AN Arena Minerals Inc

Antofagasta Gold Inc. ("Antofagasta" or the "Company") (TSX VENTURE:AN) has
commenced an exploration program on its recently optioned Pampas El Penon
property. The Property consists of seven separate blocks surrounding the El
Penon Gold Mine operated by Yamana Gold, including the land package immediately
to the west and north of the Pampa Augusta Victoria discovery veins (See Figure
1 below). Over 20 epithermal veins, with a cumulative strike length in excess of
10 km, have been identified on surface, some of which have been explored by
trenching and/or reverse circulation drilling by previous owners.


The work program will focus on the claims located immediately north and west and
north of Yamana Gold's Pampa Augusta Victoria project. These claim blocks
contain several north south striking silver - gold bearing epithermal quartz
veins identified on surface. The majority of these claims have not been fully
characterized or drilled, while those with limited reverse circulation drilling
only targeted near surface mineralization. In order to constrain the extent of
the strike length and potentially mineralized areas within the veins, the
Company plans to carry out additional mapping and sampling. In addition,
geophysical surveys will be conducted over the prospective areas, consisting
primarily of ground magnetic and CSAMT surveys. Once results of the surface
exploration program have been received, the Company intends to drill test the
higher priority targets within the claim blocks. 


In order to maximize the efficiency and minimize the costs, an exploration camp
is being installed on one of the claims blocks that will serve as a base for the
up-coming exploration program. 


Vernon Arseneau, Vice President of Exploration, commented "We are excited to
start work on the Pampas El Penon claim group. The quantity of north south
trending epithermal veins within such close proximity and parallel to a major
gold producing mine is encouraging. The fact that it has seen very limited
exploration only adds to this potential. With limited near surface exploration,
previous owners managed to identify several prospective veins and structures
with highly anomalous Ag-Au values that remain open along strike and at depth." 


The work program will focus on three areas:

Augusta Victoria West: the area hosts at least 13 north-south striking
mineralized structures with anomalous Ag-Au values that have been identified on
the claims immediately west of Yamana's Pampa Augusta Victoria developments
stage mine. These structures commonly extend for more than 500m along strike and
have seen very little exploration to date except for limited surface sampling
and shallow drilling down to 50m vertical. Sampling returned anomalous values of
trace elements in trenches along with Ag values up to 16.9 grams per tonne. 


Pan de Azucar: the area is located 11km north west of Yamana's El Penon mine and
contains an extensive NNW striking, five to ten meters wide quartz bearing
structure that has been delineated by trenching and mapping for over 600m. The
structure is anomalous in Ag (up to 13 grams per tonne) and Au (up to 1.2 grams
per tonne) and remains open along strike. Only eight short reverse circulation
holes were drilled on this structure, intersecting epithermal veins over 30
metres wide with anomalous gold and silver values. 


Agusta Victoria North: This claim block lies immediately north of Yamana's
property and on strike with the mineralized veins currently being developed. The
area has not seen any previous exploration. There is little to no outcrop on the
claims and the initial program will concentrate on ground geophysics aimed at
identifying structures under cover. A program of exploratory reverse circulation
drilling will follow once the geophysical surveys have been completed. 


The exploration potential of the Pampas El Penon property is considered
excellent and the fact that it has seen no deep exploration only adds to this
potential. With limited near surface exploration, previous owners managed to
identify several prospective veins and structures with highly anomalous Ag-Au
values that remain open along strike and at depth. 


Readers are cautioned that the assay and sampling results summarized above are
historical in nature and should not be relied upon.  


The technical and scientific aspects of this news release have been reviewed and
approved by Mr. Vernon Arseneau, P.Geo, who has been designated as a qualified
person pursuant to under NI 43-101. As the Vice President of Exploration of the
Company, Mr. Arseneau is not considered independent. 


On behalf of the Board of Directors of 

Antofagasta Gold Inc. 

William Randall, President, and CEO

Cautionary Note Regarding Forward-Looking Information: 

This press release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation. Forward-looking information
includes, but is not limited to, statements (express or implied) relating to
sampling results and/or the impact of such results with respect to the timing,
cost and/or amount of future exploration and development of any property, the
timing, cost and/or amount of future production, the future price of gold or
other minerals, the successful implementation of development plans at any of the
Company's properties and/or the future financial or operating performance of
Antofagasta, its properties and/or its projects. Generally, forward-looking
information can be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget", "scheduled",
"estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or
"believes", or variations of such words and phrases or state that certain
actions, events or results "may", "could", "would", "might" or "will be taken",
"occur" or "be achieved". Forward looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the Company, its
properties and/or its projects to be materially different from those expressed
or implied by such forward-looking information. Although the Company has
attempted to identify important factors that could cause actual results to
differ materially from those contained in forward-looking information, there may
be other factors that cause results not to be as anticipated, estimated or
intended. There can be no assurance that such information will prove to be
accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, readers should not place undue
reliance on forward-looking information. The Company does not undertake to
update any forward-looking information, except in accordance with applicable
securities laws. It should also be noted that mineral resources that are not
mineral reserves do not have demonstrated economic viability. 


Figure 1 - Location of Pampas El Penon Property - Northern Chile  

FOR FURTHER INFORMATION PLEASE CONTACT: 
Antofagasta Gold Inc.
William Randall
President and CEO
(416) 309-2697
wrandall@antofagastagold.com

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