ANTARES MINING AND EXPLORATION CORPORATION ANNOUNCE CLOSED TRANSACTION.

TORONTO--(BUSINESS WIRE)--Feb. 26, 1997-- Antares wishes to announce that it has formally closed a transaction and concluded a definitive joint venture agreement with its joint venture partners Coleville Resources Limited and P.T. Kurnia Dwipa Kencana with respect to the acquisition by Antares of a 45% interest in the Ojolali gold property in the district of North Lampung, Lampung Province on the island of Sumatra in the Republic of Indonesia. Antares has paid U.S. $1,500,000 to P.T. Kurnia Dwipa Kencana and has placed the balance of the purchase consideration of 1.03 million Antares shares in escrow for Coleville Resources Limited.

In addition to the consideration outlined above, Antares has committed to fund the first U.S. $500,000 of exploration expenditures on the Ojolali property. Antares, as operator, has outlined a program of aerial geophysics, surface exploration, and drilling encompassing expenditures of CDN $1,700,000 on exploration on the Ojolali property in 1997 and CDN $3,300,000 in 1998.

Antares believes that the potential of the Ojolali property to host economic gold mineralization is exceptional. Assay results received from Antares due diligence on the Ojolali property are undergoing final plotting and interpretation and will be released shortly.

Antares owns a 43% interest in the producing Lady Lina gold mine in Zimbabwe as well as a current 24.75% beneficial interest in Rappa Holdings (Proprietary) Limited, a profitable and expanding gold recovery operation in South Africa. Negotiations are currently underway with the objective of Antares increasing its ownership in Rappa.

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

CONTACT: Dennis Gray

Chairman & CEO 

Robert Yeoman

Vice-President

Tel: [phone]