Explorator Resources Inc.

Explorator Resources Inc.

April 24, 2008 08:30 ET

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

Intersects 47m of 1.58%Cu and 0.13g/tAu, with 15m at 3.33%Cu and 0.15g/tAu

TORONTO, ONTARIO--(Marketwire - April 24, 2008) - Explorator Resources Inc. (TSX VENTURE:EXO) continues to intersect significant copper-gold mineralization in the first results received from its 30,000m 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 DEPTH (m) INTERVAL (m) Cu % Au g/t
MXE - 181 217 to 227 10 0.46 0.03
274 to 279 5 1.04 0.07
MXE - 189 143 to 190 47 . 1.58 0.13
174 to 189 15 3.33 0.15

"We are very excited by the results of recent drilling in the Pichanilla area which represent 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 rapidly 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 south of the area that contains the identified Resource block, and therefore 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 0.31g/tAu while MXE-140 intersected 81.0 meters at 1.70%Cu and 0.26g/tAu, with 37.0 meters at 3.06%Cu and 0.45g/tAu. 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, 0.65g/tAu), MXE-022 (6.0m at 0.70%Cu, 0.04g/tAu), MXE-065 (9.0m at 0.57%Cu, 0.04g/tAu), and historical hole ERD-03 (11.7m at 1.19%Cu, 0.06g/tAu by Teck-Cominco) suggest that copper-gold mineralization has spread out for up to several hundred meters along the mantos from the feeder structure.

On February 27th, 2008 the company announced a NI 43-101 compliant resource estimate which included 11.68 million tonnes at 0.64%Cu, 0.18g/tAu indicated and 88.67 million tonnes at 0.61%Cu, 0.19g/tAu inferred resources within the coppergold system. The intercepts of the new drill results announced today extend known mineralization approximately 500 meters south of the known resource area (See figure 1).

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 75 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 - El Espino Exploration Potential, please visit the following link: http://media3.marketwire.com/docs/EXO423-1.pdf

To view Figure 2 - Pichanilla Drill Holes and Copper Workings, please visit the following link: http://media3.marketwire.com/docs/exo423-2.pdf

To view Figure 3 - El Espino Prospect Areas, please visit the following link: http://media3.marketwire.com/docs/exo423-3.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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