Antares Minerals Inc.
TSX VENTURE : ANM

Antares Minerals Inc.

October 30, 2007 08:02 ET

Antares Minerals Inc. Announces $30 Million Equity Offering

TORONTO, ONTARIO--(Marketwire - Oct. 30, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce that it has entered into an agreement with a syndicate of agents led by Blackmont Capital Inc. and including GMP Securities L.P. (the "Agents") pursuant to which the Agents have agreed to purchase $15 million in Units on an underwritten private placement basis and to sell $15 million in Units on a best efforts private placement basis at a price of $4.60 per Unit for aggregate gross proceeds of approximately $30,000,000 (the "Offering"). Each Unit will consist of one common share and one-half of one common share purchase warrant of Antares, each whole common share purchase warrant entitling the holder to acquire one common share at a price of $6.00 per share for a period of 18 months from the closing date of the Offering. The Offering is scheduled to close on or about November 20, 2007 and is subject to certain conditions, including satisfactory due diligence by the Agents and the receipt of all necessary regulatory approvals. All securities issuable pursuant to the Offering will be subject to a hold period of four months and one day.

Antares intends to use the net proceeds of the Offering to fund further development of the Haquira and Rio Grande properties and for general working capital purposes.

This news release shall not constitute an offer to sell or the solicitation of any offer to buy the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities offered will not be and have not been registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws.

About Antares Minerals Inc.

Antares is a 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 further information, please visit the company's website at www.antaresminerals.com.

This news release contains a forward-looking statement as to how Antares intends to use the net proceeds of the Offering, which may prove to be incorrect. The statement represents Antares' current strategy; however, Antares may determine that it is appropriate to reallocate the use of the proceeds. Furthermore, the forward-looking statement contained in this news release is made as at the date of this news release and Antares does not undertake any obligation to update publicly or to revise the forward-looking statement, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

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

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