Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

October 09, 2008 09:00 ET

Explorator Intercepts Additional High Grade Copper-Gold Mineralisation Outside of Resource Block at El Espino-Venus

HOLE MXE-189: 47 METERS AT 1.58% Cu and 0.13 g/t Au, with 15m at 3.33% Cu and 0.15 g/t Au

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMENATION IN THE UNITED STATES

Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) continues to intersect significant copper-gold mineralization in results received from its 30,000 meter Phase III drilling program at the El Espino-Venus Project in Chile. In an area to the south of the Resource block Explorator has received results from the following holes:



HOLE NO FROM(m) TO(m) INTERVAL(m) Cu% Aug/t

MXE - 181 217 227 10 0.46 0.03
274 279 5 1.04 0.07
MXE - 189 143 190 47 1.58 0.13
15 3.33 0.15


To view HOLE MXE 189 - HIGH GRADE COPPER IN DRILL CORE (15m at 3.33%Cu), please visit the following link: http://media3.marketwire.com/docs/exo109a.pdf

"We are very excited by the results of recent drilling in the Pichanilla area which represents high grade copper-gold mineralization outside the initial 43-101 resource estimate reported in February. The similarities in style and depth of mineralization in these holes demonstrates continuity of mineralization to the south. This opens the possibility of substantially increasing the overall tonnage of the project. Drilling is now continuing to test this southern extension area, as well as on other parts of the El Espino-Venus project", noted David O'Connor, President and CEO of Explorator Resources.

Pichanilla is beyond the area that contains the identified Resource block, and provides more evidence of the potential to expand the resource to the southeast. Previous intercepts announced from drilling in this area are MXE-08 and MXE-140, respectively 50m and 200m south of Hole MXE-189. MXE-08 intersected 65.0m at 2.07% Cu and 0.31 g/t Au while MXE-140 intersected 81.0 meters at 1.70% Cu and 0.26 g/t Au, with 37.0 meters at 3.06% Cu and 0.45 g/t Au. These three significant intercepts line up along a north-south mineralized trend where in each case mineralization is encountered at similar depths (commencing between 130-150 meters below the surface). The mineralization is interpreted as being developed where feeder structures intersect the favourable manto horizon. The main higher grade zone is marked on the plan (See Figure 1).

Copper-gold mineralization spreads out from higher grade zones adjacent to feeders such as the one marked and disseminates along the manto horizons. Intersections such as those in holes MXE-021 (6.0m at 1.17% Cu, 0.65 g/t Au), MXE-022 (6.0m at 0.70% Cu, 0.04 g/t Au), MXE-065 (9.0m at 0.57% Cu, 0.04 g/t Au), and historical hole ERD-03 (11.7m at 1.19% Cu, 0.06 g/t Au by Teck-Cominco) suggest that copper-gold mineralization has spread out for up to several hundred meters along the mantos from the feeder structure.

The initial NI 43-101 mineral resource estimate on the El Espino part of the deposit, audited by Micon International (see press release dated February 27, 2008) described: (1) oxide mineralization containing 11.1 million tonnes grading 0.63% Cu and 0.17 g/t Au in an indicated category and 11.5 million tonnes grading 0.46% Cu and 0.27 g/t Au in an inferred category; and (2) sulphide mineralization containing 0.6 million tonnes grading 0.91% Cu and 0.39 g/t Au in an indicated category and 77.2 million tonnes grading 0.63% Cu and 0.18 g/t Au in an inferred category. Pichanilla is outside of the area within which the resources were calculated and the intercepts extend known mineralization approximately 500 meters south of the known resource area, see figure 1.

To view FIGURE 1 - PICHANILLA DRILL HOLES AND COPPER WORKINGS, please visit the following link: http://media3.marketwire.com/docs/exo109b.pdf

To view FIGURE 2 - EL ESPINO EXPLORATION POTENTIAL, please visit the following link: http://media3.marketwire.com/docs/exo109c.pdf

In addition, the Company announces that it has modified the terms of its previously announced private placement and now intends to raise up to $1,000,000 through a non-brokered private placement of common shares priced at $0.25 per common share. The proceeds of the offering will be used for the exploration and development of the Company`s properties and for working capital purposes. The proposed private placement remains subject to the receipt of all required regulatory approval, including the approval of the TSX Venture Exchange.

THE COMMON SHARES WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino Copper-Gold Project in Chile. The Company is currently completing a Phase III 30,000 meter drill program, the results of which will update the current NI 43-101 mineral resource estimate and is completing a scoping study on the Project's oxide mineralization. The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa and is central to an important cluster of "Candelaria-style" copper-gold deposits. It is located 3.5 hours drive north of Santiago. The El Espino project block covers 75 square kilometres 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 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.

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