Aggressive Drill Program Funded at Rio Grande, NW Argentina

April 17, 2007 - Waterdown, Ontario - Antares Minerals Inc. ("Antares" or the "Company", ANM.TSX-V) and its joint venture partner, Mansfield Minerals Inc. ("Mansfield", MDR.TSX-V), have executed a vesting agreement whereby Antares will undertake to vest its 50% interest in the Rio Grande property by completing US$3,375,000 in exploration expenditures and issuing a further 300,000 shares of Antares to Mansfield on or before September 30, 2007.  Antares has spent approximately US$2,700,000 on Rio Grande to date pursuant to the terms of the Letter of Understanding between the two companies dated June 30, 2004.

In addition, Mansfield will subscribe for 3 million treasury units of Antares at $1.75 per unit ($5,250,000), each unit consisting of one common share and one-half of a common share purchase warrant, with each full warrant exercisable at $2.25 for one year.  At the same time, Mansfield will issue to Antares, 3 million war rants exercisable at $4.00 for one year (the "Initial Mansfield Warrants") and a further 1.5 million warrants exercisable at $4.75 per share for a period of two years, subject to the Initial Mansfield Warrants being exercised. In consideration of Mansfield subscribing to the private placement and granting the warrants to Antares, Antares has agreed to spend an additional US$375,000 to earn a 50% interest in Rio Grande and to forfeit its right to acquire a further 10% interest in the property by spending an additional US$1,500,000 on the property and Mansfield has released Antares from its obligation to make further cash payments of $375,000 and issue an additional 300,000 common shares to Mansfield, all as contemplated in the LOU.

Subsequent to the closing of the above private placement, Mansfield and Antares plan to commence a 15,000 m drilling campaign at Rio Grande with Antares funding the program until the completion of its US$3,375,000 vesting obligation.&nb sp; Thereafter, the parties will fund the completion of this and subsequent programs on a 50/50 joint venture basis with Antares as operator.

The above transactions are subject to regulatory approval.

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 shares many geologic similarities with 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 and anomalous surface copper and gold soil geochemistry. Exploration to date has focused on the better exposed Discovery and Sofia zones along the south-eastern portion of the system. Drilling and trenching in these areas has defined a copper-gold mineralized zone 1500 m long, 80-200 m wide, with a minimum depth of 200 m. Mineralization remains open in both directions along strike and to depth. An extensive trenching program completed by Antares earlier this year was successful in identifying additional drill targets on the property.

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. Antares' has recently completed an extensive drilling program at its most advanced project, the Haquira SX-EW copper project in south-central Peru, immediately adjacent to the Las Bambas Project of Xstrata Copper. The Haquira project hosts an inferred mineral resource, 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 only). See Antares press release dated February 14, 2006. An additional 97 drill holes were completed in late 2006 and an updated resource estimate will be completed in the second quarter of 2007. Antares has an option to acquire a 100% interest in the Haquira project from Minera Phelps Dodge del Peru S.A.C. Antares is also explor ing the Rio Grande copper-gold porphyry project in NW Argentina pursuant to an option/joint venture agreement with Mansfield Minerals Inc.

For further information: please visit our website at www.antaresminerals.com or contact:

Antares Minerals Inc.:
John Black, President and CEO
(720) 514-9036 office
(303) 618-7797 cellular
john.black@antaresminerals.com

or

Mark Wayne, CFO
(403) 705-4968

RENMARK FINANCIAL COMMUNICATIONS INC.
JOHN BOIDMAN: BOIDMAN@RENMARKFINANCIAL.COM
JASON ROY: JROY@RENMARKFINANCIAL.COM
MEDIA - EVA JURA: EJURA@RENMARKFINANCIAL.COM 
TEL.: (514) 939-3989
FAX: (514) 939-3717
WWW.RENMARKFINANCIAL.COM. 

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