Antare's First Deep Drill Hole Confirms Porphyry Cu-Mo-Au Discovery at Haquira East

380.65 m of 0.67% Cu including 94.70 m with 0.89% Cu

July 12th, 2007 (Waterdown, Ontario). Antares Minerals Inc. ("Antares"; ANM-TSX.V) is pleased to announce the results from the first hole of the current drilling program at the Haquira Project in southern Peru. The objective of the 5,000 m (minimum) program is to delineate recently discovered high-grade primary porphyry copper-molybdenum-gold mineralization beneath the secondary copper blanket at the Haquira East zone (see press release of July 3, 2007).

Diamond drill-hole AHAD-098A was completed to a depth of 613.55 m and is the first hole to test a significant proportion of the vertical extent of the Haquira East porphyry deposit. The initial 77.1 m of the hole consists of post-mineral colluvium. The remainder of the hole intersected monzonite porphyry with extensive sheeted and stockwork quartz veins and associated copper sulphide mineralization. The hole intersected 380.65 m with 0.67% Cu (0.3% Cu cut-off grade) which contains a higher grade interval of 94.7 m with 0.89% Cu. The hole terminated in lower grade (0.25% Cu) mineralization where a major fault was intersected which could not be safely traversed. Highlights of the copper grades encountered are listed in the table below (please refer to the Antares website at www.antaresminerals.com for drill-hole location maps, sections, and photos of drill core):

(*) Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.00/lb Cu, US$400/oz Au, and US$6.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. Metallurgical recoveries and net smelter returns are assumed to be 100%. The formula used is as follows: CuEQ = Cu% + (Au g/t x 12.86/22.05) + (Mo%  x 132.28/22.05).

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

"We are very pleased with the results from the first follow-up test of the Haquira East porphyry Cu-Mo-Au deposit. Copper mineralization has proven to be vertically extensive for at least 380 m (0.3% Cu cut-off) and the possibility for significant tonnage has increased notably. The intensity and pervasive nature of the porphyry-style sheeted and stockwork quartz veins and associated copper sulphide mineralization also indicate that we are well on our way to defining a major new porphyry copper-molybdenum-gold deposit.

The mineralized primary porphyry copper system at Haquira East (0.3% Cu cut-off) has minimum dimensions of 750 m by 450 m in plan view and remains open to the south where the current drill campaign is focussed. The second drill hole of this campaign is now underway and a second drill rig will be mobilized to site in the next few days. We look forward to providing additional results in the near future."

Discussion of Results

Drill-hole AHAD-098A was designed to test for the continuation of mineralization below the previously reported interval intersected at the bottom AHAD-097 (52.10 m with 1.10% Cu, 0.101% Mo, and 0.12 g/t Au - see press release of February 26, 2007).  AHAD-098A is located on the same drill section and 143 m to the NE of AHAD-097 and drilled to the SW (235 degrees) towards AHAD-097 at an inclination of -70 degrees so that it passed just below the bottom of AHAD-097 (please refer to the Antares website at www.antaresminerals.com for drill-hole location maps, sections, and photos of drill core). Drill-hole AHAD-091 is also located on the same drill section, 42 m to the NE of AHAD-098A and drilled in the same orientation. It only reached a depth of 152.55 m. The first attempt to complete the hole (AHAD-098) was lost at 111 m depth due to a poorly established collar. The hole was offset 3 m and re-drilled as AHAD-09 8A. The limited results from the aborted AHAD-098 drill hole are very similar to the upper portion of AHAD-098A.

AHAD-098A intersected 77.1 m of post-mineral colluvial cover prior to encountering monzonite porphyry with well developed sheeted and stockwork quartz veins and associated copper mineralization for the remainder of the drill hole. The uppermost 42.4 m of copper mineralization is characterized by in situ secondary copper oxides and sulphides but the remainder of the mineralization consists of primary copper and molybdenum sulphides. Bornite is locally abundant and associated with higher copper and gold grades. Molybdenite is associated with a distinctly later quartz vein set and overall molybdenum contents are lower than those encountered in AHAD-097. The drill hole was stopped in lower grade (0.25% Cu) mineralization at a depth of 613.55 m due to the presence of a major fault zone that presented difficult drilling conditions.

The second drill hole of the campaign (AHAD-099) is currently in progress and is located 100 m to the southeast of AHAD-098A and 160 m to the SW of AHAD-082.  Drill-hole AHAD-082 was drilled to a depth of 249.80 m and encountered 42.80 m with 0.97% Cu and 0.077% Mo at the end of the hole.  AHAD-099 is being drilled to the NE (055 degrees) in the direction of AHAD-082 with an inclination of -70 degrees so that it will pass below the previous drilling and test for continuity to depth.

The drilling contractor has purchased a new drill rig to meet their commitments to provide Antares with a second drill at Haquira.  The new drill has landed in Lima and is currently being mounted on a truck for mobilization to the project in the next few days.

About Haquira

The Haquira project offers potential for a low-strip, low-cost SX-EW operation in southern Peru with a good opportunity for an underlying high grade primary porphyry copper-molybdenum target.  The project is located contiguous to, and immediately south of, the Las Bambas Cu-Au district where Xstrata Copper has committed to invest US$121 million. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. ("Phelps Dodge") 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). Additional information about the Haquira project is available on our website at www.antaresminerals.com.

Based upon 118 drill holes previously completed by Phelps Dodge and Antares through December of 2005, the Haquira project hosts a 43-101 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^1,2 secondary copper sulphides and oxides only, see Antares press release dated February 14, 2006). A total of 97 additional drill holes have been completed in 2006 and are not included in the current resource calculation.  An updated independent resource estimate that completes the scoping phase of development is anticipated for delivery in late July 2007.

About Antares Minerals Inc.

Antares is a successful mineral exploration company with a highly experienced technical and management team. The Company is focused on 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 Haquira Project in Peru with Minera Phelps Dodge del Peru S.A.C., Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in Salta Province of NW Argentina in an option/joint-venture agreement with Mansfield Minerals Inc.

For more 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
www.antaresminerals.com     

Mark Wayne, CFO
(403) 705-4968

Broadgate Consultants, LLC
Alan Oshiki: aoshiki@broadgate.com
Tel: (212) 232-2354

Renmark Financial Communications Inc.
John Boidman: jboidman@renmarkfinancial.com
Jason Roy: jroy@renmarkfinancial.com
Media - Eva Jura: ejura@renmarkfinancial.com
Tel.: (514) 939-3989
Fax:  (514) 939-3717
www.renmarkfinancial.com

¹ "leachable" refers to the dissolution of copper into solution using sulphuric acid (secondary copper oxide mineralization) and bacteria (secondary copper sulphide mineralization) allowing the use of lower cost solvent extraction and electrowinning (SX-EW) technology as opposed to traditional flotation technology as the metallurgical extraction method.  SX-EW requires significantly lower capital investment and eliminates the costly need to produce copper concentrates that require off-site smelting.

² All sample intervals are analyzed for total copper content.  Those samples that contain greater than 0.1% copper are also subjected to a sequential leach analysis to determine the leachability of the copper in the sample.  The sequential leach analysis consists of a sulphuric acid-soluble analysis (simulates leaching of copper oxides) and a sodium cyanide soluble analysis (simulates the leaching of secondary copper sulphides).  The sum of the two analyses gives the soluble copper estimate, a preliminary approximation of the percentage of copper in the sample that can be leached and recovered by SX-EW processing.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

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. A section of the Antares website is dedicated to sampling, assay, and quality control procedures.

All diamond drilling at Haquira has been performed using HQ diameter core with recoveries averaging greater than 95%. Core is logged and cut with a diamond saw on site under the supervision of Antares geologists. Sampling is done on intervals varying from 1-3 metres. Reverse-circulation drilling at Haquira typically has recoveries averaging greater than 90% with some exceptions in areas of difficult drilling conditions. Reverse circulation drilling samples are routinely collected at 2 m intervals under the supervision of Antares staff. All samples are transported by Antares vehicles or contract transport, accompanied by Antares staff, to Arequipa, Peru for direct shipping to ALS Chemex Laboratories in Lima. The QC/QA program includes the insertion of control samples (known standards, blanks, and duplicates) comprising a minimum of 10% of each sample batch.

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.