Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

July 31, 2008 16:05 ET

Explorator Resources Intercepts Copper-Gold Mineralisation in Recent Drilling in the Venus Area at El Espino Project

Results include 12 meters of 0.80% copper and 12 meters of 0.92 g/t gold

TORONTO, ONTARIO--(Marketwire - July 31, 2008) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce that it continues to intersect significant copper-gold mineralisation in its 30,000 meter Phase Three drilling program at the El Espino Project in Chile.

We are intersecting substantial oxide copper-gold mineralisation in the Venus-Marcelo area, which is the northernmost extension of the El Espino-Venus mineralised system. While there are five small operating mines in the area, it has never been drilled in the past and is well outside the El Espino area of resource calculations completed in February, 2008. Any significant copper-gold mineralisation found here will augment the resources being drilled in the main El Espino project area.

The immediate priority of the company is to focus on the development and upgrading of the resources in the El Espino area, to be included in the scoping study which is underway. Follow-up drilling of the Venus-Marcelo area is scheduled for early 2009, with emphasis on determining the significance of the encouraging gold intercepts in these initial holes , stated David O Connor, President and CEO of Explorator Resources.

The initial National Instrument 43-101 ("NI 43-101") mineral resource estimates 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.

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino-Venus 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-Venus block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.



VENUS-MARCELO ZONE - RECENT DRILL INTERCEPTS

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HOLE FROM TO INTERCEPT Cu Au Type
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NO (m) (m) (m) (%) (g/t)
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MXE 164 36 42 6 0.39 0.00 Oxide
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MXE 165 134 140 6 0.29 0.88 Sulfide
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MXE 167 No significant intercepts
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MXE 168 6 14 8 0.45 0.07 Oxide
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MXE 169 28 40 12 0.80 0.05 Oxide
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132 142 10 0.43 0.17 Sulfide
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MXE 176 14 64 50 0.23 0.64 Oxide
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with 28 40 12 0.33 0.92 Oxide
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MXE 177 32 42 10 0.17 0.43 Oxide
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MXE 178 4 24 20 0.29 0.05 Oxide
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38 58 20 0.71 0.03 Oxide
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76 80 4 0.33 0.03 Oxide
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To view Figure 1 - Venus Marcelo and Resource Area Location Map please visit the following link: http://media3.marketwire.com/docs/exo731map1.pdf

To view Figure 2 - Drill Hole Location Map Venus Marcello please visit the following link: http://media3.marketwire.com/docs/exo731map2.pdf

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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