Antares Mining and Exploration Corp. announces program on Ojolali property.

TORONTO--(BUSINESS WIRE)--March 6, 1997--Antares and Coleville Resources Ltd. are pleased to announce that results from the surface exploration program completed to date on the Ojolali gold and silver property in the district of North Lampung, Lampung Province on the island of Sumatra in the Republic of Indonesia, indicate that the property has extensive gold and silver mineralization.

Results are summarized as follows:

Jambi Prospect --------------

The Jambi Prospect is a volcanic dome of intensely altered crystal tuffs rich in sericite, kaolinite and limonite (figure 1). The exposed hill top covers a 600 X 600 metre area.

The dome has been extensively channel sampled by Antares and previous operators on five circular levels up the hillside (figure 2). Numerous intervals of 0.5 grams of gold or better were identified on all levels and the best trench channel samples obtained by Antares are as follows:

Average over 62 Metres: 1.5 grams of gold per tonne

Average over best 18 metres: 2.8 grams of gold per tonne

Average over best 2 metres: 5.9 grams of gold per tonne

Channel sampling from a 48 metre long adit by Antares resulted in:

Average over 22 metres: 5.6 grams of gold per tonne

Batukuning Prospect -------------------

The Batukuning zone, a trend 1.5 kilometres long and 0.5 kilometres wide following the crest of Batukuning Hill hosts steeply dipping quartz veins and stockworks in silicified volcanics. Five surface samples taken by Antares from a high grade vein zone 0.5 metres wide returned the following assays:

Average: 7.8 grams of gold and 642.8 grams of silver per tonne

Best Values: 25.3 grams of gold and 1280 grams of silver per tonne

The Batukuning Prospect is viewed as a prime exploration target because of extensive artisinal workings, high grade potential and strike continuity. Antares believes that the potential for locating additional high grade zones in this area is excellent.

Kenkur Prospect ---------------

The Kenkur zone is a fault zone one kilometre long and 150 metres wide. A 600 metre long, well exposed section, of this zone has several ryholite domes of between 100 and 200 metres in diameter bounded to the south by a major fault. Significant artisinal worker activity takes place in this area.

Antares ie examining the bulk mining potential of this zone and has thus far identified an extensive stockwork vein system. Detailed profile trench sampling by Antares over the northern part of the mineralized structure returned the following:

Average over 57 metres: 0.19 grams of gold per tonne

Adjacent to the south, a series of 26 bulk samples, each weighing 25 to 35 kilograms from both stockwork and soprolitic wallrock averaged as follows:

Average: 0.9 grams of gold per tonne

Best Values: 2.6 grams of gold per tonne

While the Kenkur exploration data are still fragmentary, data to date are suggestive of a large low grade stockwork mineralized body with substantial tonnage potential. The bulk samples have been forwarded to Rappa's plant in South Africa to undergo leaching tests.

C-1 Prospect -------------

The C-1 Prospect is a high grade stockwork vein system approximately 200 metres by 100 metres in extent. Gold and silver mineralization is associated with thin pyrite and quartz veinlets in intensively silicified shallow dipping volcanic tuffs. Grab sampling conducted by Antares from an adit yielded the following results from seven samples:

Average: 4.4 grams of gold and 18.1 grams of silver per tonne

Best Values: 11.4 grams of gold and 39.0 grams of silver per tonne

Previous sampling of mine dumps in the C-1 are returned the following results from assays:

Average: 8.2 grams of gold and 47.9 grams of silver per tonne

Best Values: 46.0 grams of gold and 80.9 grams of silver per tonne

The C-1 prospect is a high priority exploration target because if forms part of an area 1,000 metres long and 500 metres wide containing numerous boulders of highly altered volcanics suggesting a large silicified dome. High grade vein mineralization contained in massive disseminations exist in formationally hosted systems indicative of mineralized stockwork.

Umpu Prospect -------------

The Umpu prospect is located within a silicified dome adjacent to a major fault. The prospect comprises a stockwork system with narrow high grade gold-silver mineralized veins up to 60 centimetres in width within hematite altered crystal tuffs.

The stockwork systems have been traced for a length of 100 metres and the area is strongly reminiscent of the C-1 Prospect. Five grab samples taken by Antares from artisinal workings yielded the following results:

Average: 9.4 grams of gold and 176 grams of silver per tonne

Best Values: 24.1 grams of gold and 97.5 grams of silver per tonne

In summary, the aforementioned work undertaken by Antares since mid-january and intermittent exploration conducted on the Ojolali property by others since the mid-1980's, confirms widely distributed gold and silver mineralization over a twenty five square kilometre area. Accordingly, future exploration work on the property will proceed as follows.

Regional exploration will include compilation and interpretation of all existing data. Work will include the completion of a topographic base map, geological mapping, soil geochemistry and a 200 metre spaced helicopter borne magnetic/radiometric survey on the entire 5 km X 5 km target zone.

Detailed prospecting of partially explored mineral showings will continue. Antares is optimistic that this work will lead to the discovery of additional zones.

Advanced exploration will be conducted simultaneously on the five targets discussed above and on any new significant targets. Advanced exploration work will include the establishment of a surface grid, further detailed trenching to bedrock, and an initial 10,000 metres diamond drilling program.

The cost of this work program for the joint venture is estimated at $2.0 million for 1997 and $3.3 million for 1998.

Antares has a 45% joint venture interest in the Ojolali property, Coleville Resources Limited (CLL.ASE) owns 45% and our Indonesian partner, P.T. Kurnia Dwipa Kencana owns 10%.

Antares also has a 43% interest int he 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 of Rappa. -0- NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

CONTACT: Antares Mining and Exploration Corp.

Dennis Gray or Robert Yeoman, Tel: [phone]

Fax: [phone]