Antares Mining and Exploration Corporation: Gold Equivalent Resource Approaches 1,000,000 Ounces At Ojolali Property.

TORONTO--(BUSINESS WIRE)--March 5, 1998--Antares Mining and E(TSE:ANZ.) Antares wishes to announce that the preliminary gold equivalent geological resource defined so far at its 31,644 hectares Ojolali property in Sumatra, Indonesia has increased to 950,021 ounces. This resource is based on the partial drilling of only two of the 34 known mineralized zones. To date 13,986 metres of core drilling have been completed.

TAMBANG ZONE

Drilling to date on the 2,900 metres long Tambang zone has defined a preliminary geological resource of 29,402,630 ounces of silver and 140,269 ounces of gold represented by 8,390,000 tonnes of quartz sulphide mineralization grading 0.52 g/tonne gold and 109 g/tonne silver. Using a 47:1 silver/gold conversion ratio, this results in a preliminary gold equivalent geological resource of 765,857 ounces. The value of silver contained in the resource identified to date far exceeds the value of gold with silver accounting for 82 percent of the gross precious metal value of the resource versus 18 percent for gold. The highest grade holes recorded since December included the following:

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Hole No.  Interval     Width   Gold      Silver  Gold Equivalent
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          (metres)   (metres) (g/tonne) (g/tonne)  (g/tonne)
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RTH 032   42.0 - 78.0  36.0     0.35       74          1.92
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RTH 039    6.0 - 18.0  12.0     1.03        6          1.16
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RTH 041   22.0 - 33.0  11.0     0.38       89          2.27
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RTH 042 117.0 - 166.0  49.0     0.31      108          2.61
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JAMBI ZONE

Based on drilling completed to date on the Jambi zone, a preliminary geological resource of 156,911 ounces of gold and 1,280,905 ounces of silver has been defined represented by 2,490,000 tonnes of oxidized mineralization grading 1.96 g/tonne gold and 16 g/tonne silver resulting in a gold equivalent resource of 184,164 ounces.

The highest grade holes recorded since December including the following:

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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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JDH 022    53 - 61        8     0.67     26.0          1.22
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JDH 026     3 - 8         5     1.71      1.0          1.73
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WUJUN ZONE

The Wujun zone is located approximately 1,000 metres to the west and parallel to the Tambang zone. Two of the first three holes drilled on the Wujun zone yielded the following promising results indicating that elevated silver values may also exist on this zone:

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Hole No.  Interval     Width   Gold      Silver  Gold Equivalent
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          (metres)   (metres) (g/tonne) (g/tonne)  (g/tonne)
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WUJ 001    31 - 46       15     0.43       53          1.56
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WUJ 003    85 - 96       11     1.22       49          2.26
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Based on the surface expression of the vein, Wujun presents an attractive target as it appears to have a strike length estimated at 2,500 metres with 1,300 metres thereof reflecting a significant geochemical signature.

KRESNA ZONE

The Kresna zone has been interpreted to be in excess of 500 metres long and 40 metres wide with good depth potential. The Kresna zone is considered an exciting prospect because it has radiometric and magnetic signatures suggesting that this zone is located adjacent to a large intrusive body. All six holes drilled to date on this zone have encountered mineralization, the highest grades attaching to the following holes:

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Hole No.  Interval     Width   Gold      Silver  Gold Equivalent
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          (metres)   (metres) (g/tonne) (g/tonne)   (g/tonne)
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KRS 003    74 - 78        4     2.35        5          2.46
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KRS 006    80 - 83        3     2.91      241          8.04
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CONCLUDING REMARKS

Two drill rigs are currently operating on the Ojolali property. These rigs are located at Tambang and Kresna. The mandate with respect to these drills is to concentrate on those areas of the property with the highest probability of adding shareholder value by increasing the resource base.

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.

Initial metallurgical test work relating to a prefeasibility study has been initiated on the Ojolali project. To date, Antares has spent approximately $9.5 million in cash and shares to acquire and explore the property. Antares believes it has been one of the most active Canadian exploration companies in Indonesia during the past year. Antares is greatly encouraged by the open pit potential of the Ojolali property resource base.

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.

Antares' senior management, including geological staff, will be present at Booth 2709 at the PDAC Convention at the Metro Toronto Convention Centre on March 10/11.

In addition to its 76.5 percent interest in, and operatorship of, the Ojolali silver and gold property, Antares has a 24.75 percent beneficial interest in Rappa Holdings (Proprietary) 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 28,748 hectares promising Toodoggone properties in north central British Columbia where Antares has now assumed operatorship. -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

Antares Mining and Exploration Corporation

Peter Southward, 416/861-9940

Or visit our web site at www.antaresmining.com