Explorator Resources Inc.

Explorator Resources Inc.

March 26, 2009 16:58 ET

Explorator Chile Completes Acquisition of 100% Interest in the El Espino Copper-Gold Project

TORONTO, ONTARIO--(Marketwire - March 26, 2009) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce that Explorator Resources Chile S.A. ("Explorator Chile") has completed the last condition, having made a US$7 million cash payment, and now holds a 100% interest in the El Espino Copper-Gold Project in Chile. The payment by Explorator Chile, follows the receipt of the initial payment of US$10 million from Sociedad Punta del Cobre S.A. ("SPC") the 51% shareholder of Explorator Chile, being part of payments due totaling up to US$18.5 million; US$10 million of which has been received; US$7 million of which will be paid to Explorator Chile on or before September 20, 2010, and US$1.5 million in the event and to the extent such amount is required to complete a bank feasibility study of the Company`s properties (for further details of the deal with SPC see the press releases dated January 20, 2009 and March 20, 2009).

"We are very happy that Explorator Chile now holds a 100% interest in the El Espino project, as well as having El Espino's development financed to the feasibility stage by SPC, which we regard as a very efficient Chilean copper mining company." stated David O'Connor, President and CEO of Explorator. "Under the terms of the agreement with SPC, the Company will not need to meet any costs on El Espino until 2011, at which point the project is very likely to have a bankable feasibility study demonstrating a very robust NPV. El Espino is now a solid cornerstone for our company."

In addition, the Company has received the resignation of Shaun Browne from the Board of Directors. The Company would like to thank Mr. Browne for his contribution and his time served on the Board of Directors.

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino Copper-Gold Project in Chile. The Company is currently completing a scoping study on the Project. 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 project block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.


Mr. Michael Schuler, Explorator's Vice President, Exploration is the "Qualified Person" as defined under 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. It employs 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), and (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 is identified by words such as "estimates", "intends", "expects", "believes", "may", "will" and includes, 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. These statements are based on management's current expectations and beliefs and 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 public forward-looking information, whether as a result of new information, future events or otherwise.


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