Overview

The company’s most advanced project is the Haquira SX-EW leachable copper project in southern Peru; immediately adjacent to Xstrata Copper’s Las Bambas copper-gold porphyry skarn project. Antares has the option to earn a 100% interest in the Haquira project from a subsidiary of the Phelps-Dodge Copper Corporation (now Freeport-McMorran). Antares has defined a NI 43-101 compliant indicated resource of 133.7 million tonnes at 0.53% CuT and an additional inferred resource of 43.6 million tonnes at 0.44% CuT (using a 0.3% CuT cut-off). This represents a total of 1.98 billion lbs of in situ copper metal amenable to low-cost SX-EW processing (0.3% CuT cut-off). This estimate includes an indicated resource of 52 million tonnes at 0.75% and an additional inferred resource of 10.7 million tonnes of 0.63% (using a higher cut-off grade of 0.5% CuT). In late 2006, Antares discovered high-grade, primary Cu-Mo-Au porphyry mineralization beneath the secondary copper blanket at the Haquira East zone. The Haquira project is currently entering the pre-feasibility stage.

Antares is also exploring the giant Rio Grande porphyry Cu-Au-Ag system located in the mining friendly province of Salta in the Puna of NW Argentina. The Rio Grande project is a 50/50 joint-venture with partners Mansfield Minerals Inc. (TSX V.MDR), with Antares as operators. Cu-Au-Ag mineralization at Rio Grande occurs within a distinct 2-km diameter ring-shaped fracture zone defined by IP chargeability, as well as Cu- and Au-soil geochemical anomalies.

Systematic surface trenching shows the majority of the ring structure is mineralized in several zones/targets; moving clockwise from the north these zones are North, Sofia, Discovery, Southwest, and #7. Early exploration focused on the better exposed Discovery and Sofia zones, however recent drilling on the North and #7 zones has intersected significant mineralization thereby increasing the area of known mineralization by more than 50%.