ANM Antares Minerals

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE
UNITED STATES. 


Antares Minerals Inc. ("Antares" or the "Company") (TSX VENTURE:ANM) is pleased
to announce the successful completion of the $6 million private placement with
International Finance Corporation ("IFC"), the member of the World Bank Group
focused on private sector investments in developing countries. The private
placement consisted of five million units at $1.20 per unit, each unit
consisting of one common share and three-quarters of a common share purchase
warrant. Each whole common share purchase warrant entitles IFC to acquire a
common share at an exercise price of $2.00 for a period of five years from
closing. If at any time following two years from the closing date, the Company's
common shares trade at $2.75 or higher for 30 days on a volume weighted-average
basis, the Company can give notice accelerating the expiry date of the warrants
to 60 days following the date of such notice.


Proceeds of the financing will be used to advance the Company's Haquira project
in Peru. The 2009 drill program is expected to commence this week. The initial
phase of the program will utilize four rigs and will test four new exploration
targets within the immediate area of influence of the known mineralization at
Haquira, including the adjoining Cristo de los Andes property that was optioned
last year from Southwestern Resources (since acquired by Hochschild Mining PLC).
All four of these exploration targets have the potential to add significant
tonnage to the already sizeable Haquira deposit (8.6 billion lbs contained Cu at
a 0.2% cutoff).


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. In addition to the Haquira
project in Peru, Antares is also currently exploring the Rio Grande (Cu-Au
porphyry) project in Salta Province of NW Argentina in a 50/50 joint-venture
basis with Pachamama Resources Ltd., a spin-off from Mansfield Minerals Inc.


The Haquira project offers potential for a low-strip, low-cost SX-EW operation
as well as a good opportunity for an underlying higher grade primary porphyry
copper-molybdenum deposit. Antares has an option agreement with Minera Phelps
Dodge del Peru S.A.C. to acquire a 100% interest in the Haquira project by
completing optional payments totaling US$15 million over a five-year period (see
Antares press release dated March 17, 2005). A total of US$10 million has been
paid to date with the remaining US$5 million due on or before March 4, 2010. 


Antares has announced an updated resource estimate (October 9, 2007) and
Preliminary Economic Assessment (May 14, 2008) for the near-surface, SX-EW
amenable portion of the Haquira project. This portion of the Haquira project
hosts an indicated resource of 133.7 million tonnes at 0.53% total Cu with an
additional inferred resource of 43.6 million tonnes at 0.44% total Cu (0.3%
total Cu cut-off, leachable secondary copper sulphide and oxide mineralization
only). This resource is projected to support a 50,000 t/d SX/EW heap leach
operation that will produce an average of 109 million lbs of copper cathode for
11 years of mine life. The capital cost to construct the operation was estimated
at US$301 million with a projected IRR of 26.9% and an NPV of US$224 million
utilizing a copper price of US$2.00/lb and a discount rate of 8%. 


Antares has also recently announced the first interim resource estimate for the
underlying primary Cu-Mo-Au mineralization at the Haquira East zone based upon
drill holes up to AHAD-120 (November 24, 2008). The Haquira East primary
mineralization includes an indicated resource of 147.9 million tonnes at 0.57%
Cu and 0.015% Mo, an inferred resource to a depth of 700m of 205.2 million
tonnes at 0.56% Cu and 0.014% Mo and an additional inferred resource below 700 m
depth of 99.4 million tonnes at 0.46% Cu and 0.008% Mo. Mineralization remains
open to depth and several directions laterally. Additional drill holes that have
been released after the completion of the interim resource calculation include
hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au -
the best hole completed at Haquira to date.


About IFC

IFC, a member of the World Bank Group, creates opportunity for people to escape
poverty and improve their lives. IFC fosters sustainable economic growth in
developing countries by supporting private sector development, mobilizing
private capital, and providing advisory and risk mitigation services to
businesses and governments. IFC's new investments totaled $16.2 billion in
fiscal 2008, a 34 percent increase over the previous year. For more information,
visit www.ifc.org.


This press release is not an offer of securities for sale or solicitation of an
offer of securities for sale in the United States. The Company's securities have
not been, nor will be, registered under the United States Securities Act of
1933, as amended, (the "US Securities Act") or state securities laws and may not
be offered or sold in the United States or to US persons absent registration
under the US Securities Act and state securities laws or applicable exemptions
from the registration requirements of such laws.


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. 


Antares' security, chain of custody and quality control is described on their
website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies 


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 the completion and closing of the
private placement, 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.

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