Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

April 09, 2010 09:00 ET

Explorator Appoints David Prins as President & CEO

TORONTO, ONTARIO--(Marketwire - April 9, 2010) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce the appointment of Mr. David Prins as President and CEO of the Company, effective immediately. Mr. Prins is a Civil Engineer with deep experience in the evaluation, design, planning and subsequent development execution stages of mining projects, principally in Latin America. Prior to joining the Company, he was the principal of his own Santiago based consulting firm which provided project evaluation and management services to many leading precious and base metals mining companies. In this capacity, Mr. Prins previously assisted Explorator in the preparation of its Preliminary Assessment of the Company's El Espino project (49% owned by Explorator). Mr. Prins will be replacing David O'Connor as President and CEO, who will continue on in the role as Vice President, Exploration for the Company.

David O'Connor commented: "I am absolutely delighted to see David Prins join the Explorator team. The El Espino project has grown rapidly and has now progressed to the advanced evaluation stage where David's strong project oversight and evaluation skill sets will be extremely valuable. David will be immediately joining the El Espino Technical Committee and will work together with Pucobre, our project partner, in advancing the project. With his appointment, I can now return to my roots as an exploration geologist where my primary responsibility will be to find another project of merit to add another leg to the Explorator story."

David Prins stated: "Over the last four years, I have watched David O'Connor transform El Espino from a grassroots exploration project into a major copper-gold deposit. I am very excited to have to the opportunity to now take the hand off from David as El Espino transitions into an evaluation stage focused project, and look forward to working with Pucobre to rapidly move the project forward. I also look forward to assisting David in his efforts to identify and evaluate another project of merit, for the benefit of the Company's shareholders."

In connection with his appointment, Mr. Prins has received 1,000,000 Explorator Options at an exercise price of $0.54, being the closing price of the Company's common shares on April 8, 2010, the terms of which will be governed by the Company's current Option Program.

Other Information:

A copy of the release, as well as other information related to the Company, is available on the Company's web site at www.explorator.ca and on SEDAR at www.sedar.com.

EXPLORATOR RESOURCES INC.

David O'Connor, Vice President, Exploration

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company with a 49% interest in the El Espino Copper-Gold Project in Chile (the "Project"). The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa, 240 km. north of Santiago, and is central to an important cluster of "Candelaria-style" copper-gold deposits. A National Instrument 43-10 compliant preliminary assessment (see press release dated May 11, 2009) has defined the potential for an average annual payable production of 77 million pounds of copper and 40,000 ounces of gold over a 19 year mine life (life-of-mine payable production of 1.467 billion lbs copper and 755,000 oz. gold) at an average cash cost of $1.06/lb, net of gold credits (based on a gold price of $680/oz.) and also noted good potential for further resource expansion. Sociedad Punta del Cobre S.A. ("SPC") acquired the remaining 51% of the Project in March 2009 in return for an investment of up to US$18.5 million, with US$7.0 million used to exercise the option to purchase agreement on the Project and the remaining funds expected to be adequate to fund continued exploration and evaluation through to the end of 2010.

FORWARD-LOOKING STATEMENTS

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

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