Antares Mining And Exploration - Pre-Feasibility Study Commences On Jambi Zone Of Ojolali Property.TORONTO--(BUSINESS WIRE)--July 28, 1998--Antares(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :ANZ ANZ Australia and New Zealand ANZ Australia and New Zealand Banking Group Limited ANZ Air New Zealand (NZ national airline) .) Antares is pleased to announce the commencement of a pre-feasibility study on the Jambi zone of its 76.5 percent owned 32,004 hectares Ojolali property in southern Sumatra, Indonesia. Two drills are currently working on the Jambi zone with the objective of advancing the existing preliminary resource on this zone to the proven category. The preliminary resource estimate at the Jambi zone, utilizing a marginal gold equivalent cut-off cut-off Anesthesiology The point at which elongation of the carbon chain of the 1-alkanol family of anesthetics results in a precipitous drop in the anesthetic potential of these agents–eg, at > 12 carbons in length, there is little anesthetic activity, grade of one gram per tonne, is as follows: -0- Tonnage Grams Gold Per Tonne Grams Silver Per Tonne 2,494,922 1.96 16.0 -0- The above preliminary resource estimate is primarily based on the completion of 31 diamond drill holes totalling 3,256 metres on the Jambi zone. A 58 hole infill drilling program is now underway on 25 metres spacing, of which 14 holes involving 838 metres of drilling have already been completed. A metallurgical testing program is also underway aimed at determining the expected precious metal recovery. The Indonesian Ministry of Mines has agreed in principle to grant a single COW on the entire 32,004 hectares of the Ojolali property. Antares wishes to express its appreciation to the Indonesian Ministry of Mines for its cooperation and looks forward to making an important contribution to the economy of southern Sumatra through the development of commercial precious metal deposits in that region. The granting of the COW agreement in principle on the Ojolali property has enabled Antares to apply for a SIPP See SIP. SIPP - Single Inline Pin Package license on the property and following the grant of the SIPP, Antares plans to begin preliminary exploration on the hitherto unexplored 29,760 hectares portion of this property which is over thirteen times as large as the 2,244 hectares area of the property where its activities have thus far been confined. In addition to Antares' 76.5 percent ownership of the Ojolali property, carried interests in the property are held by Coleville Resources Limited (CLL-ASE) and Indonesian partners of 13.5 percent and 10 percent, respectively. The Jambi zone is a prominent conical conical /con·i·cal/ (kon´i-k'l) cone-shaped. con·i·cal or con·ic adj. Of, relating to, or shaped like a cone. or hill feature located in the north east quadrant of the Ojolali property. Antares' attention was first drawn to this zone by the presence of auriferous au·rif·er·ous adj. Containing gold; gold-bearing. [From Latin aurifer, gold-bearing : aurum, gold + -fer, -fer. rubbly scree on the slopes of the hill. The location of this zone within a hill suggests a potential favourable stripping ratio. Gold at the Jambi zone is hosted in brecciated brec·ci·ate tr.v. brec·ci·at·ed, brec·ci·at·ing, brec·ci·ates To form (rock) into breccia. brec , oxidized oxidized having been modified by the process of oxidation. oxidized cellulose see absorbable cellulose. and argillically altered volcanic breccias and tuffs. The best grades are encountered above the base of oxidation suggesting supergene su·per·gene n. A group of closely linked genes occupying a large chromosomal segment and frequently functioning as a genetic unit. enrichment of leaner protore. Geological mapping to the north and east of the Jambi zone has revealed similar geologic phenomena which, with more detailed investigation, may add to the presently outlined resource. Assuming positive outcomes to the Jambi pre-feasibility study and to a subsequent full feasibility study The analysis of a problem to determine if it can be solved effectively. The operational (will it work?), economical (costs and benefits) and technical (can it be built?) aspects are part of the study. Results of the study determine whether the solution should be implemented. , Antares' strategy is to utilize part of the proceeds from the sale of its interest in Rappa Holdings (Proprietary) Limited to bring the Jambi zone to production in a debt free manner. The sale of Rappa is expected to close during the first week of October yielding approximately $3.1 million in cash and marketable securities Marketable Securities Very liquid securities that can be converted into cash quickly at a reasonable price. Notes: Marketable securities are very liquid as they tend to have maturities less than one year, and the rate at which these securities can be bought or sold has to Antares. Assuming the Jambi zone is economic, the recoverable gold could be mined over an approximately two year period. Part of the cash flow therefrom would be made available to further develop the property, including additional work on the Tambang zone, which contains the following preliminary resource identified to date: -0- Cut Off Gold Grams Gold Grams Silver Equivalent Grade Tonnage Per Tonne Per Tonne 1.0 gram 9,876,192 0.61 109 2.0 grams 4,067,462 0.73 192 -0- Recent drilling completed at the Batu Kuning zone, prior to the transfer of the drill involved to the Jambi zone, yielded the following results: -0- Hole Interva Width Grams Gold Grams Silver number metres metres Per Tonne Per Tonne BKH - 018 29 - 33 4 1.31 52 BKH - 019 19 - 21 2 1.31 227 BKH - 020 68 - 72 4 3.78 113 BKH - 021 166 - 168 2 12.25 2,245 BKH - 022 37 - 38 1 2.42 4 -0- Further drilling at Batu Kuning has been deferred until such time as the infill program at Jambi is completed. In addition to its ownership in an operatorship of the Ojolali property, Antares has a 37 percent interest in the producing Lady Lina gold mine in Zimbabwe; an approximate 39.6 percent interest in the Toodoggone property in north central British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography ; and a $2,000,000 investment in Steppe steppe (stĕp), temperate grassland of Eurasia, consisting of level, generally treeless plains. It extends over the lower regions of the Danube and in a broad belt over S and SE European and Central Asian Russia, stretching E to the Altai and S to Gold Resources Ltd. (SPE-VSE). No Stock Exchange, Securities Commission Or Other Regulatory Authority Noun 1. regulatory authority - a governmental agency that regulates businesses in the public interest regulatory agency administrative body, administrative unit - a unit with administrative responsibilities Has Approved Or Disapproved The Information Contained Herein.
CONTACT: Antares Mining and Exploration
Dennis Gray, 416/861-9940
www.antaresmining.com
or
Antares Mining and Exploration
Peter Southward, 416/861-9940
www.antaresmining.com
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