Antares Minerals Inc.

Antares Minerals Inc.

November 11, 2005 08:00 ET

Antares Commences Drilling Program to Increase Haquira SX-EW Copper Resource

WATERDOWN, ONTARIO--(CCNMatthews - Nov. 11, 2005) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to announce that the Category C Environmental Permit for the Haquira SX-EW copper project has been approved by the Peruvian Ministry of Energy and Mines. An initial drilling program (phase one) consisting of 35-40 holes for a total of approximately 6,000m will commence immediately. Two drill rigs are currently on site with a third drill rig available, if necessary, to allow for completion of the program prior to the end of the year.

The Haquira project offers potential for a low-strip, low-cost SX-EW operation and is contiguous with, and immediately to the south of, the Las Bambas Cu-Au district where Xstrata Copper has committed to invest US$121 million. The Haquira project currently hosts a 43-101 inferred mineral resource, at a 0.3% total copper cut-off grade, of 120.5 million tonnes grading 0.49% copper amenable to SX-EW processing (secondary copper sulphides and oxides only, see press release dated July 13, 2005). This resource remains open in several directions and copper and molybdenum anomalies in rock-chip and soil samples indicate potential for significant extensions to the known resource.

The receipt of the Category C Environmental Permit will allow for construction of 128 drill platforms for both the phase one and phase two drilling programs. The phase one drilling will have three objectives:

1) Extend the known inferred resource,

2) Demonstrate continuity within the known inferred resource (allowing calculation of optimal spacing for infill drilling), and

3) Collection of material for metallurgical testing.

Pending the successful outcome of phase one drilling, a second and larger phase of drilling is planned for 2006. All formal surface access agreements with local communities have been obtained to conduct exploration at Haquira.

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

"Now that we have obtained the Category C environmental permit we will be able to aggressively advance the Haquira project. We are excited to commence our phase one drilling program and are confident and look forward to increasing the resource from the current base of more than 1.3 billion lbs of contained copper. We plan to have an updated resource calculation by February 2006 and preliminary scoping study prepared by the end of the first quarter of 2006."

Haquira Project

Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. ("Phelps Dodge") to acquire a 100% interest in the Haquira project by completing optional payments totalling US$15 million over a five-year period. In addition, once a feasibility study is completed on Haquira, Antares will be obligated to make an additional payment to Phelps Dodge equal to US$0.01 for each pound of copper in excess of 2.2 billion pounds that is calculated as part of the leachable mineral resource. Antares has also issued 1.5 million warrants to Phelps Dodge. Each warrant is exercisable for one share of Antares stock. Half of the warrants are exercisable at CDN$1.25 for a period of one year and the other half are exercisable a CDN$1.50 for a period of two years.

The project is located approximately 75 km to the southwest of Cuzco in the emerging Andahuaylas-Yauri copper-gold porphyry/skarn belt that hosts the Tintaya copper-gold skarn mine (BHP Billiton), the Las Chancas copper-gold porphyry deposit (Southern Peru Copper Corp.), the Las Bambas copper-gold skarn deposits (Xstrata), as well as numerous other copper-gold-molybdenum porphyry and skarn occurrences. The Haquira project is contiguous with, and immediately to the south of, the Las Bambas district. Additional information about the Haquira SX-EW copper project is available on the Antares website at

About Antares Minerals Inc.

Antares is a new 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), Desierto (Au-Ag epithermal veins), 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.

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

Contact Information