Antares Minerals Inc.

Antares Minerals Inc.

September 28, 2005 11:05 ET

Antares Commences Drilling of High-Grade Silver Target at the Desierto Gold-Silver Project in Northwestern Argentina

WATERDOWN, ONTARIO--(CCNMatthews - Sept. 28, 2005) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce the commencement of a diamond-drilling program at the Desierto Au-Ag project in Salta Province, northwestern Argentina. The program will consist of four to six drill holes for a total of approximately 600 m. The drilling will target a 1,200 m long silver-rich vein called the Eastern Silver vein. Surface rock-chip and trench sampling by Antares and JV partner Mansfield Minerals Inc ("Mansfield"; MDR-TSX.V) have returned silver values in excess of 1000 g/t ( greater than 32 oz/t) over widths varying from 1-6 meters.

The Eastern Silver vein is one of more than 25 epithermal veins identified to date at the Desierto project. This vein can be traced for more than 1200 m as a linear series of small outcrops, subcrops, and float occurrences of banded quartz-barite vein material. The veins also provide evidence of original base-metal sulphides (galena, pyrite, and sphalerite) that have been oxidized. Initial surface reconnaissance rock-chip sampling by JV partner Mansfield returned highly variable silver and gold values ranging up to 3163.6 g/t Ag and 12.85 g/t Au. In 2003, Mansfield dug a series of seven trenches to sample the Eastern Silver vein. Three of the trenches were perpendicular to the vein strike and encountered the following true-width intervals of high-grade silver mineralization:

Trench 6; 6 m @ 4,785 g/t Ag (154 oz/t),
Trench 5; 2 m @ 151 g/t Ag (4.9 oz/t), and
Trench 3; 8 m @ 544 g/t Ag (17.5 oz/t)

Two additional trenches also encountered high-grade silver values but were sampled along the vein strike and therefore do not represent true widths:

Trench 2; 38 m @ 1154 g/t Ag (37.1 oz/t) and
Trench 7; 6 m @ 3123 g/t Ag (100 oz/t)

The vein zone often consists of several sub-parallel veins with individual vein widths of 0.5-3 m and highly variable along strike. Antares confirmed the previous sample results with 5 samples taken across individual veins from Trenches 3 and 6 with the following results:

Trench 6; 2.8 m @ 5300 g/t Ag (170 oz/t Ag, true-width) and
1 m @ 2120 g/t Ag (68 oz/t Ag, same vein, 2 m to north,
partial width)
Trench 3; 2 m @ 4100 g/t Ag (132 oz/t Ag, true-width),
1 m @ 3820 g/t Ag (123 oz/t Ag, true-width), and
1 m @ 4620 g/t Ag (149 oz/t Ag, true width)

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

"We are very pleased to begin drilling at the Desierto project. This is the first of four projects we plan to drill in the next eight months. The high-grade silver values of the Eastern Silver vein zone represent a compelling target at Desierto and we are optimistic that success with this initial drill campaign will provide a springboard to allow testing of additional gold and silver vein targets on the property."

Desierto Project

The Desierto property is 100% owned by Mansfield Minerals Inc (Mansfield). Under the terms of an option/joint-venture agreement, Antares can earn an initial 50% interest in the project by completing work expenditures totalling US$2,000,000 and making option payments totalling US$400,000 over a four-year period. Antares' commitment for the first year is to spend US$150,000 and make an option payment of US$25,000. Antares may terminate the agreement at anytime thereafter. If Antares completes the 50% earn-in it can elect to earn an additional 10% by issuing 100,000 shares and spending an additional US$1.5 million over 18 months.

The Desierto project is located immediately to the south of the Taca Taca porphyry copper deposit, approximately 320 km to the west of the city of Salta, Salta Province, northwestern Argentina. The project hosts multiple epithermal precious metal veins in three main areas on the property; predominantly gold-bearing veins to the west, predominantly silver-bearing veins to the east, and the Silica Ridge, a prominent rhyolite dyke with locally strong silicification of both the dyke and the wall rocks in the central part of the property. The veins are hosted in dacite tuffaceous rocks and underlying granodiorite intrusive rocks.

About Antares Minerals Inc.

Antares is a relatively new mineral exploration company with highly experienced technical and management teams. The Company is focused on gold and copper exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage. Antares' most advanced project is the Haquira SX-EW copper project in south-central Peru, immediately adjacent to the Las Bambas project of Xstrata Copper. An inferred resource (43-101 compliant) of 120.5 million tonnes @ 0.49% copper (amenable to SX-EW processing) has been defined at Haquira with significant potential to increase this in the short term. Antares has an option to acquire a 100% interest in the Haquira project from Phelps Dodge. Antares is also currently exploring the Rio Grande (Cu-Au porphyry) and Catua (exotic Cu with potential for buried, supergene-enriched Cu porphyry) projects in Salta and Jujuy Provinces of NW Argentina in option/joint-venture agreements with 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.

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

Contact Information

  • Antares Minerals Inc.
    John Black
    (720) 514-9036 office
    (303) 618-7797 international cellular
    Antares Minerals Inc.
    Mark Wayne
    (403) 705-4968 office