Antares Mining and Exploration Corporation.

TORONTO, Ontario--(BUSINESS WIRE)--May 7, 1997--Antares (TSE:ANZ.) wishes to announce that it has learned from The Standard Bank of South Africa that the Standard Bank's application to the South African regulatory authorities for permission to transfer a 22.25% beneficial interest in Rappa Holdings (Proprietary) Limited to Antares, was approved by the South African Registrar of Banks, however, has been declined in principle by the South African Reserve Bank on the grounds that the consideration to be provided by Antares consisted partly of Antares shares. Antares will continue to explore alternative approaches to increasing its interest in Rappa.

In addition to its existing 24.75% beneficial interest in profitable Rappa, Antares has a 45% interest in and operatorship of the extensively mineralized Ojolali gold and silver property in Sumatra, Indonesia, a 43% interest in the producing Lady Lina gold mine in Zimbabwe as well as over $17,000,000 in cash. -0-

NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

CONTACT: Antares Mining

Dennis Gray

Chairman & CEO 

Robert Yeoman

Vice-President

Tel: [phone]

Fax: [phone]