Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

December 02, 2010 17:29 ET

Explorator Announces Change of Auditor

TORONTO, ONTARIO--(Marketwire - Dec. 2, 2010) - Explorator Resources Inc. ("Explorator" or the "Corporation") (TSX VENTURE:EXO) is pleased to announce that it has changed its auditor. McGovern, Hurley, Cunningham, LLP (the "Former Auditor") has resigned effective November 4, 2010 and PricewaterhouseCoopers LLP (the "Successor Auditor") has been appointed. The change in auditor has been approved by the Corporation's Audit Committee and Board of Directors.

There were no reservations in the Former Auditor's reports in connection with the most recently completed fiscal year ended December 31, 2009 or for any period subsequent to the most recently completed period for which an audit report was issued. There were also no reportable events between the Corporation and the Former Auditor or the Successor Auditor including disagreements, unresolved issues or consultations as defined in National Instrument 51‐102, Continuous Disclosure ("NI 51‐102").

All procedures have been properly followed under NI 51‐102 regarding the change of auditor and, as required, a Notice of Change of Auditor together with the required letters from the Former Auditor and the Successor Auditor will be filed via SEDAR with each securities commission in each province or territory in Canada in which the Corporation is a reporting issuer.

The recently granted options to acquire common shares of the Corporation have an expiry date of five years from the date of grant in accordance with the terms of the Corporation's stock option plan.

Other Information:

A copy of the release, as well as other information related to the Corporation, is available on the Company's web site at www.explorator.ca and on SEDAR at www.sedar.com.

EXPLORATOR RESOURCES INC.

David Prins, President & CEO

About Explorator Resources Inc.

Explorator Resources is a Canadian-based mining exploration company with a 49% interest in the El Espino Copper-Gold Project in Chile (the "Project"). The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa, 240 km. north of Santiago, and is central to an important cluster of "Candelaria-style" copper-gold deposits. A National Instrument 43-101 compliant preliminary assessment (see press release dated May 11, 2009) has defined the potential for an average annual payable production of 77 million pounds of copper and 40,000 ounces of gold over a 19 year mine life (life-of-mine payable production of 1.467 billion lbs copper and 755,000 oz. gold) at an average cash cost of $1.06/lb, net of gold credits (based on a gold price of $680/oz.) and also noted good potential for further resource expansion. Sociedad Punta del Cobre S.A. ("SPC") acquired the remaining 51% of the Project in March 2009 in return for an investment of up to US$18.5 million, with US$7.0 million used to exercise the option to purchase agreement on the Project and the remaining funds expected to be adequate to fund continued exploration and evaluation through to the end of 2010.

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.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Explorator Resources Inc.
    David Prins
    President and CEO
    +56 99 219 7346
    info@explorator.ca