Explorator Resources Inc.

Explorator Resources Inc.

February 27, 2008 09:21 ET

Explorator Announces Initial 43-101 Mineral Resource Estimate

11.68 Million Tonnes Indicated Resource at 0.64% Cu and 0.18 g/t Au 88.67 Million Tonnes Inferred Resource at 0.61% Cu and 0.19 g/t Au Company Indicates Path To Production For Open Pit Oxide Resource Micon Identifies Additional Potential Of Up To 675,000 oz Gold at Chon Chon

TORONTO, ONTARIO--(Marketwire - Feb. 27, 2008) - Explorator Resources Inc. (TSX VENTURE:EXO) has received from Micon International Inc. the initial National Instrument 43-101 Mineral Resource Estimate on the El Espino-Venus Project in Illapel, Chile.

Tonnes Pounds
0.20% Cu Tonnes Cu Au Contained Contained Gold Gold
cutoff (000) % g/t Cu Cu Grams Oz
Oxides 11,077 0.63 .17 70,000 153,231,000 1,867,000 60,000
Sulfides 607 0.91 .39 6,000 12,130,000 239,000 8,000
Total 11,684 0.64 0.18 76,000 165,361,000 2,106,000 68,000

Oxide 11,492 0.46 0.27 53,000 117,429,000 3,058,000 98,000
Sulfides 77,207 0.63 0.18 484,000 1,066,908,000 13,703,000 441,000
Total 88,669 0.61 0.19 537,000 1,184,337,000 16,761,000 539,000

Chon Chon
Oxide + 212 - 1,230 - 2,712,000 - 17,132,000 - 530,000 -
Sulfide 260 0.58 80.81 1,508 3,325,000 21,011,000 675,000

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 potential quantity and grade of gold at Chon Chon is conceptual in
nature, there has been insufficient exploration completed to define a
mineral resource and it is uncertain if further exploration will result in
the discovery of a mineral resource.

In addition to the mineral resource estimations, the report also states:

- The area in which closer-spaced drilling was used as a basis for this resource estimate was limited to the central part of the Main Copper Zone that extends over a length distance of 1.75 km and a width distance of between 0.5 - 1 km (See Figure 1). This area represents a portion of the known El Espino-Venus mineralized system which extends over a length of 6 km.

- Included in the global resource calculation is an initial Indicated Oxide Resource of 11.077 Million tonnes grading 0.63% Cu and 0.17 g/t Au and an initial Inferred Oxide Resource of 11.492 Million tonnes grading 0.46% Cu and 0.27 g/t Au. Explorator is conducting metallurgical test work and preparing for the commencement of work on a Scoping Study with the objective of developing an Open Pit Oxide mining operation as soon as possible

- Within an area of 100m x 150m at the Chon Chon Gold Project, Explorator has identified, separate from the Copper Resource, geological potential through further drilling for a range of 212,000 tonnes to 260,000 tonnes grading 80.81 g/t Au and 0.58% Cu, totaling up to 675,000 ounces of gold along with additional copper (see Press Release dated December 12, 2007 for details on drill results)

- Geological continuity is excellent and the Resource is open to expansion in all directions through further drilling from the areas of currently known mineralization

- The system consists of multiple stacked mantos, with up to six mantos identified in particular locations, allowing for additional potential at depth

"We are extremely pleased with the initial Resource calculation resulting from the 2007 Exploration programs at El Espino-Venus" stated David O'Connor, President and CEO of Explorator. "Definition drilling in the central portion of the Main Copper Zone has proven a resource significantly greater than historical estimates based on previous work (See Technical Report filed on Sedar January 16, 2007) with the potential to substantially increase this Resource through further drilling. We have already commenced the Phase III exploration program to achieve this objective in 2008."

"Another very positive development is the emergence of a separate gold zone. Based on a limited number of holes, the Chon Chon Gold Project holds the potential to host up to 675,000 ounces of gold contained in 212,000 to 260,000 tonnes grading 80.81 g/t Au. The Chon Chon project will have its own separate exploration program in 2008 to further define this potential".

O'Connor continued: "Also of importance, given the scale of the Oxide resource, the Board is determined to study its potential development into a producing operation as soon as possible. Preliminary metallurgical test work has begun and work to initiate a scoping study for an oxide open pit is ongoing. We anticipate 2008 will be a very active year for Explorator on both the exploration and development fronts".

The initial resource estimate was completed using the inverse distance estimation methodology with an inverse distance power of 1.8. The resource estimate was based on block modeling with a search ellipse for the indicated resource of 75 meters by 55 meters by 20 meters and the search ellipse for the inferred resource of 180 meters by 90 meters by 36 meters. The resource estimate was based on using the grade from 7,480 - 1meter composites in 138 drill holes.

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

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.

To view the FIGURE 1 - MAP, please visit the following link: http://media3.marketwire.com/docs/exploratorfig1map.pdf


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.


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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