Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

October 15, 2007 09:00 ET

Explorator Announces New Interpretation of Gold Results and Exploration Program to Define Gold Resource at El Espino-Venus

TORONTO, ONTARIO--(Marketwire - Oct. 15, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) has compiled drill results that have intersected significant gold mineralization from its Phase I and II drill programs. The results have been analyzed alongside historic gold workings and drill results from previous operators on the company's El Espino-Venus copper-gold project in Illapel, Chile.

"The abundance of gold intercepts from programs this year has convinced us to target gold mineralization as an additional strategic objective. We are studying the relationship of drill results with old gold mine workings and mineralized structures, with the objective of defining a gold resource in 2008," stated David O'Connor, President and CEO David O'Connor.

"This will be done in parallel with our ongoing copper resource definition drilling however we do not expect this work to be completed for the initial 43-101 Resource Estimate that will be prepared in Q1 2008 by Micon International (see Press Release dated September 20, 2007). While it has yet to be drilled, additional gold resource potential exists on the Venus portion of the project. The potential at Venus has been demonstrated through channel sampling programs and high-grade gold yielding from six small mining operations"(see press release dated September 17, 2007) O'Connor added.

Explorator has intersected significant gold mineralization across the El Espino portion of the project. To date, gold showings have been significant in the Ravanales, Rachel, La Viuda and Portugesas zones, and include:



- MXE-31 16m @ 1.22 g/t Au and 0.74% Cu
- MXE-47 6m @ 3.15 g/t Au and 0.25% Cu
- MXE-41 2m @ 70.8 g/t Au and 0.07% Cu
- MXE-25 1m @ 426 g/t Au and 0.91% Cu
- MXE-28 15m @ 1.13 g/t Au and 0.85% Cu
- MXE-08 6m @ 1.15 g/t Au and 9.08% Cu
- MXE-29 7m @ 1.13 g/t Au and 0.88% Cu

(See Tables A and C below for complete results)


Historic drill results from previous operators, whose drilling on the El Espino portion of the project totaled more than 13,700m, show many similar intercepts and include:



- DDE-05 2m @ 77.3 g/t Au and 0.11% Cu (North Ltd.)
- ESRC-03 2m @ 8.52 g/t Au and 0.05% Cu (RTZ)
- F-15 12m @ 2.23 g/t Au and 1.03% Cu (Rayrock)
- EDH-03 14.5m @ 1.45 g/t Au and 0.74% Cu (Teck-Cominco)

(See Tables B and D below for complete results. See Technical Report
filed on Sedar January 16, 2007.)


These gold intercepts appear to fall into two groups; one with a set of high gold values associated with high copper grades (Tables B and D) and another of high gold values with relatively low copper (Tables A and C). Some of the latter contain exceptional gold values and appear to be associated with the old gold mines in the area (Chon Chon, Rachel, Ravanales, La Viuda) and are plotted on the accompanying map.

Explorator management holds the opinion that these two types of mineralization are the result of two distinct events; an initial copper-gold mineralization followed by a secondary pulse of "gold-only" or "high-gold" mineralization. Explorator has received results during the 2007 drill programs that show some holes (including MXE - 09, MXE - 31, MXE - 37, MXE - 39, MXE - 60) have both "gold only" and "gold-copper" intercepts. It is management's theory that these holes demonstrate a later, gold-mineralizing event overprinted on the primary "gold-copper" mineralization.

Figure 2 presents a gold-distribution map showing drill intercepts in excess of 1g/t with thicknesses greater than 1m. Gold intercepts in meters are multiplied by the assay value in grams/tonne to give a number relative to the gold content of the hole. These values are tabulated and presented on the plan as circles relative to the gold value. Larger circles demonstrate higher gold values as tabulated. The map provides a representation of the gold distribution relative to old gold workings and mineralized structures.

Figure 2 demonstrates that holes in the vicinity of old gold mines have significant intercepts, including the La Viuda mine (DDE - 05 and EDH - 03), the Rachel and Chon Chon mines (MXE - 09, MXE - 25, and MXE - 41). The mineralized Portuguesas fault zone also has associated significant gold intercepts (MXE - 28, MXE - 29, and MXE - 31).

ABOUT EXPLORATOR RESOURCES INC.

Explorator Resources is a Canadian-based mining exploration company focused on building a strong position of copper-gold projects in South America. Explorator is initially concentrating its efforts in the mineral rich Cordillera de la Costa province in Chile. The Company's El Espino-Venus Project lies within this prolific copper-gold mineral area and is central to an important cluster of "Candelaria-style" copper-gold deposits. El Espino-Venus is located in the Illapel district, approximately 3.5 hours drive north of Santiago. The El Espino-Venus block covers 75 square kilometers and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.

REGULATORY FOOTNOTE

Mr. Michael Schuler, Explorator Resources' Vice President, Exploration is the "Qualified Person" as defined under the National Instrument 43-101 and is responsible for the scientific and technical work on Explorator's exploration program and is responsible for reviewing the technical disclosure in this news release. All analytical work has been completed by ALS Chemex of La Serena in Chile; ALS Chemex is a respected international analytical service which is accredited with NATA and complies with standards of ISO 9001:2000 and ISO17025:1999. They employ a variety of international standards for quality control purposes. Samples are transported from the project to the ALS Chemex laboratory in La Serena sample by Company personnel or a reputable commercial carrier. All analytical testing is performed utilizing a variety of industry standard analytical techniques, including: (1) ALS Analytical Code Au-ICP22 (Au 50g fire assay with ICP-AES finish), (2) ALS analytical code Au-GRA22 (Au 50g fire assay with a gravity finish), (3) ALS analytical code ME-ICP61 (33 element analysis using a four acid digestion and ICP-AES analysis), (4) ALS analytical code Cu-AA62 (ore grade copper analysis using a four acid digestion and an AAS finish. All diamond drill core is geologically logged, cut in half using a diamond saw and sampled by Company geologists in one (1) to three (3) meter sample intervals depending on visual grade estimates; the archive portion of the sample is securely stored at the company's core shed adjacent to the office in the town of Illapel.

The Company has initiated a QA/QC program consisting of utilizing standards, duplicate and blank samples and laboratory cross-checks and routinely repeats sample analysis.

FORWARD-LOOKING INFORMATION

Certain statements contained in this news release may contain forward-looking information within the meaning of Canadian securities laws. Such forward-looking information are identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and included, without limitation, statements regarding the company's plan of business operations, production levels and costs, potential contractual arrangements and the delivery of equipment, receipt of working capital, anticipated revenues, mineral reserve and mineral resource estimates, and projected expenditures. There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others, metal prices, risks inherent in the mining industry, financing risks, labour risks, uncertainty of mineral reserve and resource estimates, equipment and supply risks, regulatory risks and environmental concerns. Most of these factors are outside the control of the company. Investors are cautioned not to put undue reliance on forward-looking information. Except as otherwise required by applicable securities statutes or regulation, the company expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise.

To view an image of FIGURE 1 - EL ESPINO PROSPECT AREAS, please visit the following link: http://www.ccnmatthews.com/docs/exo1015a.jpg

To view an image of FIGURE 2 - GOLD DISTRIBUTION MAP, please visit the following link: http://www.ccnmatthews.com/docs/exo1015b.jpg



TABLE A
EXPLORATOR DRILLING "HIGH GOLD/LOW COPPER" VALUES

------------------------------------------------------
HOLE NO. INTERCEPT (m) WIDTH (m) Au g/t Cu%
------------------------------------------------------
MXE-01 178-180 2 3.18 0.44
------------------------------------------------------
MXE-03 270-272 2 2.39 0.28
------------------------------------------------------
269-272 3 2.05 0.21
------------------------------------------------------
MXE-17 84-86 2 4.21 0.40
------------------------------------------------------
MXE-19 41-44 3 2.47 0.07
------------------------------------------------------
63-64 1 5.67 0.39
------------------------------------------------------
78-79 1 4.93 0.45
------------------------------------------------------
124-125 1 4.69 0.07
------------------------------------------------------
MXE-25 74-77 3 5.69 0.10
------------------------------------------------------
108-109 1 426.0 0.91
------------------------------------------------------
MXE-31 30-32 2 3.49 1.22
------------------------------------------------------
44-46 2 3.98 0.33
------------------------------------------------------
30-46 16 1.22 0.74
------------------------------------------------------
MXE-32 40-42 2 1.09 0.17
------------------------------------------------------
MXE-37 38-40 2 1.94 0.44
------------------------------------------------------
68-70 2 5.02 1.77
------------------------------------------------------
MXE-39 46-48 2 3.20 4.33
------------------------------------------------------
72-74 2 8.24 0.36
------------------------------------------------------
MXE-40 32-34 2 2.95 0.24
------------------------------------------------------
MXE-41 88-90 2 70.80 0.07
------------------------------------------------------
MXE-47 56-62 6 3.15 0.25
------------------------------------------------------
MXE-60 68-69 1 3.52 0.25
------------------------------------------------------
113-114 1 1.13 1.69
------------------------------------------------------
140-141 1 1.36 0.83
------------------------------------------------------
MXE-80 44-46 2 5.08 0.26
------------------------------------------------------


TABLE B
HISTORIC DRILLING, PRIOR OPERATORS "HIGH GOLD/LOW COPPER" VALUES(ii)

-------------------------------------------------------------------
HOLE NO. INTERCEPT (m) WIDTH (m) Au g/t Cu% OPERATOR
-------------------------------------------------------------------
DDE-05 106-108 2 77.3 0.11 North Ltd.
-------------------------------------------------------------------
F-02 22-24 2 3.80 0.15 Rayrock
-------------------------------------------------------------------
ESRC-03 24-26 2 8.52 0.05 RTZ
-------------------------------------------------------------------
EDH-04 253.5-255.5 2 7.00 0.04 Teck-Cominco
-------------------------------------------------------------------
ERD-09 257-259 2 4.25 0.01 Teck-Cominco
-------------------------------------------------------------------


TABLE C
EXPLORATOR DRILLING "COPPER-GOLD" VALUES

------------------------------------------------------
HOLE NO. INTERCEPT (m) WIDTH (m) Au g/t Cu%
------------------------------------------------------
MXE-08 136-137 1 1.26 2.32
------------------------------------------------------
136-142 6 0.92 3.59
------------------------------------------------------
159-165 6 1.15 9.08
------------------------------------------------------
MXE-09 225-230 5 1.97 2.62
------------------------------------------------------
226-229 3 2.90 3.43
------------------------------------------------------
261-263 2 8.24 6.03
------------------------------------------------------
302-305 2 2.06 0.45
------------------------------------------------------
MXE-15 107-109 2 2.52 1.75
------------------------------------------------------
135-136 1 2.27 3.12
------------------------------------------------------
MXE-27 212-220 8 0.91 3.36
------------------------------------------------------
MXE-28 11-14 3 2.56 1.47
------------------------------------------------------
8-23 15 1.13 0.85
------------------------------------------------------
40-42 2 2.22 2.44
------------------------------------------------------
69-71 2 1.34 1.72
------------------------------------------------------
MXE-29 2-5 3 4.71 0.80
------------------------------------------------------
32-33 1 1.29 0.31
------------------------------------------------------
51-58 7 1.13 0.88
------------------------------------------------------
MXE-31 30-32 2 3.49 1.22
------------------------------------------------------
44-46 2 3.98 0.33
------------------------------------------------------
30-46 16 1.22 0.74
------------------------------------------------------
MXE-37 38-40 2 1.94 0.44
------------------------------------------------------
68-70 2 5.02 1.77
------------------------------------------------------
MXE-39 46-48 2 3.20 4.33
------------------------------------------------------
72-74 2 8.24 0.36
------------------------------------------------------
MXE-60 68-69 1 3.52 0.25
------------------------------------------------------
113-114 1 1.13 1.69
------------------------------------------------------
140-141 1 1.36 0.83
------------------------------------------------------


TABLE D
HISTORIC DRILLING, PRIOR OPERATORS COPPER-GOLD VALUES(ii)

-------------------------------------------------------------------
HOLE NO. INTERCEPT (m) WIDTH (m) Au g/t Cu% OPERATOR
-------------------------------------------------------------------
F-01 50-54 4 2.50 0.73 Rayrock
-------------------------------------------------------------------
F-15 126-138 12 2.23 1.03 Rayrock
-------------------------------------------------------------------
EDH-03 72.1-86.5 14.5 1.45 0.74 Teck-Cominco
-------------------------------------------------------------------

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