Resource Estimates

Results

 - Resource Estimates

(last updated 03/08/2009)

The mineral resource estimates has been generated from drill hole sample assay analyses and the interpretation of a geologic model which relates to the spatial distribution of copper and other metals in the deposit. Interpolation characteristics have been defined based on the geology, drill hole spacing, and geostatistical analysis of the data. The mineral resources have been classified by their proximity to the sample locations and are reported, as required by NI 43-101, according to the CIM standards on Mineral Resources and Reserves (Figure 1; Tables 1 and 2). As there has been no new drilling in the Haquira West area, the Haquira West resources are unchanged from the CAM NI 43-101 report dated May 2008. TetraTech has only re-estimated the Haquira East secondary Cu resources.

Figure 1: Haquira East and West Resource Estimation Divisions.

Exploration on the Haquira property by PD Peru and Antares has been successful in revealing the existence of a porphyry-copper-type system with primary (hypogene) values in Cu, Mo, and Au of potential economic interest. Secondary (supergene) copper mineralization of economic interest has been successfully defined on the property by drilling. Significant potential exists for expanding the metals inventory in primary and secondary porphyry-style mineralization, with potential for copper-bearing skarns as well. The Haquira East resource estimate presented in Section 12 of this report, only utilized data up to and including drill hole AHAD-120. The geologic and assay data from the subsequent drill holes were not available for inclusion at the time of the resource estimate.

Table 1: Haquira Mineral Resources – Indicated Category.

Table 2: Haquira Mineral Resources – Inferred Category.

The methods used by Antares and contractors for drilling, sampling, prepping and assaying of copper mineralization are of adequate quality for preparation of a database for mineral resource estimation. The Haquira drill hole database has been verified to be of sufficient density and reliability to estimate mineral resources. Standard estimation methodologies consisting of a detailed three-dimensional geologic model and a revised mineral zone assignment coupled with a kriged block model yielded an estimate of significant tonnages of potentially leachable and primary copper mineralization. Figures 88 to 93 show two (2) representative cross sections and one (1) level plan of the resource models for CuT(%) and Mo(%).

Figure 2: Haquira East section 1900NW CuT(%) resource model.

Figure 3: Haquira East section 1900NW Mo(%) resource model.

Figure 4: Haquira East section 2200NW CuT(%) resource model.

Figure 5: Haquira East section 2200NW Mo(%) resource model.

Figure 6: Haquira East level plan 3800m CuT(%) resource model.

Figure 7: Haquira East level plan 3800m Mo(%) resource model.

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.