Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

October 04, 2007 10:45 ET

Explorator Resources Hits Significant Copper-Gold Mineralization Beyond Main Zone at El Espino-Venus

Portugesas Zone Results Include MXE- 62; 6m at 3.62 g/t Au incl. 1m at 21.00 g/t Au and MXE-50; 10m 1.30 % Cu and 0.83 g/t Au

TORONTO, ONTARIO--(Marketwire - Oct. 4, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) has continued to intersect significant zones of copper and gold mineralization in its Phase Two drill program at the El Espino-Venus Project in Chile. The most recent results are from the Portugesas Zone and the new drill holes indicate a significant extension of copper-gold mineralization west of the previously explored area. In particular, HOLE MXE- 62 (6m at 0.40% Cu, 3.62 g/t Au including 1m at 0.34% Cu, 21.00 g/t Au) is located approximately 900 meters west of the Rachel area in the main copper-gold zone, (see release dated September 12, 2007) and 250 meters west of the previous drilling in the Portugesas Zone.

"This discovery of copper-gold mineralization beyond the area previously considered to have resource potential, is extremely encouraging as it opens additional possibilities for the overall resource expectation at the El Espino-Venus" said David O'Connor, President and CEO of Explorator. "Holes MXE-28. MXE-29 and MXE-62 test the Portugesas Zone southwest of previous drilling and results confirm that wide zones of gold-rich copper mineralization occurs at the Portugesas prospect. Locally, high grade gold mineralization is also present. These results and the gold intersections in other areas demonstrate the widespread distribution of significant gold mineralization at El Espino. Gold targets will become more of a priority for exploration and a number of exciting new target areas are being generated for drilling."

New results from the Portugesas Zone include:



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HOLE Intercept (m) Width Cu% Au g/t Type
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MXE-28 5 to 122 117 0.57 0.31
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with 5 to 63 58 0.65 0.48 Oxide
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with 8 to 42 34 0.90 0.74 Oxide
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and 63 to 122 59 0.49 0.15 Sulphide
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with 63 to 74 11 1.09 0.43 Sulphide
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and 91 to 97 6 1.44 0.25 Sulphide
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146 to 206 60 0.55 0.10 Sulphide
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MXE-29 2 to 61 59 0.66 0.56
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with 2 to 48 46 0.64 0.51 Oxide
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and 48 to 61 13 0.74 0.74 Sulphide
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MXE-50 92 to 126 34 0.71 0.36 Sulphide
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with 10 1.30 0.83 Sulphide
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MXE-51 55 to 120 65 0.47 0.31
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with 55 to 75 20 0.52 0.23 Oxide
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and 75 to 120 45 0.45 0.34 Sulphide
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with 19 0.61 0.37 Sulphide
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with 10 0.58 0.68 Sulphide
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134 to 135 1 0.75 0.72 Sulphide
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MXE-62 52 to 65 13 0.40 0.70 Sulphide
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with 59 to 65 6 0.46 1.00 Sulphide
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71 to 74 3 0.67 7.20 Sulphide
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with 1 0.34 21.00 Sulphide
--------------------------------------------------------------

(i) assay results for MXE-62 from 80 to 155 meters are pending


The northeast trending Portugesas Zone, which follows a major fault, (see Figure 1) is located west of the northwest trending Main Copper Zone. It intersects the Main Copper Zone at the south end of the Rachel Prospect (see Figure 2). It is along the northeast trending valley largely covered by alluvium. Copper-gold mines (historical and operating) occur along the Portugesas Zone on both sides of the valley (see Photo).

The Portugesas Breccia is located on the north side of the Portugesas Zone and mineralization is exposed for over a kilometer along strike. The exposed mineralization and the drill results suggest that some of the mineralization is located in a steep dipping zone of stockwork veining and brecciation 10 to 50 m wide.

Four historical holes were drilled into the Portugesas Breccia 250 east of Hole MXE-62. Three of these holes intersected wide zones of gold-rich copper mineralization and two of the holes bottomed in mineralization. The results of these holes include (see Technical Report on SEDAR, Jan. 16, 2007):

- 6m at 0.72% Cu and 0.37 g/t Au; 18m at 0.63% Cu and 0.32 g/t Au (F-08 - Rayrock),

- 12m at 1.05% Cu and 2.03 g/t Au (F-15 - Rayrock)

- 8m at 0.51% Cu and 0.40 g/t Au; 24m at 0.48% Cu and 0.23 g/t Au (F-16 - Rayrock).

The area north of the Portugesas breccia zone has not had previous drilling. Two holes, MXE-50 and MXE-51, were drilled in this area and both intersected a gold rich manto. This manto mineralization is in a similar stratigrahic position as the Rachel mantos and mineralization could be continuous between the 2 areas.

Additionally, a zone of mineralization is exposed at the Pirata prospect, 200 meters southeast of and parallel to the Portugesas breccia zone. In this area, a small open cut was developed along a zone of stockwork specularite veining at least 50 meters wide. The Pirata prospect was tested by one drill hole, MXE-30, which returned results of 28 m at 0.54% Cu and 0.14 g/t Au including 14m at 0.80% Cu and 0.21 g/t Au (see Press Release June 28, 2007). A series of drill holes is planned to test for continuity between this area and the Portugesas Breccia.

ABOUT EXPLORATOR RESOURCES INC.

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.

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 INFORMATION

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 photo of the Portugesas Breccia, please visit the following link: http://www.ccnmatthews.com/docs/EXO1004-1.jpg

To view Figure 1: Portugesas Zone, please visit the following link: http://www.ccnmatthews.com/docs/EXO1004-2.jpg

To view Figure 2: El Espino and Surrounding Areas, please visit the following link: http://www.ccnmatthews.com/docs/EXO1004-3.jpg

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