Explorator Resources Inc.

Explorator Resources Inc.

June 06, 2007 08:30 ET

Explorator Resources Commences 25,000 Meter Resource Definition Drilling at El Espino Project, Chile

TORONTO, ONTARIO--(Marketwire - June 06, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) is pleased to announce the commencement of its 25,000 meter Phase Two resource definition drilling program of the main copper zone at the El Espino Project near Illapel, Chile. The drilling program follows closely behind the positive results from its recently-completed 10-hole, 2000 meter Phase One exploration program. The Phase One drilling program was designed to confirm the drilling results of previous operators and test the continuity of mineralization in selected areas (see releases dated April 30 and May 23, 2007).

"The positive results of our initial 10-hole, Phase One program have given us the confidence to immediately commence with our next phase of drilling which we expect to take us through to the delineation of a 43-101 Resource in the main zone copper zone," said O'Connor, President and CEO of Explorator Resources. "In addition, the program at the historic gold mining areas has the possibility of identifying previously unexplored gold resources in under explored areas on the property."

The Phase Two drilling will be primarily directed at defining resources within the main known copper zone within the property. The main known copper zone is located in the central part of the property and runs in a north, north-west direction over a distance of at least 1.5 kilometers (see Figure 1). This resource definition program will be comprised of 15,000 meters of diamond drilling and 10,000 meters of reverse circulation drilling. The reverse circulation drilling will be used mainly to define the shallow oxide resources located in and adjacent to the northern part of the main copper zone. The Company expects that the completion of this Phase Two drilling program will allow it to meet its objectives of calculating a NI 43-101-compliant Indicated Resource Estimate within the area of the resource definition drilling. In addition, the program will generate sufficient copper-gold mineralized material on which to carry out metallurgical testing.

A parallel exploration program will also evaluate other high quality targets on the project properties including the La Viuda, Pichanilla and Venus-Marcelo areas. This parallel program will consist of surface and underground mapping, and sampling and drilling. Part of this program will focus on investigating the gold potential at El Espino which received little attention in previous exploration programs. The presence of historic gold mines such as La Viuda and Pichanilla and a number of gold rich drill hole intersections by previous operators and Explorator indicate the potential for gold and gold-rich copper-gold deposits. Gold-rich drill hole intersections include F-15 (Rayrock Resources Ltd.) 14 meters @ 0.92% Cu and 1.99 g/t Au, DDE-5 (North Ltd./RTZ) 2 meters @ 77.3 g/t Au, EDH-3 (Teck-Cominco) 14.45 meters @ 0.74% Cu and 1.45 g/t Au, and MXE-09 (Explorator) 19 meters @ 1.01% Cu and 0.77 g/t Au and 2 meters @ 6.02% Cu and 8.23 g/t Au (note: Explorator has not independently verified the drilling results of the other companies). The recently acquired Venus-Marcelo property, which has had no drilling, is also considered to have significant gold potential based on the presence of historic gold workings.

To view Figure 1 please click the following link:


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 Corderilla de la Costa province in Chile. The Company's El Espino Project lies within this prolific copper-gold mineral area and is central to an important cluster of copper-gold deposits. El Espino is located in the Illapel district, approximately 3.5 hours drive north of Santiago. The Company recently announced plans to acquire the adjacent Venus-Marcelo claim block immediately north of El Espino (see release dated May 15, 2007). The Venus-Marcelo block covers 132 hectares and is host to major gold and copper mineralized structures on which six currently small active 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.


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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