Antares to increase Rappa stake to 50%.

TORONTO--(BUSINESS WIRE)--March 18, 1997-- Antares is pleased to announce that it has signed an agreement with a subsidiary of The Standard Bank of South Africa Limited, under which Antares' beneficial interest in South African based Rappa Holdings (Proprietary) Limited, will increase from 24.75% to 50%.

In addition, negotiations are proceeding with the objective of Antares further increasing its Rappa ownership.

During the year ending March 31, 1998, Rappa's cash flow is expected to exceed CDN$10,000,000 from the recovery of approximately 100,000 ounces of gold. The expansion of Rappa's unique recovery technology to base and alloying metals should further enhance cash flow.

The purchase price includes a cash payment of CDN$3,700,000, the refinancing of CDN$1,200,000 of subordinated debt and 2.179 million Antares common shares. The transaction is subject to financing and regulatory approvals.

Rappa is a unique company worldwide, profitably recovering gold and other precious metals from a variety of host materials including conventional ore, wood chips and spent carbon. Rappa has further important expansion initiatives underway involving base and alloying metals using its unique recovery technology and is investigating opportunities to internationalize its operations. Operations are presently conducted from three plans and a fourth plant will be operational later this year.

In addition to Rappa, Antares has a 45% interest in a operatorship of the extensively mineralized Ojolali gold and silver property in Sumatra, Indonesia, as well as a 43% interest in the producing Lady Lina gold mine in Zimbabwe.

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

CONTACT: Dennis Gray

Chairman & CEO 

Robert Yeoman

Vice-President

Tel: [phone]

Fax: [phone]