Antares Minerals Inc.
TSX VENTURE : ANM

Antares Minerals Inc.

November 24, 2008 11:51 ET

Antares Reports Significant New Resource Estimate for the Haquira East Primary Sulphide Cu-Mo-Au Discovery, Peru

Primary Indicated Resource Tonnage Increases by 420% and Grade Increases by 21% Primary Inferred Resource Tonnage Increases by 515% and Grade Increases by 26%

WATERDOWN, ONTARIO--(Marketwire - Nov. 24, 2008) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the completion of an independent National Instrument ("NI") 43-101 compliant interim resource estimate for its Haquira East Cu-Mo-Au discovery in southern Peru. The resource estimate was prepared by Tetra Tech, Inc. of Golden, Colorado ("Tetra Tech") and is the first estimation focused on the primary sulphide resources of the newly discovered porphyry Cu-Mo-Au zone at Haquira East. Previous Haquira project resource estimates prepared by Chlumsky, Armbrust, and Meyer L.L.C., ("CAM") of Denver, Colorado (see press releases of October 9, 2007 and February 14, 2006) focused on the near-surface, leachable secondary copper mineralization of both the Haquira East and Haquira West zones.

This resource estimate utilizes all drill results up to and including drill-hole AHAD-120 (reported on August 05, 2008) and is restricted to the Haquira East zone. Mineralization at Haquira East remains open to depth as well as laterally to the northwest and southeast. Additional drilling is in progress. Highlights from this interim resource estimate at a cut-off of 0.3% total Cu are as follows:



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Table 1. Mineral Resource Summary Haquira Project - 0.3% Cu cut-off
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Haquira East Primary Sulphide Mineral Resources (Tetra Tech Nov 2008)
- 0.3% Cu cut-off
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Resource Tonnes Cu Eq Cu Mo Au Ag lbs Cu lbs Cu Eq(1)
Classification (millions) (1) % % % g/t g/t (billions) (billions)
----------------------------------------------------------------------------
Indicated 147.9 0.71 0.57 0.015 0.054 1.63 1.86 2.31
----------------------------------------------------------------------------
Inferred less
than 700m 205.2 0.69 0.56 0.014 0.055 1.56 2.53 3.13
----------------------------------------------------------------------------
Inferred greater
than 700m 99.4 0.54 0.46 0.008 0.031 1.13 1.01 1.18
----------------------------------------------------------------------------

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Haquira East and West Secondary Cu Mineral Resources (CAM Oct 2007)
- 0.3% Cu cut-off
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Resource Tonnes Cu Eq Cu lbs Cu lbs Cu Eq(1)
Classification (millions) (1) % % (billions) (billions)
----------------------------------------------------------------------------
Indicated 133.7 0.53 0.53 1.55 1.55
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Inferred 43.6 0.44 0.44 0.43 0.43
----------------------------------------------------------------------------


Also contains significant higher grade material - primary sulphide resources at a cut-off of 0.7% Cu are:

- Indicated Resource - 22.9 mt at 0.79% Cu, 0.022% Mo, 0.068 g/t Au, 2.21 g/t Ag (0.99% Cu Eq1)

- Inferred Resource - 48.8 mt at 0.84% Cu, 0.023% Mo, 0.072 g/t Au, 2.27 g/t Ag (1.05% Cu Eq1)

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

"We are very pleased to present the first interim resource estimate for the significant new Haquira East porphyry Cu-Mo-Au discovery. The delineation of a large volume of primary Cu-Mo-Au sulphide mineralization at Haquira East represents a major advance in the Haquira project. We have increased the amount of in-situ copper equivalent at Haquira by fourfold and there is now a very good opportunity to evaluate the potential for a staged copper mining operation with early, low CAPEX, SX-EW copper leaching paving the way for the subsequent development of the larger volume of primary Cu-Mo-Au sulphide mineralization."

"The Haquira East zone remains open to depth and as well as laterally to the northwest and southeast. We hope to continue to increase the size and grade of the deposit and look forward to reporting additional drilling results in the near future. Antares is strong financially with approximately C$20 million in working capital. We are currently taking measures to optimize our financial burn rate to allow completion of key objectives yet also ensure our ability to protect the value of our assets and persevere in the currently difficult market conditions."

Please see Tables 2-4 below for more complete summaries of the resource estimate and refer to the Antares website at www.antaresminerals.com for drill-hole location maps, geological cross-sections, resource model sections and additional information about the Haquira Copper project.



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Table 2. Haquira East Primary Copper Sulphide Mineral Resources
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Indicated Mineral Resources
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Cut-off Tonnes Cu Eq(1)% Cu% Mo% Au g/t Ag g/t Cu lbs Cu Eq(1) lbs
Cu % (thousands) (billions) (billions)
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0.7 22,890 0.99 0.79 0.022 0.068 2.21 0.40 0.50
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0.6 54,655 0.88 0.71 0.019 0.062 2.04 0.86 1.06
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0.5 100,734 0.79 0.63 0.017 0.058 1.87 1.40 1.75
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0.4 132,961 0.74 0.59 0.016 0.055 1.72 1.73 2.16
----------------------------------------------------------------------------
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0.3 147,888 0.71 0.57 0.015 0.054 1.63 1.86 2.31
----------------------------------------------------------------------------
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0.2 154,712 0.69 0.55 0.015 0.053 1.59 1.88 2.35
----------------------------------------------------------------------------

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Inferred Mineral Resources to 700 m depth
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Cut-off Tonnes Cu Eq(1)% Cu% Mo% Au g/t Ag g/t Cu lbs Cu Eq(1) lbs
Cu % (thousands) (billions) (billions)
----------------------------------------------------------------------------
0.7 48,815 1.05 0.84 0.023 0.072 2.27 0.90 1.13
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0.6 78,472 0.95 0.77 0.020 0.068 2.15 1.33 1.65
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0.5 115,522 0.87 0.70 0.018 0.063 1.98 1.78 2.21
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0.4 153,917 0.79 0.64 0.016 0.059 1.79 2.17 2.68
----------------------------------------------------------------------------
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0.3 205,214 0.69 0.56 0.014 0.055 1.56 2.53 3.13
----------------------------------------------------------------------------
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0.2 276,760 0.59 0.48 0.012 0.048 1.33 2.93 3.62
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Inferred Mineral Resources below 700 m depth
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Cut-off Tonnes Cu Eq(1)% Cu% Mo% Au g/t Ag g/t Cu lbs Cu Eq(1) lbs
Cu % (thousands) (billions) (billions)
----------------------------------------------------------------------------
0.7 4,600 0.89 0.79 0.010 0.050 1.68 0.08 0.09
----------------------------------------------------------------------------
0.6 12,577 0.78 0.69 0.009 0.043 1.51 0.19 0.22
----------------------------------------------------------------------------
0.5 29,091 0.70 0.61 0.009 0.038 1.37 0.39 0.45
----------------------------------------------------------------------------
0.4 62,903 0.60 0.52 0.009 0.032 1.20 0.72 0.84
----------------------------------------------------------------------------
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0.3 99,382 0.54 0.46 0.008 0.031 1.13 1.01 1.18
----------------------------------------------------------------------------
----------------------------------------------------------------------------
0.2 127,587 0.48 0.41 0.007 0.030 1.07 1.15 1.35
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(1) CuEQ = Copper Equivalent is calculated for intervals dominated by
primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag
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 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper
Equivalent contributions are only applied to primary sulphide
mineralization.


An updated NI 43-101 Technical Report on the Haquira Project will be available within 45 days on SEDAR at www.sedar.com. Mineral resources do not have any demonstrated economic viability and future in-fill drilling and scoping, pre-feasibility, and feasibility studies will determine what percentage of the inferred and indicated resources can be placed into the mineable category. Antares Minerals Inc is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issues which may materially affect this estimate of mineral resources.



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Table 3. Haquira East Secondary Copper Mineral Resources
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This Resource Estimate Previous Resource Estimate
Tetra Tech - Nov 2008 CAM - Oct 2007 (same area)
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Indicated Mineral Resource Indicated Mineral Resource
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Cut-off Tonnes Grade Cu lbs Cut-off Tonnes Grade Cu lbs
Cu % (thousands) Cu% (billions) Cu% (thousands) Cu% (billions)
----------------------------------------------------------------------------
0.5 26,601 0.68 0.40 0.5 21,649 0.71 0.34
----------------------------------------------------------------------------
0.4 40,699 0.60 0.54 0.4 32,687 0.62 0.45
----------------------------------------------------------------------------
0.3 57,849 0.53 0.68 0.3 42,425 0.56 0.52
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0.2 66,575 0.49 0.72 0.2 56,004 0.49 0.61
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Inferred Mineral Resource Inferred Mineral Resource
----------------------------------------------------------------------------
Cut-off Tonnes Grade Cu lbs Cut-off Tonnes Grade Cu lbs
Cu % (thousands) Cu% (billions) Cu% (thousands) Cu% (billions)
----------------------------------------------------------------------------
0.5 5,401 0.60 0.07 0.5 9,256 0.63 0.13
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0.4 8,944 0.54 0.11 0.4 18,160 0.54 0.22
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0.3 17,027 0.45 0.17 0.3 28,434 0.47 0.29
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0.2 21,950 0.38 0.18 0.2 40,715 0.41 0.37
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Discussion of Results

The Haquira East mineralized zone occurs beneath a small cirque along the north flank of a prominent hill of quartzite. The mineralization does not crop out and is covered by a lens of soil and colluvium that varies from several metres up to as much as 80 metres thick. The mineralization is associated with a monzonite porphyry intrusive body that occurs as a stock in the deeper central portion of the zone and abruptly changes to a dike and sill swarm both laterally and vertically upward. Copper sulphide mineralization (chalcopyrite and bornite with low total pyrite content) occurs principally within the monzonite porphyry or immediately overlying reactive siltsone units within a wall rock sequence dominated by quartzite. Supergene weathering has produced a zone of secondary copper mineralization that varies from 0-60 m thick over the main zone of primary copper sulphide mineralization. Supergene mineralization at the Haquira East zone is most commonly characterized by the development of in situ secondary copper oxides with only minor enrichment of copper grade. Supergene weathering and enrichment processes extend to greater depths in the surrounding quartzite dominant wall rocks and supergene copper mineralization can extend well beyond the horizontal limits of the main zone of primary copper sulphide mineralization.

The Haquira East resource estimate is based on a total of 55 drill holes (21,750 m) including 33 shallow holes (to 250 m for a total of 4,950 m) drilled initially to delineate the leachable secondary copper zone and an additional 22 deeper holes (to 1200m for a total of 16,800 m) drilled in 2007-08 to delimit the underlying primary sulphide Cu-Mo-Au mineralization. The holes have been drilled on a grid with approximately 100m spacing between holes and with the majority of the holes drilled to the NE (055 degrees) at an inclination of -80 degrees.

The resource estimate was prepared by the mineral resource and mining division of Tetra Tech Inc, an industry leading international engineering firm, utilizing standard industry software (GEMCOM) and resource estimation methodology (whole block kriging). The mineral resource estimates for primary sulphide mineralization at Haquira East are presented in Table 1 at a range of copper cut-off values. Copper mineralization at Haquira East begins immediately beneath a thin veneer of 5-80 m of colluvial cover and extends to depths of more than 1000 m. Mineral resources at depths of more than 700 m beneath the surface have been classified as Inferred Resources and noted separately from Inferred Resources that occur at less than 700 m below the surface.

The previous Haquira project resource estimate prepared by Chlumsky, Armbrust, and Meyer L.L.C., ("CAM") of Denver, Colorado (see press releases of October 9, 2007) focused on the near-surface, leachable secondary copper mineralization of both the Haquira East and Haquira West zones but also reported a small amount of underlying primary resource based on a limited amount of shallow drilling. The previously reported primary resource for the Haquira East area (at a 0.3% Cu cut-off and the same area as this new resource estimate) consisted of an Indicated Resource of 28.4 million tonnes at 0.47% Cu and an additional Inferred Resource of 49.4 million tonnes of 0.42% Cu.

The Mineral Resource estimates for the near-surface cap of secondary copper mineralization at Haquira East are presented in Table 3. This table also provides a comparison with results for the same area from the previous Resource Estimate completed by CAM (CAM 2007, see press release of October 9, 2007). The CAM 2007 and Tetra Tech 2008 (this press release) resource estimates for the secondary copper mineralization at Haquira East are in very close agreement. The principal difference is that a greater percentage of Mineral Resources are now classified as Indicated Resource due to greater drill-hole density in the new model.

Table 4 below provides a summary of the currently defined Mineral Resources for the Haquira project at a cut-off of 0.3% total copper.



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Table 4. Mineral Resource Summary Haquira Project
----------------------------------------------------------------------------
Primary Sulphide Mineral Resources (Tetra Tech Nov 2008) - 0.3% Cu cut-off
Haquira East zone
----------------------------------------------------------------------------
Resource Tonnes Cu Eq(1) Cu Mo Au Ag
Classification (millions) % % % g/t g/t
----------------------------------------------------------------------------
Indicated 147.9 0.71 0.57 0.015 0.054 1.63
----------------------------------------------------------------------------
Inferred less
than 700m 205.2 0.69 0.56 0.014 0.055 1.56
----------------------------------------------------------------------------
Inferred greater
than 700m 99.4 0.54 0.46 0.008 0.031 1.13
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Secondary Copper Mineral Resources (CAM Oct 2007) - 0.3% Cu cut-off
Haquira East and Haquira West zones
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Resource Tonnes Cu Eq(1) Cu
Classification (millions) % %
----------------------------------------------------------------------------
Indicated 133.7 0.53 0.53
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Inferred 43.6 0.44 0.44
----------------------------------------------------------------------------

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Primary Sulfide Mineral Resources (Tetra Tech Nov 2008) - 0.3% Cu cut-off
Haquira East zone
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Cu Eq(1)
Resource Tonnes Cu lbs Mo lbs Au oz Ag oz lbs
Classification (millions)(billions)(millions)(thousands)(millions)(billions)
----------------------------------------------------------------------------
Indicated 147.9 1.86 48.92 257 7.8 2.31
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Inferred less
than 700m 205.2 2.53 63.35 363 10.3 3.13
----------------------------------------------------------------------------
Inferred greater
than 700m 2.3 1.01 17.53 99 3.6 1.18
----------------------------------------------------------------------------

----------------------------------------------------------------------------
Secondary Copper Mineral Resources (CAM Oct 2007) - 0.3% Cu cut-off
Haquira East and Haquira West zones
----------------------------------------------------------------------------
Resource Tonnes Cu lbs Cu Eq(1) lbs
Classification (millions)(billions) (billions)
----------------------------------------------------------------------------
Indicated 133.7 1.55 1.55
----------------------------------------------------------------------------
Inferred 43.6 0.43 0.43
----------------------------------------------------------------------------
(1) CuEQ = Copper Equivalent is calculated for intervals dominated by
primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag
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 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper
Equivalent contributions are only applied to primary sulphide
mineralization.


Qualified Persons

Antares Minerals Inc. has retained Tetra Tech of Golden, Colorado and Aker Kaverner of Tucson, Arizona as the co-lead contractors to complete a pre-feasibility study for the Haquira Cu-Mo-Au project. The mineral resource estimate presented here for the Haquira East portion of the project was completed by or under the direction of John Rozelle, PG, Tetra Tech's Mineral Resource Division Principal Geologist and an independent Qualified Person as set forth by NI 43-101.

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 and CEO, who serves as the qualified person (QP) under the definitions of National Instrument 43-101. Antares' security, chain of custody and quality control procedures are described on their website under the section on best practices - sampling methodologies.

About the Haquira Copper Project, Peru

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, Xstrata Copper's Las Bambas Cu-Au project. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. 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). A total of US$6.5 million has been paid to date with the remaining US$8.5 million due as a payment of US$3.5 million on or before March 04, 2009 and a final payment of US$5.0 million on or before March 4, 2010. Additional information about the Haquira project is available on our website at www.antaresminerals.com.

Antares has previously announced an updated resource estimate (October 09, 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%.

About Antares

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, 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 agreement with Mansfield Minerals Inc.

(1) CuEQ = Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag 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 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper Equivalent contributions are only applied to 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 under the section on best practices - sampling methodologies.

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 does not accept responsibility for the adequacy or accuracy of this release.

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