Resource Estimates

Results

 - Resource Estimates

On February 14, 2006, Antares Minerals Inc. announced an updated independent, NI 43-101 compliant, inferred mineral resource estimate for the Haquira leachable(1) copper project, at a 0.3% total copper cut-off grade, of 156.3 million tonnes grading 0.49% copper amenable to SX-EW processing (leachable copper oxides and secondary sulphides). This represents a 29.7% increase in tonnage, with no significant change in copper grade, from the initial estimate released by Antares Minerals Inc. in July, 2005 (see Table 1 below for detailed results). This updated estimate was prepared by Chlumsky, Armbrust, and Meyer L.L.C., (“CAM”) of Denver, Colorado, USA and incorporates 33 new drill holes (5,533 m) completed by Antares in November-December of 2005 (Antares news release of January 19, 2006). Mineralization remains open in several directions and since the release of this updated resource figure, five (5) additional drill-holes have been completed, none of which are included in the resource calculation.

The updated inferred mineral resource for leachable copper mineralization at a 0.2% total copper cut-off is 240.3 million tonnes grading 0.40% copper and at a 0.5% total copper cut-off is 54.2 million tonnes grading 0.68% copper. The majority of the higher grade mineralization occurs within the previously reported near-surface, higher-grade zone of leachable copper mineralization at the northern portion of the Haquira West zone (Antares news release January 19, 2006). All resources at Haquira are currently classified as inferred mineral resources due to the relatively wide average spacing of 200 m between drill holes.

Table 1: Inferred mineral resource estimate update for the Haquira project (cut-off grade(2) of 0.3% CuT)

Mineralization defined to date at Haquira is comparable in both grades and tonnages with many other SX-EW copper deposits that are currently in production or potentially near to production (see Table 2 below for comparisons).

¹ The term “leachable copper” refers to copper that can dissolved into a solution of dilute sulphuric acid (oxide mineralization) and bacteria (secondary sulphide mineralization) allowing the use of lower cost solvent extraction and electrowinning technology (SX-EW) as opposed to the higher cost flotation-concentration and smelting technology traditionally utilized for primary copper sulphide mineralization.

² The cut-off grades utilized for this communication were chosen to match those utilized at other similar stage projects and operating mines in Latin America.

³ The term “contained copper” refers to the total in situ amount of copper contained within the resource estimate and not the amount of copper that may be ultimately recovered during mining and processing.

Table 2: Comparison with other deposits(4) amenable to SX-EW processing

Mr. Robert Sandefur, P.E., Senior Geostatistician with CAM, and Mr. George A. Armbrust, PhD, CPG, Principal Geologist with CAM, both of whom are Qualified Persons as defined by National Instrument 43-101, prepared the resource estimate summarized in this press release. This estimate will be filed as a part of a Revised Technical Report for the Haquira Project, compliant with National Instrument 43-101, to be posted on SEDAR within 45 days.

The updated mineral resource estimate prepared by CAM utilized an inverse distance squared block model based upon assay results from 11,350 m (7,921 m reverse circulation, 3,429 m drill core) of drilling in 85 drill holes completed by Phelps Dodge in four drill campaigns during 2001-2003 and 5,533 m (4,189 m reverse circulation, 1,344.40 m drill core) in 33 drill holes completed by Antares in November-December, 2005. CAM also prepared the previous resource estimate reported by Antares in July, 2005 utilizing Phelps Dodge holes only. Assays were compiled into 5-meter bench composites with individual composite values capped at 1.8% total copper to avoid undue influence by local higher grades. The average spacing of drill holes in the mineralised zones at Haquira is 200 m and

⁴ This table presents publicly available mineral reserve and/or resource estimates, prior to production commencing, for copper deposits where SX-EW is the primary method of copper production. These estimates may not comply with current Canadian reporting standards and may have been compiled using geological information and cutoff grades that differ from those used in the estimate of the Regalito resource. Sources for deposit grade-tonnage data are as follows: Piedras Verdes – resource at 0.3% Cu cut-off, 43-101 Technical Report, Frontera website; Lomas Bayas – Data compilation by Jose Cabello, cut-off and classification not specified, SGA News, Vol. 8, January 2000; Carlota – mineable reserve from resource at variable cut-offs from 0.1-0.15% Cu, summary of 43-101 Technical Report provided on Quadra website; Regalito – resource at 0.25% Cu cut-off, summary of 43-101 Technical Report provided on Regalito website; El Tesoro – resource at 0.37% Cu cut-off, from Antafagasta PLC 2000 Annual Report; Gaby – mineable reserve from resource at 0.2%.

the average length of all 118 drill holes is 143 m with only 19 holes exceeding 200 m in depth. To assure that adjacent mineralised holes did not spread mineralisation below short holes where no data was available, CAM artificially added 100 m of barren material below each hole in the 2005 estimate. In some cases this appears to have unduly restricted the 2005 resource estimate, particularly for the primary copper sulphide resource. For the February 2006 estimate CAM relaxed this restriction on some of the new holes based on geological judgement.

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.