Explorator Resources Inc.

Explorator Resources Inc.

January 17, 2008 08:30 ET

Explorator Extends Copper-Gold Mineralization on Eastern Boundary at El Espino-Venus

Includes 15m at 2.50 g/t Au with 0.32% Cu and 53m at 0.84%Cu; 20m at 0.60%Cu and 13m at 1.05g/tAu and 0.39% Cu

TORONTO, ONTARIO--(Marketwire - Jan. 17, 2008) - Explorator Resources Inc. (TSX VENTURE:EXO) has received results of drilling from the first two holes on the eastern side of the Rachel prospect, which extends the main copper-gold mineralized zone at El Espino eastward from the previously interpreted edge of the body. The holes demonstrate continuity of the mineralized manto to the east by approximately 150 meters (see Figure 1) and also contain significant gold. Historical hole EDH-4 drilled by Teck-Cominco intercepted 28m of 1.16% Cu (see Technical Report filed on SEDAR January 16, 2007). Mineralization remains open in this direction.

MXE - 053 84-95 11m 0.20 0.18
98-113 15m 0.32 2.50
121-174 53m 0.84 0.12

MXE - 054 92-112 20m 0.60 0.04
114-130 16m 0.17 0.62
138-151 13m 0.39 1.05

Explorator President and CEO David O Connor commented: "The success of our exploration program has demonstrated once again that we are continuing to expand the known boundaries of the mineralization at El Espino-Venus. With these most recent holes the 2007 Phase II program has now opened the strike length and potential of the deposit in every direction. The occurrence of gold mineralization to the east is very encouraging and will contribute to the gold-focused portion of the 2008 Phase III Exploration program."

Exploration holes completed so far have extended copper-gold mineralization at El Espino both eastward and westwards (Portugesas prospect) of the main zone, as well as southwards in the Pichanilla area. Drilling has also commenced in the Venus area where outcropping mineralization and associated small mines demonstrate extra potential. These areas are beyond the zone of detailed drilling that will form the area of focus in the company's upcoming initial NI 43-101 Resource Estimate, expected to be completed by Micon International in February.

Of the remaining holes from which assay results are still pending, a visual examination of drillcore from holes MXE-151 and MXE-158 shows interesting intercepts of copper mineralization, which could confirm the eastward extent of the manto in this area. These intercepts could extend the manto at least 100 meters east of historical holes DDE-3 (drilled by North Ltd., three intercepts - 36m at 0.88%Cu, 10m at 0.9%Cu and 24m at 0.52%Cu) and historical hole ERD-08 (drilled by Teck, three intercepts 31.1m at 1.04%Cu, 15m at 0.33% Cu and 15m at 0.45% Cu see Technical Report filed on SEDAR January 16, 2007).

Together with holes MXE-053 and MXE-054, intercepts in MXE-151 and MXE-158 have the potential to add a belt over 100 to 150 meters wide for a distance of about 400 meters along the eastern boundary of the previously known Rachel mineralized zone. The depths of visually identified intersected mineralization in holes MXE-151 and MXE-158 may indicate that hole DDE-3 was stopped too shallowly and that a deeper hole needs to be drilled at this site to intersect the deeper mineralized zones. Drilling will continue to test the eastward extension of this zone.

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 11 square kilometers and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.

To view Figure 1, please visit the following link: http://www.ccnmatthews.com/docs/exo117map.pdf


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.


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.

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