% Mo and 0.089 g/t Au
(2.08% Cu EQ)
-- AHAD-167: 115.50 m with 0.59% Cu, 0.016% Mo and 0.040 g/t Au
(0.72% Cu EQ)
Including 68.45 m with 0.81% Cu, 0.015% Mo and 0.060 g/t Au
(0.94% Cu EQ)
-- AHAD-171: 25.90 m with 0.69% Cu, 0.017% Mo and 0.032 g/t Au
(0.82% Cu EQ)
and 77.85 m with 0.44% Cu and 0.020% Mo (0.57% Cu EQ)
-- Results clearly indicate a vector to improving primary copper grades in
the northwest quadrant of the Haquira West zone which remains relatively
untested at depth.

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

"The additional in-fill drilling completed at Haquira West has returned similar thicknesses of secondary copper mineralization, but at higher grades than predicted from previous drilling and resource estimates. As such, we anticipate that the upcoming 43-101 resource estimate for the western portion of the Haquira West deposit will maintain similar tonnage but with slightly higher copper grades than previously estimated. This anticipated increase in grade is a function of the higher proportion of diamond drill holes we now have in the area which more accurately sample the mineralization than the previously drilled reverse circulation holes.

The limited drilling to explore for underlying primary copper sulphide mineralization at Haquira West has not yet achieved the success we have had at the nearby Haquira East deposit. Nonetheless, we have encountered ore-grade intercepts and now see a clear vector emerging suggesting that additional drilling should be completed to depth in the northwest quadrant of the area. We are looking forward to drilling this prospective area in the near future."

Please see figure 1 below for the location of the drill holes reported in this release. A complete tabulation of all significant results from the 34 drill holes is available on the Antares website at as well as drill-hole location maps, cross sections, and additional information about the Haquira Copper project.

Discussion of Results

The locations of the 34 diamond drill holes (11,060 m) reported in this release are indicated below in Figure 1. All of these drill holes were completed within the footprint of the previously outlined Haquira West leachable secondary copper deposit, with the majority of the holes completed in the western portion of the deposit to close the drill pattern to an approximate spacing of 150 m. In-fill drilling was previously completed to a 100-m spacing for the thicker and higher grade zone along the northern margin of the deposit. Leachable secondary copper mineralization at the Haquira West deposit is hosted predominantly in quartzite and lesser amounts of siltstone cut by multiple generations of monzonite porphyry dikes. The copper zone occurs as a 2-km diameter, sub-horizontal zone of copper oxides and secondary copper sulphides (predominantly chalcocite). The thickness of the zone is variable from a few meters to greater than 100 m. The mineralization is overlain by 0-100 m of oxidized leached capping which is devoid of mineralization.

Most drill holes cross the secondary zone and terminate in underlying un-oxidized rock which locally hosts ore-grade primary copper mineralization associated with favorable siltstone and porphyry dike host rocks. Seven of the holes reported in this release were extended to depths of approximately 600-800 m to test for underlying primary copper mineralization analogous to that found at the nearby Haquira East deposit. These deeper holes tested the southern and central portions of the Haquira West area. The best results encountered in these holes occur in the three holes located farthest to the northwest and include the following intervals: AHAD-128 - 47.00 m with 0.57% Cu and 0.010% Mo (0.63% Cu EQ), AHAD-167 - 115.50 m with 0.59% Cu, 0.016% Mo and 0.040 g/t Au (0.72% Cu EQ), and HAD-171 - 25.90 m with 0.69% Cu, 0.017% Mo and 0.032 g/t Au (0.82% Cu EQ) and 77.85 m with 0.44% Cu and 0.020% Mo (0.57% Cu EQ). A clear vector has emerged pointing to the northwest quadrant of the Haquira West area, which remains relatively untested to depth. Several of the shallow infill holes in this area have encountered, and even terminated in primary copper mineralization (see intervals reported in this release for AHAD-142, AHAD-144, and AHAD-149 as well as previously reported drill holes from this area). This northwest quadrant will host some primary copper mineralization immediately beneath the leachable secondary copper zone and remains highly prospective for discovering additional primary copper mineralization at depth.

Figure 1. Drill Hole Location Map for Haquira East Area in link below:

About the Haquira Copper Project, Peru

The Haquira project is located in southern Peru and offers excellent potential for an initial low-strip, low-cost SX-EW copper operation with a subsequent transition to a 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 (see Antares press release dated April 28, 2008).

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. Mineralization at Haquira occurs within two deposits (Haquira East and Haquira West) with a combined 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.

For further information: please visit our website at

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

(1) CuEQ = Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.50/lb Cu, US$500/oz Au, and US$10.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. Metallurgical recoveries and net smelter returns are assumed to be 100%. The formula used is as follows: CuEQ = Cu% + (Au g/t x 10.72/22.05) + (Mo% x 10.00/1.50). Copper Equivalent contributions from Au and Mo only occur if the grade of Au exceeds 0.03 g/t and/or the grade of Mo exceeds 0.01% and if the interval is dominated by primary sulphide mineralization.

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:

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.

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this Press Release.

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