Antares acquires interest in Indonesian Gold property.

TORONTO--(BUSINESS WIRE)--Jan. 14, 1997--Antares wishes to announce that it has concluded an agreement to acquire a 45% joint venture interest in the Ojolali gold property in the district of North Lampung, Lampung Province on the island of Sumatra in the Republic of Indonesia. The Ojolali property consists of approximately 1,944 hectares currently held under KP Eksplorasi Claims. In addition to the Ojolali property, Antares has obtained an option to acquire a 45% joint venture interest with respect to a COW for which an application has been made and a reservation has been granted by the Indonesian government. This COW covers an area of approximately 29,760 hectares surrounding the aforementined Ojolali property.

To acquire its interest in the Ojolali property, Antares will pay to its joint venture partner Coleville Resources Limited, U.S.$1,500,000 in cash together with Can. $2,100,000 of Antares treasury shares. In addition, Antares will spend not less than U.S.$500,000 on exploration of the Ojolali property within six months of completing its legal and technical due diligence. The closing date for the acquisition of the interest in the Ojolali property is on or before the later of February 16, 1997 and the date of payment of U.S. $1,500,000 by Coleville to the Indonesian owners of the Ojolali property.

To exercise the option to acquire the COW interest, Antares must pay Coleville Can. $250,000 on or about July 31, 1997 and issue treasury shares to Coleville valued at Can.$ 1,000,000.

The Ojolali property consists of gold bearing hydrothermally altered, silicified rocks of former submarine volcanogenic origin, hosted in volcanic dome or silicified breccia bodies. The various prospects on the Ojolali property appear to be arranged in a broad rim of resurgent domes surrounding a central volcanic caldera structure approximately three kilometres in diameter. The Ojolali gold mineral system is currently viewed as a high temperature epithermal system where mineralization occurred during degassing and cooling of one or more magma chambers. While the mineral showings are currently raw exploration prospects, bulk tonnage open pit potential is believed to exist due to the extent, continuity and consistency of low grade mineralization, enhanced by albeit erratic high grade vein mineralization. The grade, width and length of mineralized zones are presently unknown, but data on hand attest to long strike length and continuity of silicified alteration trends. Extensive high grade artisinal workings exist on the property often associated with frequent hard rock outcropping.

The Ojolali caldera/resurgent dome area is notable for its widespread alteration which has transformed a shallow south-dipping volcaniclastic sequence into silicalites, bleached and propylitized rocks with only remnants of the original rock. The alteration, which extends beyond the property, is of such magnitude that Ojolali is reminiscent of major epithermal gold and silver camps such as Nevada's Round Mountain. The property is serviced by road and trail access and a full sized exploration camp exists, including housing, laboratory facilities and helicopter pads.

For a minimum period of five years following the closing date of this agreement, Antares will be the operator of the property. An experienced geological team has been assembled to work on the property.

The aforementioned agreement is subject to due diligence, including legal and technical, and board and regulatory approvals.

Antares owns a 43% interest in the producing Lady Line 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 under way with the objective of Antares increasing its ownership in Rappa. -0- NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.

Antares Mining and Exploration Corporation 151 Yonge St., Suite 1204, Toronto, Ontario M5C 2W7 [phone] [phone] (FAX)

CONTACT: Antares Mining and Exploration Corporation

Dennis Gray

Chairman & CEO 

Robert Yeoman

Vice-President

416/861-9940

416/861-0057 (FAX)