Antares Mining and Exploration Corporation: Exploration Results Enhance Economic Potential of Ojolali Property.

TORONTO--(BUSINESS WIRE)--Oct. 6, 1997--Antares Mining and E(TSE:ANZ) Antares wishes to announce that the potential of the 2,244 hectare Ojolali property to host economic mineralization has been enhanced by encouraging scout drill results from the following zones. Antares' interest in the Sumatra, Indonesia Ojolali property is 76.5 percent while the carried interests of Coleville Resources Limited (CLL-ASE) and Indonesian partners are 13.5 percent and 10 percent, respectively.

JAMBI ZONE

A deep auger soil sampling program, which collected weathered bedrock material, has resulted in extensive and consistent gold, arsenic and antimony geochemical anomalies which are considered to be the expression of sub-surface precious metal mineralization. The soil auger geochemistry, geological mapping and channel sampling at Jambi has identified a target zone in excess of 1,000 metres in length and 600 metres wide at the centre, with the anomaly open to the north east and south west. To date, the anomaly has been drill tested over 350 metres of strike which has confirmed the existence of wide zones of gold and silver mineralized oxidized volcanics. The results obtained so far are very encouraging for the definition of a large tonnage, heap leachable gold resource. Assays are as follows: -0-

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Hole #     Interval  Width   Gold      Silver   Gold Equivalent
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           (metres) (metres) (g/tonne) (g/tonne)   (g/tonne)
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JDH001       7 - 92   85      1.18      6.0        1.27
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JDH002      10 - 74   64      1.68      6.0        1.77
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JDH003       9 - 87   78      1.53     14.0        1.73
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Gold equivalent equals Gold value plus silver value divided by 70.

Holes JDH004 and JDH005 returned similar grades over shorter intervals. A preliminary polygonal resource calculation, based on drilling conducted thus far on the Jambi zone, infers a resource of approximately 1,900,000 tonnes with a gold equivalent grade of 1.57 grams per tonne, assuming a bulk density ratio of 2.2 tonnes per cubic metre.

SOUTH TAMBANG

The scout drill active on the South Tambang zone has intersected a significant 6.4 to 28 metre thick quartz sulphide vein which assayed as follows:

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Hole #     Interval  Width   Gold      Silver   Gold Equivalent
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           (metres) (metres) (g/tonne) (g/tonne)   (g/tonne)
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RTH002       6 - 14    8      0.42      308        4.82
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RTH003      31 - 40    9      0.94      300        5.23
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RTH004 (1)  84 - 90.4 6.4     0.32      105        1.82
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RTH005      10 - 31   21      0.47      189        3.17
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RTH006      42 - 70   28      0.88      231        4.17
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(1) hole ended in mineralization

Some base metal values were present in all holes.

The South Tambang vein strikes north/south and dips consistently at 50 degrees west. RTH002, RTH003 and RTH004 were all drilled on the same section and prove the vein persists from surface, down-dip for at least 100 metres. While drilling has tested the Tambang vein over a strike length of 100 metres, the vein has been well mapped over 800 metres and yet to be confirmed correlations with other vein outcrops suggest a possible strike potential of 2.4 kilometres. The widths, continuity and grade of the South Tambang vein are deemed to be very encouraging. A systematic drill program is being implemented at South Tambang initially involving three holes per section. A second drill has now been deployed at the South Tambang zone and a third is being mobilized.

Drilling results to date on the South Tambang zone infer a resource of approximately 1,000,000 tonnes with a gold equivalent grade of 3.87 grams per tonne, assuming a bulk density ratio of 3.0 tonnes per cubic metre. The vein thickness, moderate dip and topographic position of the mineralization, together with the competent nature of the wall rocks, would be advantageous in the event of open cut mining at South Tambang. Metallurgical sampling holes will be drilled shortly.

BATU KUNING ZONE

Promising quartz carbonate veining has been intersected with the following results.

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Hole    Interval  Width    Gold    Silver  Gold Equivalent
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number  (metres)(metres)(g/tonne)(g/tonne)  (g/tonne)
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BKH003    1-4      3.0     1.54     71      2.55
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         24-27     3.0     1.81     29      2.22
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BKH005  9.4-10.6   1.2    111.5     42     112.1
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BKH007   87-91     4.0     4.72     38      5.26
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BKH009   92-96     4.0     5.45      8      5.56
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BKH010   42-65    23.0     1.80     23      2.13
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Holes BKH002, BKH004 and BKH006 returned either lower grades or shorter intervals.

The structural controls on the mineralization at Batu Kuning are complex and some of the veins intersected in the drill holes have no known surface expression. This makes it difficult, at this stage, to define strike and depth potential although geological mapping has defined extensive, multiple zones of vein over a north south distance of at least 1,000 metres. The drill intersections obtained thus far are encouraging in the pursuit of epithermal vein style mineralization.

KRESNA AREA

Geological mapping at Kresna has identified three mineralized areas with promising gold and silver values from outcrop sampling. The mineralization occurs in veins, vein breccias and well developed quartz-pyrite stockworks. Visible gold encountered at the Way R zone is considered to be of hypogene origin suggesting that the elevated gold values are derived from a primary hydrothermal source, enhancing the potential for mineralization persisting to depth. Preliminary assays from samples collected from the Way Kemiling zone are also very encouraging, with elevated (greater than 1 g/t) gold values from discontinuous sampling over a width in excess of 40 metres.

The Way Kemiling and Way R zones are over 400 metres apart and are aligned northeast, which is the dominant mineralization trend at Ojolali. Between these prospects is an elongated accumulation of vein breccia boulders trending northeast, which supports the correlation between the Way Kemiling and Way R zones and the northeast trend of the zone as a whole. The potential target at Kresna is therefore interpreted as being in excess of 400 metres long and 40 metres wide with good depth potential and is considered an exciting exploration target. Further mapping and completion of a soil auger program will be completed prior to drill testing this promising target.

AEROMAGNETIC STUDY

The contour maps arising from the recently completed aeromagnetic study of the Ojolali property have recently been received and initial interpretations are currently underway. Preliminary interpretations indicate that all known mineralization on the property occurs in a similar magnetic environment and this will facilitate future targets selection based on their magnetic signature. Earlier drilling conducted on the Kencur and C1 zones detected little significant mineralization and the programs on these zones have been suspended pending reinterpretation of the drill results and new information available from the aeromagnetic study.

CONCLUDING REMARKS

The same ownership interests which exist with respect to the 2,244 hectare Ojolali property also prevail with respect to a surrounding 29,700 hectare property. No exploration work has been conducted on the surrounding property by Antares to date, however, this area was included in the recently completed aeromagnetic survey.

Preliminary results of the aeromagnetic study, combined with exploration results to date have enhanced the potential of the Ojolali property to host economic precious metal mineralization. An exploration team of over 70 persons are currently engaged on the property. Including the second drill on the South Tambang zone, there are now four drills active on the property and a fifth is being mobilized. Approximately 4,300 metres of drilling have been completed to date. The Ojolali property is serviced by road and trail access and a full sized exploration camp exists, including housing and helicopter pads.

Strathcona Mineral Services Limited of Toronto, Consulting Geologists, have been engaged by Antares to audit drill results from Antares' exploration properties on an annual basis and report thereon to the company's board.

Maps of the drilling programs on the various Ojolali zones are available on request.

In addition to its interest in the Ojolali gold and silver property, Antares has a 24.75 percent beneficial interest in Rappa Holdings (Proprietary) Ltd., a South African based gold recovery operation; a 38.6 percent interest (being negotiated to a 49 percent interest) in the producing Lady Lina gold mine in Zimbabwe; a joint venture interest with AGC Americas Gold Corporation (AGA- VSE) in AGC's 235 square kilometre promising Toodogggone properties in north central British Columbia, as well as over $11,000,000 in cash. -0- NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVE THE INFORMATION CONTAINED HEREIN.

CONTACT: Antares Mining and Exploration Corporation

Dennis Gray, 416/861-9940

416/861-0057 (FAX)

or

Antares Mining and Exploration Corporation

Robert Yeoman, 416/861-9940

416/861-0057 (FAX)