Sep 04, 2009 09:00 ETAntares Retains Brisco Capital to Provide Investor Relation Services
WATERDOWN, ONTARIO--(Marketwire - Sept. 4, 2009) - Antares Minerals Inc. (TSX VENTURE:ANM) ("Antares") is pleased to announce that it has retained the services of Brisco Capital Partners Corp. ("Brisco") to provide investor relations services, subject to regulatory approval. Brisco will initiate and maintain contact with the investment community for the purpose of increasing awareness of Antares and its activities. Brisco takes a full service approach to investor relations and provides creative, effective results-driven investor relations programs for Canadian public companies.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We believe that our Haquira project represents one of the top copper discoveries in South America over the past few years. We are currently in the midst of a drill program to test for satellite deposits that could significantly increase the sizeable deposits that have already been outlined. Subsequent work will focus on advancing the project towards a fully integrated Preliminary Economic Analysis to understand better the full potential value of the project. We look forward to working actively with Brisco to communicate our story to the investment community so that the inherent value of Antares might be more fully appreciated".
Scott Koyich, President of Brisco Capital Partners Corp., commented as follows:
"We at Brisco are very bullish on the commodity cycle going forward. Antares is an undervalued copper company with a strong management team and with significant potential to grow from an impressive base. They are well-funded and are nearing the point in the exploration cycle where they will be an attractive target for acquisition. We are delighted to have the opportunity to bring this story to the attention of the investment community."
The term of the agreement between Antares and Brisco is for a 12-month period. Brisco will receive a monthly fee of $6,000 and will be granted 100,000 stock options with an exercise price of $1.35. The stock options will vest equally and quarterly over the first 12 months after issuance. The stock options expire at the earlier of 30 days after termination of the agreement, or two years from the date of issuance.
Haquira Project Highlights
- Very large porphyry Cu-Mo-Au discovery (see 43-101 resource table below) that presents an opportunity for both an SX-EW leach operation and a large primary sulphide mine with conventional flotation/concentration.
- Cu-Mo-Au mineralization recognized to date occurs in two zones; the Haquira East (HE) and Haquira West (HW) zones. Currently defined, 43-101 compliant resources for the project are listed below in Table 1. Mineralization remains open in several directions and the current drilling campaign will focus on testing the significant upside exploration potential for additional zones of mineralization.
(i) CuEQ equals Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag and US$10.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. Metallurgical recoveries and net smelter returns are assumed to be 100%. The formula used is as follows: CuEQ equals Cu% + (Au g/t x 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper Equivalent contributions are only applied to primary sulphide mineralization.
- The 43-101 compliant resources contain a total of 8.0 billion lbs Cu or 9.2 billion lbs Cu EQ utilizing a cut-off grade of 0.2% Cu for leachable resources and 0.3% Cu for primary sulphide resources.
- The current resource estimates utilize only the drilling up to drill hole AHAD-120. Additional drill holes that have been released after the completion of the current resources estimations include drill hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au - the best hole completed and Haquira to date (February 11. 2009).
- Antares announced a Preliminary Economic Assessment (PEA) for the near-surface SX-EW amenable portion of the Haquira project (see press release dated May 14, 2008). This study estimated that the known tonnage and grades of leachable copper mineralization are sufficient to support a 50,000 t/d SX-EW heap-leach operation that would produce an average of 109 million lbs of copper cathode for 11 years of mine life. The capital cost to construct the operation is estimated at US$301 million with a projected after tax IRR of 26.9% and an NPV (8% discount rate) of US$224 million utilizing a copper price of US$2.00. This PEA does not take into consideration any of the underlying primary sulphide mineralization.
- Antares can obtain a 100% interest in the principal Haquira portion of the project with one final payment of US$5 million to Minera Phelps Dodge del Peru by March 4th, 2010 (the Cristo de los Andes project is not subject to this agreement). Funds to make the payment have been reserved for this purpose.
- The Haquira project is located immediately adjacent to XSTRATA's Las Bambas project with ample opportunity for shared infrastructure.
- Antares has recently entered into a strategic relationship with the IFC, the member of the World Bank Group focused on private sector investments in developing countries (see press release dated May 13th, 2009).
- Antares is financially sound with current cash on hand of $16.5 million and no debt.
About the Haquira Copper Project, Peru
The Haquira project offers potential for a low-strip, low-cost SX-EW copper operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum mill/concentrator operation. The project is located contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project and consists of two blocks of property optioned under separate agreements as well as additional concessions acquired by Antares for a total of 20,635 hectares of area. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a 100% interest in the original Haquira project by completing optional payments totalling US$15 million over a five-year period (see Antares press release dated March 17, 2005). A total of US$10 million has been paid to date with the remaining US$5.0 million due on or before March 4, 2010. Antares also has an option agreement with Minera del Suroeste S.A.C. (MISOSA), a wholly owned subsidiary of Hochschiild Mining PLC, whereby Antares can acquire up to a 60% interest in the Cristo de los Andes project, located contiguous to, and immediately south of the Haquira project (April 28, 2008). Antares can acquire an initial 51% interest in the Cristo de los Andes project by completing 12,000 m of drilling, making US$1,050,000 in payments and granting MISOSA a production royalty of US$0.005/lb of Antares' share of copper production exceeding 500,000,000 lbs from the Cristo de los Andes Property. Antares also has the option to acquire an additional 9% interest in the project for a total of 60% by electing to complete a bankable feasibility study within five years.
About Antares
Antares is a successful mineral exploration company with highly experienced technical and management teams. The Company is focused on precious- and base-metal exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage. In addition to the Haquira Project in Peru, Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50 option/joint-venture basis with Pachamama Resources Ltd., a spin-off from Mansfield Minerals Inc.
For further information: please visit our website at www.antaresminerals.com.
All of Antares' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or prepared under the direct supervision of John Black, Antares' President, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies
Mineral resources do not have demonstrated economic viability and future in-fill drilling and scoping, pre-feasibility and feasibility studies will determine what percentage of the inferred resource can be placed into the mineable category. Antares is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue which may materially affect this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of Antares' plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Antares' operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Antares Minerals Inc.
John Black
President and CEO
Office: (720) 514-9036 or Cellular: (303) 618-7797
Email: john.black@antaresminerals.com
or
Antares Minerals Inc.
Mark Wayne
CFO
(403) 705-4968
Website: www.antaresminerals.com
or
Brisco Capital
Scott Koyich
(403) 262-9888
or
Brisco Capital
Gordon Aldcorn
(403) 262-9888
WATERDOWN, ONTARIO--(Marketwire - Sept. 4, 2009) - Antares Minerals Inc. (TSX VENTURE:ANM) ("Antares") is pleased to announce that it has retained the services of Brisco Capital Partners Corp. ("Brisco") to provide investor relations services, subject to regulatory approval. Brisco will initiate and maintain contact with the investment community for the purpose of increasing awareness of Antares and its activities. Brisco takes a full service approach to investor relations and provides creative, effective results-driven investor relations programs for Canadian public companies.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We believe that our Haquira project represents one of the top copper discoveries in South America over the past few years. We are currently in the midst of a drill program to test for satellite deposits that could significantly increase the sizeable deposits that have already been outlined. Subsequent work will focus on advancing the project towards a fully integrated Preliminary Economic Analysis to understand better the full potential value of the project. We look forward to working actively with Brisco to communicate our story to the investment community so that the inherent value of Antares might be more fully appreciated".
Scott Koyich, President of Brisco Capital Partners Corp., commented as follows:
"We at Brisco are very bullish on the commodity cycle going forward. Antares is an undervalued copper company with a strong management team and with significant potential to grow from an impressive base. They are well-funded and are nearing the point in the exploration cycle where they will be an attractive target for acquisition. We are delighted to have the opportunity to bring this story to the attention of the investment community."
The term of the agreement between Antares and Brisco is for a 12-month period. Brisco will receive a monthly fee of $6,000 and will be granted 100,000 stock options with an exercise price of $1.35. The stock options will vest equally and quarterly over the first 12 months after issuance. The stock options expire at the earlier of 30 days after termination of the agreement, or two years from the date of issuance.
Haquira Project Highlights
- Very large porphyry Cu-Mo-Au discovery (see 43-101 resource table below) that presents an opportunity for both an SX-EW leach operation and a large primary sulphide mine with conventional flotation/concentration.
- Cu-Mo-Au mineralization recognized to date occurs in two zones; the Haquira East (HE) and Haquira West (HW) zones. Currently defined, 43-101 compliant resources for the project are listed below in Table 1. Mineralization remains open in several directions and the current drilling campaign will focus on testing the significant upside exploration potential for additional zones of mineralization.
(i) CuEQ equals Copper Equivalent is calculated for intervals dominated by primary mineralization using US$1.50/lb Cu, US$500/oz Au, US$10/oz Ag and US$10.00/lb Mo and is not adjusted for metallurgical recoveries as these remain uncertain. Metallurgical recoveries and net smelter returns are assumed to be 100%. The formula used is as follows: CuEQ equals Cu% + (Au g/t x 0.4862) + (Mo% x 10.00/1.50) + (Ag g/t x 0.0077). Copper Equivalent contributions are only applied to primary sulphide mineralization.
- The 43-101 compliant resources contain a total of 8.0 billion lbs Cu or 9.2 billion lbs Cu EQ utilizing a cut-off grade of 0.2% Cu for leachable resources and 0.3% Cu for primary sulphide resources.
- The current resource estimates utilize only the drilling up to drill hole AHAD-120. Additional drill holes that have been released after the completion of the current resources estimations include drill hole AHAD-159 which intersected 937 m of 1.14% Cu, 0.034% Mo and 0.1 g/t Au - the best hole completed and Haquira to date (February 11. 2009).
- Antares announced a Preliminary Economic Assessment (PEA) for the near-surface SX-EW amenable portion of the Haquira project (see press release dated May 14, 2008). This study estimated that the known tonnage and grades of leachable copper mineralization are sufficient to support a 50,000 t/d SX-EW heap-leach operation that would produce an average of 109 million lbs of copper cathode for 11 years of mine life. The capital cost to construct the operation is estimated at US$301 million with a projected after tax IRR of 26.9% and an NPV (8% discount rate) of US$224 million utilizing a copper price of US$2.00. This PEA does not take into consideration any of the underlying primary sulphide mineralization.
- Antares can obtain a 100% interest in the principal Haquira portion of the project with one final payment of US$5 million to Minera Phelps Dodge del Peru by March 4th, 2010 (the Cristo de los Andes project is not subject to this agreement). Funds to make the payment have been reserved for this purpose.
- The Haquira project is located immediately adjacent to XSTRATA's Las Bambas project with ample opportunity for shared infrastructure.
- Antares has recently entered into a strategic relationship with the IFC, the member of the World Bank Group focused on private sector investments in developing countries (see press release dated May 13th, 2009).
- Antares is financially sound with current cash on hand of $16.5 million and no debt.
About the Haquira Copper Project, Peru
The Haquira project offers potential for a low-strip, low-cost SX-EW copper operation in southern Peru as well as a good opportunity for an underlying higher grade primary porphyry copper-molybdenum mill/concentrator operation. The project is located contiguous to, and immediately south of, Xstrata Copper's Las Bambas Cu-Au project and consists of two blocks of property optioned under separate agreements as well as additional concessions acquired by Antares for a total of 20,635 hectares of area. Antares has an option agreement with Minera Phelps Dodge del Peru S.A.C. to acquire a 100% interest in the original Haquira project by completing optional payments totalling US$15 million over a five-year period (see Antares press release dated March 17, 2005). A total of US$10 million has been paid to date with the remaining US$5.0 million due on or before March 4, 2010. Antares also has an option agreement with Minera del Suroeste S.A.C. (MISOSA), a wholly owned subsidiary of Hochschiild Mining PLC, whereby Antares can acquire up to a 60% interest in the Cristo de los Andes project, located contiguous to, and immediately south of the Haquira project (April 28, 2008). Antares can acquire an initial 51% interest in the Cristo de los Andes project by completing 12,000 m of drilling, making US$1,050,000 in payments and granting MISOSA a production royalty of US$0.005/lb of Antares' share of copper production exceeding 500,000,000 lbs from the Cristo de los Andes Property. Antares also has the option to acquire an additional 9% interest in the project for a total of 60% by electing to complete a bankable feasibility study within five years.
About Antares
Antares is a successful mineral exploration company with highly experienced technical and management teams. The Company is focused on precious- and base-metal exploration properties in Latin America that can be quickly and cost-effectively advanced to the discovery and production stage. In addition to the Haquira Project in Peru, Antares is also currently exploring the Rio Grande (Cu-Au porphyry) project in Salta Province of NW Argentina in a 50/50 option/joint-venture basis with Pachamama Resources Ltd., a spin-off from Mansfield Minerals Inc.
For further information: please visit our website at www.antaresminerals.com.
All of Antares' exploration programs and pertinent disclosure of a technical or scientific nature are prepared by, or prepared under the direct supervision of John Black, Antares' President, who serves as the qualified person (QP) under the definitions of National Instrument 43-101.
Antares' security, chain of custody and quality control is described on their website and can be reviewed at:
http://www.antaresminerals.com/bestpractices/samplingmethodologies
Mineral resources do not have demonstrated economic viability and future in-fill drilling and scoping, pre-feasibility and feasibility studies will determine what percentage of the inferred resource can be placed into the mineable category. Antares is not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing or other issue which may materially affect this estimate of mineral resources.
Certain disclosure in this release, including management's assessment of Antares' plans and projects, constitutes forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Antares' operation as a mineral exploration company that may cause future results to differ materially from those expressed or implied. Readers are cautioned not to place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Antares Minerals Inc.
John Black
President and CEO
Office: (720) 514-9036 or Cellular: (303) 618-7797
Email: john.black@antaresminerals.com
or
Antares Minerals Inc.
Mark Wayne
CFO
(403) 705-4968
Website: www.antaresminerals.com
or
Brisco Capital
Scott Koyich
(403) 262-9888
or
Brisco Capital
Gordon Aldcorn
(403) 262-9888
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