Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

April 17, 2008 08:30 ET

Explorator Commences Gold-Focused Chon Chon Exploration Program

New Drill Intercepts Include 1m of 152 g/t Gold

TORONTO, ONTARIO--(Marketwire - April 17, 2008) - Explorator Resources Inc. (TSX VENTURE:EXO) has commenced exploration on the Chon Chon gold project as part of its Phase III Exploration Program that recently began at the El Espino-Venus project near Illapel, Chile (See press release dated March 31, 2008). The company has also received new drill results received from the copper exploration program that have intersected gold mineralization. These new results include:



HOLE NO DEPTH (m) INTERCEPT g/t Au
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MXE-057 80 to 81 1 m 2.01
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98 to 99 1 m 152.0
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101 to 102 1 m 2.57
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Throughout the Phase II copper exploration program in 2007, Explorator intersected significant gold mineralization in many drill holes in several areas of El Espino-Venus (See press releases dated October 15 and December 12, 2007).

Explorator President David O'Connor commented: "In the course of drilling to define a copper resource we have been very pleased with the high-grade gold mineralization that has been intersected and the obvious potential it represents. Accordingly, following the completion of extensive mapping and sampling in the area, a drilling program to focus on gold resources has now been planned as part of the broader Phase III program."

O'Connor continued: "There are several objectives of the gold-focused program; firstly to better-understand the relationship between the widely-spread gold intersections across the project, to expand the "resource potential" for gold at El Espino-Venus as described in the company s recent NI 43-101 Resource Estimate, and to increase and improve the defined existing gold resource (see press release dated February 27, 2008)."

Significant drill intercepts of gold mineralization encountered at El Espino-Venus and announced in 2007 include:



HOLE NO INTERCEPT g/t Au Cu %
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MXE-08 6 m 1.15 9.08
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MXE-25 1 m 426 0.91
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MXE-28 15 m 1.13 0.85
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MXE-29 7 m 1.13 0.88
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MXE-31 16 m 1.22 0.74
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MXE-41 2 m 70.8 0.07
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MXE-47 6 m 3.15 0.25
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MXE-053 15 m 2.50
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MXE-062 1 m 21.0
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MXE-063 33 m 44.9
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MXE-146 23 m 0.66
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MXE-148 2 m 21.0
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MXE-191 70 m 0.61
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(inc) 2 m 8.74
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Historic drill results from previous operators, whose drilling on the El Espino portion of the project totaled more than 13,700m, show many similar intercepts and include:



g/t Au Cu %
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DDE-05 2 m 77.3 0.11 (North Ltd.)
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ESRC-03 2 m 8.52 0.05 (RTZ)
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F-15 12 m 2.23 1.03 (Rayrock)
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EDH-03 14.5 m 1.45 0.74 (Teck-Cominco)
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(See Technical Report filed on Sedar January 16, 2007 for complete results)


The Chon Chon gold mine is reputed to have been a prolific gold producer in the past, although no production figures are available. Explorator has completed underground mapping and channel sampling of the accessible parts of the Chon Chon and Ravanales mines and results are awaited. In addition, detailed surface geological and structural mapping is being completed over the area of known mine workings. This data will be used to design a drilling program specifically to explore for gold, as a parallel program to the ongoing copper-gold exploration.

The initial NI 43-101 Resource Estimate for the El Espino-Venus project included 539,000 ounces contained in Indicated Resources of 11.68 million tonnes at 0.64%Cu and 0.18g/tAu, and Inferred Resources of 88.67 million tonnes at 0.61%Cu and 0.19g/tAu, with additional stated potential of up to 675,000 ounces gold.

The stated gold potential in the Chon Chon area was based on resource definition drilling for copper-gold mineralization. The potential quality 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.

The stated potential of 675,000 ounces is located in the immediate area around the Chon Chon mine (see Figure 1) and is a small part of the overall area where gold intercepts have been encountered in drilling. Figure 1 is a gold distribution map showing only drill intercepts in excess of 1g/t with thicknesses greater than 1 meter. Gold intercepts in meters are multiplied by the assay value in grams/tonne to give a number relative to the gold content of the hole. These values are presented on the plan as circles relative to the gold value, with larger circles demonstration higher gold values. The more significant intercepts are marked on the plan.

About Explorator Resources

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 75 square kilometers and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.

To See Figure 1 - Distribution of Significant Gold Intercepts, please visit the following link: http://media3.marketwire.com/docs/EXPMAP.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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