Antares Minerals Inc.
TSX VENTURE : ANM

Antares Minerals Inc.

April 30, 2009 09:00 ET

Antares Continues to Intersect Cu-Au Mineralization at Rio Grande Project, Argentina

WATERDOWN, ONTARIO--(Marketwire - April 30, 2009) - Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) is pleased to present the results from the final twelve holes (6,523 m) of the 2008 drilling program at the Rio Grande copper-gold project in north-western Argentina. The holes were drilled in the Discovery, North, and Number 7 zones to offset previously identified mineralization in these areas. All twelve holes intersected zones of significant grade copper-gold mineralization and confirm the presence and continuity of mineralization in the Discovery and North zones. The more significant intercepts from the twelve holes reported in this release are as follows:



- RGA-08-066: 111.00 m with 0.39% Cu, 0.39 g/t Au and 5.4 g/t Ag
-- includes 17 m with 0.55% Cu, 0.68 g/t Au and 6.5 g/t Ag

- RGA-08-069: 166.50 m with 0.35% Cu, 0.44 g/t Au and 5.6 g/t Ag
-- includes 29.55 m with 0.63% Cu, 0.79 g/t Au and 12.1 g/t Ag

- RGA-08-073: 58.50 m with 0.54% Cu, 0.59 g/t Au and 7.3 g/t Ag
-- Includes 15.5 m with 0.75% Cu, 0.97 g/t Au and 7.3 g/t Ag

- RGA-08-074: 44.00 m with 0.68% Cu, 0.75 g/t Au and 6.4 g/t Ag

- RGA-08-077: 69.00 m with 0.43% Cu, 0.57 g/t Au and 4.2 g/t Ag
-- Includes 25.00 m with 0.62% Cu, 0.83 g/t Au and 7.6 g/t Ag


Please see table 1 below for a complete summary of the new results and refer to the Antares website at www.antaresminerals.com for drill-hole location maps and additional information.

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

"The 2008 drilling program at Rio Grande has successfully demonstrated continuity of significant copper-gold mineralization in three of the four areas selected for detailed drilling. The Discovery, Sofia and North zones form a nearly continuous zone of mineralization with a combined strike length in excess of 2,500 m. We continue to see a very high success rate with drilling at the project and will now work together with our partners, Pachamama Resources Ltd. ("Pachamama", PMA.TSX-V), to determine the best pathway forward for the project. This will likely include a metallurgical test program to determine metallurgical characteristics of the copper-gold mineralization and completion of an initial resource estimate for the project."



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Table 1 - Antares Rio Grande Drilling 2008 - Significant Intervals
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Total
depth Significant Includes Length Cu Au Ag
Drill Hole Zone (m) Interval (m) (m) (m) % g/t g/t
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RGA-08-
66 North 731.45 127.00-145.30 18.30 0.31 0.34 3.9
-----------------------------------------------------
237.00-247.00 10.00 0.29 0.22 4.2
253.00-267.00 14.00 0.22 0.20 2.4
275.00-386.00 111.00 0.39 0.39 5.4
327.00-344.00 17.00 0.55 0.68 6.5
-----------------------------------------------------
715.00-727.00 12.00 0.37 0.39 7.7
----------------------------------------------------------------------------
RGA-08-
67 #7 127.50 19.00-46.50 27.50 0.21 0.38 5.3
-----------------------------------------------------
113.00-127.50 14.50 0.33 0.19 3.5
-----------------------------------------------------
final interval open to depth - hole lost at 127.5 m
----------------------------------------------------------------------------
RGA-08-
68 #7 530.10 4.00-50.00 46.00 0.34 0.17 2.9
-----------------------------------------------------
68.10-126.95 58.85 0.35 0.19 3.7
-----------------------------------------------------
166.00-190.00 24.00 0.34 0.45 3.7
----------------------------------------------------------------------------
RGA-08-
69 North 967.50 110.50-277.00 166.50 0.35 0.44 5.6
----------------------------------------------------------------------------
155.45-185.00 29.55 0.63 0.79 12.1
296.60-371.00 74.40 0.31 0.32 3.2
347.00-357.00 10.00 0.57 0.67 5.6
423.00-443.00 20.00 0.24 0.24 2.8
----------------------------------------------------------------------------
RGA-08-
70 #7 538.00 55.00-79.00 24.00 0.29 0.14 7.9
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113.00-129.00 16.00 0.23 0.05 4.6
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143.00-153.00 10.00 0.29 0.18 2.2
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171.00-187.00 16.00 0.31 0.40 5.1
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RGA-08-
71 #7 495.85 311.20-343.90 32.70 0.17 0.25 18.7
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373.00-386.20 13.20 0.26 0.19 4.3
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RGA-08-
72 Discovery 647.40 355.00-362.00 7.00 0.57 1.32 33.0
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379.60-410.80 31.20 0.21 0.39 5.3
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586.00-612.00 26.00 0.23 0.30 14.1
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RGA-08-
73 North 754.20 162.50-216.00 53.50 0.37 0.35 3.3
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230.00-246.00 16.00 0.36 0.19 3.0
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251.80-271.30 19.50 0.39 0.38 4.9
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277.50-303.00 25.50 0.32 0.30 4.6
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413.65-451.00 37.35 0.39 0.37 6.5
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421.45-434.00 12.55 0.61 0.57 8.2
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457.00-515.50 58.50 0.54 0.59 7.3
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500.00-515.50 15.50 0.75 0.97 7.3
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RGA-08-
74 Discovery 405.30 47.65-84.00 36.35 0.31 0.35 2.5
----------------------------------------------------------------------------
100.00-144.00 44.00 0.68 0.75 6.4
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102.00-122.00 20.00 0.96 1.10 7.6
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168.00-182.00 14.00 0.32 0.06 2.2
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188.00-219.00 31.00 0.31 0.16 3.9
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RGA-08-
75 Discovery 625.00 220.30-232.00 11.70 0.29 0.44 5.1
----------------------------------------------------------------------------
RGA-08-
76 Discovery 312.90 7.10-26.00 18.90 0.56 0.37 7.1
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91.00-149.00 58.00 0.28 0.33 2.4
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RGA-08-
77 Discovery 387.50 18.00-87.00 69.00 0.43 0.57 4.2
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18.00-56.00 38.00 0.35 0.47 2.4
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62.00-87.00 25.00 0.62 0.83 7.6
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168.85-186.00 17.15 0.42 0.66 4.5
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205.00-217.00 12.00 0.30 0.39 5.7
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Please Note - Reported mineralized intervals represent down-hole lengths and
do not represent true thicknesses. The mineralized zones at Rio Grande are
generally tabular bodies that form an annular sheet that dips at
approximately 70-90 degrees inward. True thicknesses of the mineralization
are estimated to be approximately 40-60% of the down-hole intercept lengths.
The cut-off utilized for calculating significant intervals was 0.2% Cu
and/or 0.2 g/t Au.


Discussion of Results

The twelve drill holes presented in this release were drilled as 75-100 m offsets to previously completed drill holes at the Discovery, North, and Number 7 targets zones at the Rio Grande project. The holes are typically drilled at inclinations of minus 60-70 degrees to traverse the defined zones of mineralization and are aligned to form drill fences spaced at 75-100 m intervals along strike. All significant mineralized intervals from the drill holes are listed in Table 1 above (please refer to the Antares website at www.antaresminerals.com for drill-hole location maps and additional information).

The holes intersected a complex sequence of intermediate composition dikes and sub-volcanic intrusive rocks with variable degrees of potassic, calcic, and propylitic alteration and local late- to post-mineral dikes of intermediate composition. Copper-gold mineralization encountered in the holes consists of predominantly oxide minerals with only traces of chalcopyrite present at the upper levels and increasing amounts of partially oxidized chalcopyrite deeper in the holes. The deepest intercepts (typically below 400 m depth) consist of chalcopyrite-magnetite-pyrite. The level of complete to partial oxidation in the North and Number 7 zones varies from 360-460 m deep and in the lower elevation Discovery zone varies from 200-400 m deep.

Copper-gold mineralization encountered in the holes in the Discovery and North zones was of similar grades and thicknesses to previous holes in these areas (see previous press releases and Antares website). Drilling at the Number 7 zone along the western margin of the Rio Grande system intersected copper-gold mineralization but of lower grade than encountered in limited previous drilling in this area. Additional drilling will be warranted to further characterize the Number 7 zone and the connection to the northeast to the North zone.

About the Rio Grande Project, Salta Province, Argentina

The Rio Grande project is very favourably located along the prominent northwest-trending Archibarca Lineament which also controls the location of the world-class giant Escondida porphyry copper deposit 150 km to the northwest in Chile. The Rio Grande project setting shares many similarities with that of the Bajo de Alumbrera porphyry copper-gold deposit which is located along a similar northwest-trending regional structural lineament approximately 300 km to the south.

Copper-gold mineralization at Rio Grande occurs within a distinct two-km diameter ring fracture zone defined by IP chargeability as well as copper and gold soil geochemical anomalies. The mineralization is hosted by a complex sequence of intermediate sub-volcanic intrusive rocks with variable degrees of potassic, calcic, and propylitic alteration and local late- to post-mineral intermediate dikes. The mineralization originally consisted of chalcopyrite and magnetite as disseminations and fracture fillings. The chalcopyrite has subsequently been partially to completely oxidized to green and black copper oxides to depths of 300-400 m or more. Oxidation is typically in situ with little to no remobilization of copper.

Antares has earned a 50% interest in the Rio Grande project pursuant to an agreement with Pachamama Resources Ltd. ("Pachamama", PMA.TSX-V). Antares recently completed the required expenditures and payments and plans to vest in its 50% interest in the property shortly. Antares and Pachamama will formalize a definitive joint venture agreement in the near future to fund ongoing development at Rio Grande on a 50/50 basis with Antares as the operator.

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 Rio Grande copper-gold project in Argentina, Antares is aggressively advancing the Haquira SX-EW copper project in south-central Peru, immediately adjacent to the Las Bambas copper project of Xstrata Copper.

The Haquira project offers potential for a low-strip, low-cost SX-EW operation as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum deposit. 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$10 million has been paid to date with the remaining US$5 million due as a final payment of US$5.0 million on or before March 4, 2010.

Antares has 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%.

Antares has also recently announced the first interim resource estimate for the underlying primary Cu-Mo-Au mineralization at the Haquira East zone based upon drill holes up to AHAD-120 (November 24, 2008). The Haquira East primary mineralization includes an indicated resource of 147.9 million tonnes at 0.57% Cu and 0.015% Mo, an inferred resource to a depth of 700m of 205.2 million tonnes at 0.56% Cu and 0.014% Mo and an additional inferred resource below 700 m depth of 99.4 million tonnes at 0.46% Cu and 0.008% Mo. Mineralization remains open to depth and several directions laterally. Additional drill holes that have been released after the completion of the interim resource calculation include hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au - the best hole completed at Haquira to date.

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:
http://www.antaresminerals.com/bestpractices/samplingmethodologies

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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