Explorator Resources Inc.

Explorator Resources Inc.

November 29, 2007 08:30 ET

Explorator Extends Mineralization to the South at El Espino-Venus

Hits 81m @ 1.70%Cu, 0.26g/t Au incl 37m @ 3.06% Cu, 0.45 g/t Au incl 10m @ 5.26% Cu,0.90 g/t Au

TORONTO, ONTARIO--(Marketwire - Nov. 29, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) has intersected significant copper-gold mineralisation 150 meters beyond the most southerly boundary of previously identified mineralization at the El Espino-Venus Project in Chile. Hole MXE-140 has intersected 81 meters at 1.70% Cu and 0.26 g/t Au including 37.0 meters at 3.06% Cu and 0.45 g/t Au, including 10.0 meters at 5.26% Cu and 0.90 g/t Au.

Hole MXE-140 is in the Pichanilla area, which is south of the zones previously drilled by the company and expands the resource potential in this direction, (see Figure 1). Hole MXE-140 was drilled approximately 150 meters along strike south of Hole MXE-08 (65.0m at 2.07% Cu and 0.31g/t Au, see Press Release dated May 23, 2007).

"We are very excited about these very significant drill results in the southern area of the El Espino-Venus project as they clearly demonstrate the potential to expand the zone of high grade copper-gold mineralization in the area" noted David O'Connor, President and CEO of Explorator Resources.

"The style and depth of mineralisation in holes MXE-140 and MXE-08 is similar and in a geological horizon equivalent to the manto mineralization found in the Rachel area 1.5 km to the north. Whereas continuity of mineralisation has yet to be demonstrated in this southern area, surface copper workings continuing southwards provide another indication of the potential. Numerous and substantial copper-gold mineralized intercepts have now been recorded over a 2.5 km length from north to south. We now see the possibility to substantially increase the overall tonnage beyond the original potential demonstrated by historic exploration on the project. Broad spaced drilling is now being planned to test this southern extension area" O'Connor added.

The mineralization in holes MXE-140 and MXE-08 is encountered at similar depths, commencing between 130-150 meters below the surface. Explorator is interpreting this as being the southern, down-dip equivalent of the mineralised manto in the main zone in the Rachel mine area, 1.1 kilometers to the north-northwest, (see Figure 1). The Rachel zone is being systematically drilled and will form a key component of the Resource/Reserve calculations being prepared by Micon International for release in early 2008.

The results from hole MXE-140, together with drilling completed along the Main Copper Zone through to the Ravanales copper-oxide mineralization at the northern end of the El Espino block, demonstrate what is interpreted as the same mineralized manto occuring over about 2.5 kilometers from north to south.

The surface expression of mineralization above Hole MXE-140 is shown by intense chlorite-epidote alteration, silicification and fracturing, with several small copper workings parallel to the main NNW mineralized trend, (see Figure 2). Additional workings following this trend occur up to about 900 meters south of MXE-140. These showings are potentially significant as they may demonstrate the surface expressions of substantial deeper copper-gold mineralization at the level of the manto horizon, as is the case at Hole MXE - 140.

About Explorator Resources

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.


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.

To view a map of Figure 1, Drill Hold MXE-140 Location Map, please visit the following link: http://www.ccnmatthews.com/docs/drill_hole_mxe.pdf

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