TORONTO--(BUSINESS WIRE)--June 29, 1998--Antares Mining and E(TSE:ANZ.) Antares wishes to announce
that following satisfactory due diligence it has exercised its option to acquire a $1,700,000 convertible debenture of
Steppe Gold Resources Limited (VSE-SPE).
The Steppe debenture is convertible into 7,727,273 Steppe common shares at $0.22 per share and 7,727,273 whole
warrants of Steppe, each entitling Antares to acquire an additional share of Steppe for a one year period at $0.22 per
share.
Alternatively, this debenture can be converted into an up to 20 percent share of Steppe's interests in the Mizek,
Kosmuran and Akbastau projects in Kazakhstan. On June 9 Antares announced an initial $300,000 investment in
Steppe through the purchase of a private placement of 1,500,000 treasury common shares of Steppe at $0.20 per
share and 750,000 whole warrants entitling Antares to acquire 750,000 common shares of Steppe at $0.22 per share
for a one year period.
Steppe will use part of the proceeds from this debenture issue to advance the Mizek gold heap leach project through
the due diligence process associated with the Standard Bank Limited's proposed project financing facility. The
Mizek project is expected to produce 80,000 ounces of gold in its first year of operation at a cash cost of
approximately U.S.$120 per ounce. Part of the debenture proceeds will also be used to pay the initial property
acquisition payments relative to the Kosmuran and Akbastau copper/gold/zinc properties and to augment working
capital.
Antares views Steppe as a significantly undervalued opportunity and anticipates realizing substantial gains from its
investment over time as Steppe develops its excellent asset base. The investment in Steppe represents strategic
diversification by Antares into proven base metal reserves, with near term production potential, in a new
geographical area. In the case of the Mizek property, subject to financing, production is scheduled to commence in
1999. The debenture issue is subject to regulatory approval.
In addition to its Steppe investment, Antares has a 76.5 percent interest in, and operatorship of, the 32,000 hectares
Ojolali silver/gold property in Sumatra, Indonesia; a 37 percent interest in the producing Lady Lina gold mine in
Zimbabwe; and a joint venture interest with AGC Americas Gold Corporation (AGA-VSE) in the 31,335 hectares
Todoggone properties in north central British Columbia where Antares has operatorship. Antares also owns an
indirect 24.75 percent beneficial interest in Rappa Holding (Proprietary) Limited which it has agreed to divest for
pretax proceeds of approximately $3,400,000 as announced on June 23, 1998.
NO STOCK EXCHANGE, SECURITIES COMMISSION OR OTHER REGULATORY AUTHORITY HAS
APPROVED OR DISAPPROVED THE INFORMATION CONTAINED HEREIN.
CONTACT: Antares Mining and Exploration Corporation
Dennis Gray, 416/ 861-9940
416/ 861-0057 (FAX)
Or visit our web site at www.antaresmining.com or
Antares Mining and Exploration Corporation Peter
Southward, 416/ 861-9940
416/ 861-0057 (FAX)
Or visit our web site at www.antaresmining.com
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