Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

November 25, 2008 09:00 ET

Explorator Provides Updated 43-101 Mineral Resource Estimate That Demonstrates a Ten Times+ Increase in Indicated Resources

- 123.01 Million Tonnes Indicated Resource at 0.66% Cu and 0.239 g/t Au - 32.17 Million Tonnes Inferred Resource at 0.60% Cu and 0.19 g/t Au - These resources are the basis of a scoping study scheduled to be completed in December 2009

TORONTO, ONTARIO--(Marketwire - Nov. 25, 2008) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) has received, from Micon International Limited, the updated National Instrument 43-101 Mineral Resource Estimate on the El Espino-Venus Project in Illapel, Chile. This new estimate is based on an additional 22,700 metres of drilling completed this year and is a substantial increase on the initial Resource Estimate announced on February 27th, 2008, with over a 1000% increase in indicated resources.



FEBRUARY 27, 2008 RESOURCE

Summary of the Initial Indicated and Inferred Mineral Resource Estimate for
the El Espino-Venus Project (Cut-off Grade 0.20% Cu)

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Mineral Pounds
Resource Mineralization Tonnes Copper Gold Contained Gold
Category Type (x000) (%) (g/t) Copper (oz)
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Oxides 11,077 0.63 0.17 153,231,000 60,000
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Indicated Sulfides 607 0.91 0.39 12,130,000 8,000
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Total 11,684 0.64 0.18 165,361,000 68,000
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Oxides 11,492 0.46 0.27 117,429,000 98,000
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Inferred Sulfides 77,207 0.63 0.18 1,066,908,000 441,000
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Total 88,669 0.61 0.19 1,184,337,000 539,000
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UPDATED RESOURCE

Summary of the Updated Indicated and Inferred Mineral Resource Estimate for
the El Espino-Venus Project (Cut-off Grade 0.20% Cu)

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Mineral Pounds
Resource Mineralization Tonnes Copper Gold Contained Gold
Category Type (x000) (%) (g/t) Copper (oz)
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Oxides 26,877 0.53 0.326 315,939,000 282,000
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Indicated Sulfides 96,134 0.70 0.215 1,477,212,000 664,000
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Total 123,011 0.66 0.239 1,793,151,000 946,000
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Oxides 3,740 0.41 0.164 34,066,000 20,000
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Inferred Sulfides 28,434 0.62 0.193 391,156,000 176,000
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Total 32,173 0.60 0.190 425,222,000 196,000
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"We are extremely pleased with the updated Resource estimation resulting from the 2008 Exploration program at El Espino-Venus" stated David O'Connor, President and CEO of Explorator. While we have exceeded the company's initial stated tonnage targets for the total Resource on the project, we believe there remains potential to expand resources significantly, particularly in the areas of Portugesas, Pirata and Pichanilla. Definition drilling this year in the central portion of the Main Copper Zone has confirmed continuity of copper-gold manto mineralization resulting in the conversion of inferred resources in this area to much more than the previous indicated resources. The contained metal contents in the indicated category of 1.79 billion pounds of copper and 946,000 ounces of gold exceeded our expectations for this phase of exploration and is a major increase in the indicated gold resource."

"Drilling elsewhere has resulted in the significant expansion of the overall resources beyond the previously defined resource blocks as shown on figure 1. There remains excellent potential to substantially increase these resources through further drilling."

"This resource estimate is part of a series of ongoing studies aimed at advancing the development of the project into a producing operation as soon as possible. Metallurgical test work is underway, with encouraging results so far (see Press Release dated November 3, 2008). This Resource Estimate and the metallurgical test results are being incorporated into an ongoing scoping study being conducted by AMEC and Micon International Limited. Results of this scoping study are expected in December 2008."

New resources were defined in the Pichanilla, Portugesas and Pirata prospects. At Pichanilla drilling was successful in extending the Main Zone resources 500 m to the south. There are significant resources of greater than 1% copper at Pichanilla and these high grade resources remain open with good potential for expansion.

The success of initial drilling at Portugesas and Pirata prompted a focusing of drilling at these prospects in order to bring as much as possible of these additional resources into the indicated category. Mineralization at the Pirata and Portugesas prospect is relatively gold rich and the inclusion of the resources in these areas resulted in an increase of the overall gold grade. Part of these gold rich resources at Portugesas and Pirata are at shallow depth and high grade and could be early mill feed, significantly improving the project's net present value. The potential southwest extensions of the Pirata and Portugesas zones remain to be tested.

Mineral resources that are not mineral reserves do not have demonstrated economic viability. The estimate of mineral resources may be materially affected by environmental, permitting, legal, title, taxation, sociopolitical, marketing, or other relevant issues. The quantity and grade of reported inferred resources in this estimation are uncertain in nature and there has been insufficient exploration to define these inferred resources as an indicated or measured mineral resource and it is uncertain if further exploration will result in upgrading them to an indicated or measured minerals resource category.

The update mineral resource estimate was completed using the Kriging estimation methodology. The resource estimate was based on block modeling with a search ellipse for the indicated resource of 75 metres by 55 metres by 20 metres and the search ellipse for the inferred resource of 180 metres by 90 metres by 36 metres for the copper resources. For high grade gold a third search ellipse of 35 metres by 25 metres by 10 metres was used to limit the extent of the higher grade mineralization in the indicated resource category. The resource estimate was based on using the grade from 6969 - 2 metre composites in 268 drill holes.

The updated El Espino-Venus mineral resource estimate was audited by "Qualified Person" William Lewis, P. Geo. of Micon International Limited, who has reviewed and approved the contents of this press release.

To view the maps associated with this release please visit the following links:

http://media3.marketwire.com/docs/exo1125.pdf

http://media3.marketwire.com/docs/exo1125a.pdf

http://media3.marketwire.com/docs/exo1125b.pdf

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 scoping study on the Project's oxide mineralization which is expected to be completed in December 2008. 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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