Antares Closes $5.25 Million Financing and Related Transactions with Mansfield

by John Black, ed.

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 completed the financing and related transactions as of 22 May 2007 that were announced on 16 April 2007. Pursuant to the terms of the Vesting Agreement dated April 16, 2007, Mansfield has subscribed for three 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. Mansfield has also issued to Antares, three million warrants 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.

Antares and Mansfield are planning a 15,000 metre drilling campaign at Rio Grande with Antares funding the program until the completion of its US$3,375,000 vesting obligation to earn a 50% interest in the property. Thereafter, the parties will fund the completion of this and subsequent programs on a 50/50 joint venture basis with Antares as operator. Antares has spent approximately US$2,700,000 on Rio Grande to date.

All securities issued pursuant to the above transactions are subject to a four-month hold period under applicable Canadian securities laws. The securities have not been, nor will they be registered under the United States Securities Act of 1933, as amended, or state securities laws and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons absent U.S. federal and state registration or an applicable exemption from the U.S. registration requirements. This release does not constitute an offer for sale of securities in the United States.

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 exploring the Rio Grande copper-gold porphyry project in NW Argentina pursuant to an option/joint venture agreement with Mansfield Minerals Inc.

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