Antares Invests in Steppe Gold Resources Ltd.

TORONTO--(BUSINESS WIRE)--June 9, 1998--(TSE:ANZ.) Antares wishes to announce an initial investment of $300,000 in Steppe Gold Resources Limited (VSE-SPE) through the purchase of a private placement of 1,500,000 treasury common shares of Steppe at $0.20 per share and 750,000 whole warrants. The purchase of this private placement provides Antares with an option to invest a further $1,700,000 in Steppe, on or before June 26, 1998 by acquiring a convertible debenture of Steppe. The Steppe debenture would be convertible into 7,727,273 Steppe common shares at $0.22 per share and 7,727,273 whole warrants of Steppe each entitling Antares to acquire an additional share of Steppe at $0.22 per share for a one year period. Alternately this debenture could be converted into an up to 20 percent share of Steppe's interest in the Mizek, Kosmurun, Akbastau project in Kazakhstan. If Antares does not exercise its option to invest in the Steppe convertible debenture the 750,000 whole warrants issued as part of theprivate placement would be cancelled.

Steppe's main focus is the development of mineral properties in Kazakhstan. Steppe's most advanced project is the open pit Mizek gold heap leach project which is expected to produce 80,000 ounces of gold in its first year of operation at a cash cost of approximately U.S.$120 per ounce. Following the recent completion of a bankable feasibility study, project financing of the Mizek property is at an advanced stage with a potential lender. Most of the Mizek site earthworks have been completed together with structural works related to a 100 person site accommodation complex. Steppe has additional low cost, open pittable, volcanogenic massive sulphide (VMS) deposits in Kazakhstan capable of near-term development, including the high grade Kosmurun, Akbastau and Abyz copper/gold/zinc deposits. The VMS deposits held by the company all outcrop on one of the world's most prolific VMS belts. Steppe has provided Antares with the attached summary of its VMS reserves and resources in Kazakhstan.

Antares views Steppe as a significantly undervalued opportunity and anticipates realizing substantial gain from its investment over time as Steppe develops its excellent asset base. The purchase of the Steppe debenture by Antares is subject to due diligence and regulatory approvals. Part of the due diligence on Steppe's reserves and resources will be conducted by Strathcona Mineral Services Limited.

In addition to its 76.5 percent interest in, and operatorship of, the 32,004 hectares Ojolali silver and gold property located in Sumatra, Indonesia, Antares has a 24.75 percent beneficial interest in Rappa Holdings (Property) Ltd., a South African based gold recovery operation; a 37 percent interest in the producing Lady Lina gold mine in Zimbabwe; and a joint venture interest with AGC Americas Gold Corporation (AGA-VSE) in the 31,335 hectares promising Toodoggone properties in north central British Columbia where Antares has operatorship. -0-

STEPPE GOLD RESOURCES LIMITED
Summary of Reserves and Resources

Project  Resource    Tonnes            GRADE              Steppe
         Category             Gold  Copper   Zinc  Silver Equity
                              g/t   Percent Percent  g/t Interact

---------------------------------------------------------------
                                                          Percent
Mizek
 Oxide    Proven and
          Probable
          Reserve   5,200,000  2.10                           59
 Oxide    Inferred
          Resource  2,000,000  1.56                           59
 Sulphide Inferred
          Resource  8,900,000  5.20    1.20                   59
                   ----------
                   16,100,000
----------------------------------------------------------------

Kosmurun
          Measured/
          Inferred
          Resource 19,100,000  1.10    3.37   1.00   20.00   100
          Inferred
          Resource  3,000,000  0.94    2.22   0.46   16.26   100
                   ----------
                   22,100,000

----------------------------------------------------------------
Akbastau
         Measured/
         Inferred
         Resource  9,300,000  0.56    1.77    1.09   15.20   100
         Inferred
         Resource 10,100,000  0.64    1.59    0.48   21.35   100
                  ----------
                  19,400,000
----------------------------------------------------------------
Abyz
          Proven and
          Probable
          Reserve   4,400,000  6.50    2.13   5.35   62.00    60
          Inferred
          Resource  4,730,000  2.35    1.11   1.78   23.97    60
                   ----------
                    9,130,000

-0-

No Stock Exchange, Securities Commission or Other Regulatory Authority has Approved or Disapproved the Information Contained Herein

    CONTACT:  Antares Mining and Exploration Corporation
               Dennis Gray, 416/861-9940
               Or visit our web site at www.antaresmining.com
               or
               Antares Mining and Exploration Corporation
               Peter Southward, 416/861-9940