Explorator Resources Inc.

Explorator Resources Inc.

July 12, 2010 17:13 ET

Explorator Announces New Directors

TORONTO, ONTARIO--(Marketwire - July 12, 2010) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce the election of Mr. David Prins and Mr. Amjad J. Ali to the board of directors of the Company at the Company's Annual General Meeting (the "Meeting") held on July 5, 2010. At the Meeting Richard Colterjohn, David O'Connor and Walter Segsworth were also re-elected as directors of the Company. Following the Meeting Walter Segsworth was named Chairman of the Board of the Company. 

Mr. Prins was appointed President and CEO of the Company on April 9, 2010. He is a Civil Engineer with deep experience in the evaluation, design, planning and subsequent development execution stages of mining projects, principally in Latin America. 

Mr. Ali is a Chartered Accountant with over 25 years experience in the mining industry. In connection with his appointment, Mr. Ali has been granted 500,000 options to acquire common shares of the Company at a price of $0.43 per share, the terms of which will be governed by the Company's current Stock Option Plan.

The Company wishes to thank and acknowledge the valuable contributions made over the past several years by Antonio Ortuzar Jr., who did not stand for re-election as a director. 

Other Information:

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


"David Prins"

David Prins
President & CEO

About Explorator Resources

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 43-10 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.


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.

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