Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

May 08, 2008 08:30 ET

Explorator Intercepts Additional High Grade Copper-Gold Mineralization in Portugesas Zone at El Espino-Venus

Results Include 132 meters at 0.97%Cu and 0.23g/tAu and 144 meters at 0.61%Cu, and 0.19g/tAu

TORONTO, ONTARIO--(Marketwire - May 8, 2008) - Explorator Resources Inc. (TSX VENTURE:EXO) continues to intersect significant copper-gold mineralization in its 30,000m Phase III drilling program at the El Espino Project in Chile. The most recent results received are from Portugesas, an area of mineralization that extends out to the southwest from the Main Copper Zone.

Results Include:



PORTUGESAS ZONE - RECENT DRILL INTERCEPTS

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HOLE NO DEPTH (m) INTERCEPT (m) Cu % Au g/t
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MXE - 218 4 to 14 10 0.29 0.47
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14 to 146 132 0.97 0.23
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MXE - 219 4 to 12 8 0.35 0.12
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12 to 156 144 0.61 0.19
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Incl 14 to 68 54 0.90 0.19
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MXE - 223 56 to 130 74 0.61 0.22
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Incl 62 to 88 26 1.20 0.42
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Note MXE - 223 has only partial results so far. For complete results please
see Table 1.


"We are very encouraged by the results of this recent drilling which shows an expansion of the thick zone of copper-gold mineralisation in the Portugesas zone. The drillholes that returned these new results are located some 600 meters to the southwest of the western boundary of the resource block area (see Press Release dated February 27, 2008). Given the significant widths and grades of mineralization contained in these holes, these results have the potential to substantially augment the resources defined to date" noted David O'Connor, CEO of Explorator Resources.

O'Connor continued: -Drilling is continuing to test for further western extensions of the Portugesas zone, as well as on other parts of the El Espino project. We continue to drill aggressively and are targeting to complete an updated resource estimate by September of this year".

These new drill results add to the other holes previously reported from the Portugesas zone and demonstrate the potentially large size of this mineralized zone. Previously announced intercepts include:

-MXE 028 (117m at 0.572%Cu and 0.22g/tAu, and 60m at 0.55% Cu)(i)

-MXE 029 (59m at 0.66%Cu and 0.56g/tAu)

-MXE 030 (28m at 0.54%Cu and 0.14g/tAu)

-MXE 128 (70m at 0.76%Cu and 0.58g/tAu).

(i)Note hole MXE 028 was drilled oblique to the mineralized zone and is not considered true thickness.

On February 27th, 2008 the company announced a 43-101 compliant Resource Estimate which included 11.68 million tonnes at 0.64%Cu, 0.18g/tAu indicated and 88.67 million tonnes at 0.61%Cu, 0.19g/tAu inferred resources within the copper-gold system. Except for hole MXE-184, the holes tabulated below are outside of the area of the announced 43-101 resources, see figure 1.



TABLE 1 PORTUGESAS ZONE - RECENT DRILL INTERCEPTS

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HOLE NO DEPTH (m) INTERCEPT (m) Cu % Au g/t
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MXE - 184 2 to 29 27 1.15 0.55
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58 to 74 16 0.50 0.31
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91.7 to 103.3 11.6 0.61 0.30
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MXE - 206 74 to 82 8 0.58 0.12
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MXE - 207 0 to 10 10 0.48 0.19
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MXE - 213 0 to 12 12 0.42 0.28
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22 to 42 20 0.46 0.13
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44 to 56 12 0.47 0.05
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62 to 74 12 0.41 0.10
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MXE - 214 12 to 36 24 0.35 0.13
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40 to 118 78 0.56 0.19
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Incl 40 0.76 0.28
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MXE - 215 hole stopped at 28m due to difficulties
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MXE - 216 no significant results
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MXE - 217 hole stopped at 36m due to difficulties
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MXE - 218 4 to 14 10 0.29 0.47
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14 to 146 132 0.97 0.23
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MXE - 219 4 to 12 8 0.35 0.12
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12 to 156 144 0.61 0.19
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Incl 14 to 68 54 0.90 0.19
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MXE - 222 8 to 10 2 0.70 0.34
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42 to 50 8 0.32 0.19
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MXE - 223 56 to 130 74 0.61 0.22
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Incl 62 to 88 26 1.20 0.42
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Note hole 223 has only partial results so far.


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 view FIGURE 1 - PORTUGESAS DRILL HOLES view the following link:
http://media3.marketwire.com/docs/explor1.pdf

To view FIGURE 2 - EL ESPINO PROSPECT AREAS view the following link:
http://file.marketwire.com/release/explor2.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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