Antares Minerals Appoints Arthur "Joe" Fernandez as Vice President Project Development
25 Maggio 2010 - 6:13PM
Marketwired Canada
Antares Minerals Inc. ("Antares") (TSX VENTURE:ANM) announces the appointment of
Arthur "Joe" Fernandez as Vice President, Project Development, effective June 1,
2010, subject to customary regulatory approval. Mr. Fernandez has more than 25
years of operating, engineering, and mine development experience in large-scale
copper projects and mines. Mr. Fernandez will assume responsibility for
coordinating feasibility and development programs for Antares Minerals as well
as assisting Mr. John Black, President/CEO, in communicating with Antares'
shareholders and other parties interested in participating in the development of
the Haquira copper project.
During his 17 year career with BHP Billiton, Mr. Fernandez served recently as
Manager of Mining Operations at the Pinto Valley Mine (Arizona), Director of
Planning for the Tintaya Mine (Peru), Manager Operating Excellence in BHP
Billiton (Melbourne) involved in peer review of capital projects and
benchmarking of operating mines and plants, and Chief Engineer for the San
Manuel Oxide Pit (Arizona). Mr. Fernandez's other industry positions include
Planning Manager at the Ray Mine (Arizona) operated by ASARCO; Project Manager,
Reclamation Services with Phelps Dodge (Arizona); and Mine Technical Manager for
the Johnson Camp Mine (Arizona). He holds a B.Sc. in Mining Engineering from the
University of Arizona.
John Black, President and CEO of Antares Minerals Inc. commented as follows:
"We are very pleased that Mr. Fernandez is joining Antares Minerals. His
extensive experience in the development and operation of large-scale copper
mines is an ideal complement to Antares' excellent geological exploration team.
His arrival is very timely as we begin the transition from advanced exploration
and discovery to project development at our flagship Haquira copper project.
The Haquira copper project is emerging as one of the largest and most attractive
undeveloped copper deposits held 100% by a junior exploration company. Mr.
Fernandez will be able to make immediate contributions as we finalize an
integrated preliminary economic analysis (PEA), or scoping study, of the Haquira
project. This PEA will incorporate both the secondary SX-EW and primary sulphide
zones that have been established to date at Haquira. We believe that this fully
integrated study of the proposed SX-EW/mill-concentrator operation will reveal
more fully the potential value of the Haquira project. We anticipate that the
PEA will be completed by the end of June and will lead directly into an
aggressive pre-feasibility study."
Antares has granted to Mr. Fernandez 300,000 options to purchase common shares
of the Company at an exercise price of C$2.22 per share for a five-year period,
subject to certain vesting provisions and pursuant to the Company's Stock Option
Plan. The grant of these options remains subject to customary regulatory
approval.
About the Haquira Copper Project, Peru
The Haquira project is located in southern Peru and offers excellent potential
for an initial low-strip, low-cost SX-EW copper operation with a subsequent
transition to a higher grade primary porphyry copper-molybdenum
mill/concentrator operation. Antares has recently announced an updated resource
estimate for the Haquira project (see press release of February 26th, 2010). The
estimate encompasses all the known mineralization at the Haquira East and
Haquira West deposits as well as the immediately surrounding areas (Potato Patch
zone), but does not reflect the mineralization recently discovered at the nearby
Cristo de los Andes prospect. It includes both the near-surface secondary
(leachable) copper mineralization as well as the underlying primary
(mill/concentrate) mineralization. This resource estimate utilizes all drilling
completed to date at the Haquira project (through drill hole AHAD-174).
Highlights from this interim resource estimate at a cut-off of 0.3% total Cu for
primary mineralization and 0.2% total Cu for leachable secondary mineralization
are as follows:
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Table 1. Mineral Resource Summary Haquira Project-All Zones - February 2010
----------------------------------------------------------------------------
Cu lbs Cu
Resource Tonnes Eq(1) Cu Mo Au Ag lbs Cu Eq(1)
Classification (millions) % % % g/t g/t (billions)(billions)
----------------------------------------------------------------------------
Primary Copper Mineral Resources (Mill/Concentrate) - 0.3% Cu cut-off
----------------------------------------------------------------------------
Measured 68.9 0.78 0.64 0.015 0.045 1.84 0.97 1.18
----------------------------------------------------------------------------
Indicated 285.7 0.75 0.63 0.014 0.044 1.78 3.93 4.74
----------------------------------------------------------------------------
Inferred 333.7 0.62 0.54 0.009 0.032 1.59 3.94 4.59
----------------------------------------------------------------------------
Secondary Copper Mineral Resources (leachable - SX/EW) - 0.2% Cu cut-off
----------------------------------------------------------------------------
Measured 59.4 0.52 0.52 0.68 0.68
----------------------------------------------------------------------------
Indicated 155.6 0.44 0.44 1.52 1.52
----------------------------------------------------------------------------
Inferred 72.2 0.41 0.41 0.65 0.65
----------------------------------------------------------------------------
Work is currently in progress to complete a preliminary economic analysis (PEA),
or scoping study, of the Haquira project. This PEA will incorporate both the
secondary SX-EW and primary sulphide zones that have been established to date at
Haquira. This fully integrated study of the proposed SX-EW/mill-concentrator
operation will reveal more fully the potential value of the Haquira project.
Completion of the PEA is scheduled for late June, 2010.
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 acquired or
optioned under separate agreements as well as additional concessions acquired by
Antares for a total of 20,635 hectares of area. Antares has fulfilled the terms
of an option agreement and acquired 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).
Antares also has an option agreement with Minera del Suroeste S.A.C. (MISOSA), a
wholly owned subsidiary of Hochschild 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 (see Antares press release dated April
28, 2008).
Additional information about the Haquira project is available on our website at
www.antaresminerals.com.
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.
(1) CuEQ = 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 = 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.
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 under the section on best practices - sampling methodologies.
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.
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