Antares Mining and Exploration Corp. Final Prospectus Receipted.

TORONTO--(BUSINESS WIRE)--July 17, 1997--Antares (TSE:ANZ) is please to announce that receipts were issued by the Ontario, British Columbia and Alberta Securities Commissions on July 16, 1997 for its final prospectus dated July 11, 1997 qualifying the distribution of 12,463,727 common shares of Antares issuable without additional payment upon the exercise of previously issued special warrants and the conversion of previously issued convertible debentures.

Total net proceeds of $21,483,618 were raised through the sale of the special warrants and the convertible debentures, of which $5,724,898 were used in February and June, 1997 in connection with the acquisition of a 45% interest in the Ojolali gold and silver property in Indonesia and in October 1996 to increase Antares' interest in Rappa Holdings (Proprietary) Ltd. of South Africa to 24.75%.

In addition to its 45% interest in and operatorship of the extensively mineralized Ojolali gold and silver property in Sumatra, Indonesia and its 24.75% beneficial interest in Rappa, a profitable South African based gold recovery operation; Antares owns a 37.7% interest in the producing Lady Lina gold mine in Zimbabwe. Negotiations are proceeding to increase Antares ownership of the Lady Lina mine to 49%. A wholly owned subsidiary of Antares recently purchased a private placement of 500,000 special warrants of AGC Americas Gold Corp. for $500,000 and has an option to acquire up to a 55% interest in AGC's mineral interests in the Toodoggone area of northern British Columbia. Antares also has over $13,000,000 in cash ($15,000,000 fully diluted). -0-

NOTE TO EDITORS: No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

CONTACT: Antares Mining and Exploration Corp., Toronto

Dennis Gray or Robert Yeoman, 416/861-9940

416/861-0057 (FAX)