Antares Minerals Inc.

Antares Minerals Inc.

March 29, 2010 08:30 ET

Antares Announces Early Exercise of Warrants by IFC

WATERDOWN, ONTARIO--(Marketwire - March 29, 2010) -


Antares Minerals Inc. ("Antares" or the "Company") (TSX VENTURE:ANM) is pleased to announce that IFC, a member of the World Bank Group, has agreed to exercise all 3,750,000 warrants that it holds to acquire 3,750,000 common shares of the Company for a total subscription cost of $7,500,000. These warrants were acquired by IFC in July of 2009 in connection with a private placement. Each warrant entitles IFC to acquire a common share at an exercise price of $2.00 until July 22, 2014. If at any time following July 22, 2011, the Company's common shares trade at $2.75 or higher for 30 days on a volume weighted-average basis, the Company can give notice accelerating the expiry date of the warrants to 60 days following the date of such notice.

As consideration for IFC agreeing to this early exercise of its warrants, Antares has agreed to issue 1,875,000 new common share purchase warrants to IFC. Each new warrant will entitle IFC to acquire a common share at an exercise price of $3.00 until July 22, 2014. In addition, the Company will grant IFC a contractual right to participate in any future Antares financings to maintain its pro-rata equity interest in the Company.

Closing of this transaction is subject to approval of the TSX Venture Exchange and the negotiation and execution of definitive agreements. The new warrants to be issued pursuant to this financing will be subject to a four month hold period in accordance with Canadian securities law.

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

"We appreciate the support that IFC is providing as a significant shareholder in the Company. The funds received from this warrant exercise will enable the Company to aggressively proceed with pre-feasibility and exploration drill programs at Haquira while maintaining a solid balance sheet with minimal share dilution. We expect these programs to start with four rigs in April, pending receipt of updated environmental permits.

In addition to ongoing drill programs in 2010, we are also looking forward to the receipt of a preliminary economic analysis (PEA), or scoping study, of the Haquira project. This PEA will incorporate both the secondary SX-EW and primary sulphide zones that have been established to date at Haquira. We believe that this fully integrated study of the proposed SX-EW/mill-concentrator operation will reveal more fully the potential value of the Haquira project. We expect to receive this report in the next quarter."

About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape poverty and improve their lives. IFC fosters sustainable economic growth in developing countries by supporting private sector development, mobilizing private capital, and providing advisory and risk mitigation services to businesses and governments. IFC's new investments totaled $14.5 billion in fiscal 2009, helping channel capital into developing countries during the financial crisis. For more information, visit

About Antares

Antares is focused on the acquisition and exploration of 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 on a 50/50 joint-venture basis with Pachamama Resources Ltd., a spin-off from Mansfield Minerals Inc.

About the Haquira Copper Project, Peru

The Haquira project, 100% owned by Antares, is located in southern Peru contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project. The Haquira project 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. Antares has recently announced an updated resource estimate for the Haquira project (see press release of February 26th, 2010). The estimate encompasses all the known mineralization at the Haquira East and Haquira West deposits as well as the immediately surrounding areas (Potato Patch zone), but does not reflect the mineralization recently discovered at the nearby Cristo de los Andes prospect. It includes both the near-surface secondary (leachable) copper mineralization as well as the underlying primary (mill/concentrate) mineralization. This resource estimate utilizes all drilling completed to date at the Haquira project (through drill hole AHAD-174). Highlights from this interim resource estimate at a cut-off of 0.3% total Cu for primary mineralization and 0.2% total Cu for leachable secondary mineralization are as follows:

Table 1. Mineral Resource Summary Haquira Project - All Zones - February 2010
Resource Tonnes Cu Eq* Cu Mo Au Ag lbs Cu lbs Cu Eq*
Classification (millions) % % % g/t g/t (billions) (billions)
Primary Copper Mineral Resources (Mill/Concentrate) - 0.3% Cu cut-off
  Measured 68.9 0.78 0.64 0.015 0.045 1.84 0.97 1.18
  Indicated 285.7 0.75 0.63 0.014 0.044 1.78 3.93 4.74
  Inferred 333.7 0.62 0.54 0.009 0.032 1.59 3.94 4.59
Secondary Copper Mineral Resources (leachable – SX/EW) - 0.2% Cu cut-off
  Measured 59.4 0.52 0.52       0.68 0.68
  Indicated 155.6 0.44 0.44       1.52 1.52
  Inferred 72.2 0.41 0.41       0.65 0.65

For further information: please visit our website at

This press release is not an offer of securities for sale or solicitation of an offer of securities for sale in the United States. The Company's securities have not been, nor will be, registered under the United States Securities Act of 1933, as amended, (the "US Securities Act") or state securities laws and may not be offered or sold in the United States or to US persons absent registration under the US Securities Act and state securities laws or applicable exemptions from the registration requirements of such laws.

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 the completion and closing of the warrant exercise, management's assessment of Antares' plans and projects, constitute 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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