Explorator Resources Inc.

Explorator Resources Inc.

December 12, 2007 08:30 ET

Explorator Intersects Additional High-Grade Gold in Ravanales at El Espino-Venus

Results include 33m @ 44.9 g/t Au, 0.99% Cu, with 4 m @ 364.3 g/t Au 0.18% Cu

TORONTO, ONTARIO--(Marketwire - Dec. 12, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) has intersected additional high grade gold mineralization at the El Espino-Venus project near Illapel, Chile. The latest results come from the current Phase 2 exploration program that is nearing completion. The high-grade gold mineralization was intersected in Hole MXE-63 near previously reported high grade gold intersections and near historic gold mines in the Ravanales area.


Depth Intercept Gold g/t Copper%
111 to 144 33 m 44.9 0.99
including 10 m 147.8 0.62
including 4 m 364.3 0.18
201 to 203 2 m 0.02 0.89

224 to 239 15 m 0.30 0.95
including 10 m 0.39 1.21

Explorator Vice-President, Exploration Michael Schuler commented: "The presence and the extent of high-grade gold mineralization at El Espino-Venus has been a very positive surprise for us in 2007. We are keen to explore this particular area with a more aggressive gold-focus in 2008 to better understand the potential it represents."

Diamond drill hole MXE-63 is located in the eastern part of the Ravanales area (see Figure 1). The gold intersection in MXE-63 is hosted by silicified sediments near the base of a thick sedimentary package which overlies the andesitic rocks which are the main hosts for the copper-gold mantos at El Espino. It is 100 m down dip from the high grade gold intersection in diamond hole MXE-25 (1 m @ 428 g/t Au) and 110 m southeast of the high grade gold intersection in RC hole MXE-41 (2 meters @ 70 g/t Au), both of which are also at the base of the sedimentary unit. This stratigraphic horizon is the same as that which hosts gold mineralization in the nearby Chon Chon gold mine and the Breton Gold mine in the Venus area. The Breton mine is approximately 1.5 kilometers to the northeast from Hole MXE-63.

In MXE-63 the gold mineralization is hosted by an oxidized, fractured and veined silicified fine-grained sedimentary rock with quartz iron-oxide veining and oxide copper mineralization. A coarse grain of visible gold is present at 128.7 meters (see photo).

To view the photo, please visit the following link: http://www.ccnmatthews.com/docs/exploratorphoto.jpg

The high grade gold mineralization in the Chon Chon area occurs in a manto like zone within the upper part of and above the main host horizon for copper-gold manto mineralization at El Espino. It has been intersected in 3 holes and is open to the east. The high grade gold mineralization has potential to significantly enhance the economic value of the El Espino-Venus project.

Explorator has initiated a program of 12 reverse circulation holes to determine the continuity and extent of the high grade gold mineralization. This will be followed up by more extensive drilling as part of a broader Phase 3 Exploration Program in 2008 (see Press Release dated October 15, 2007).


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 Figure 1, please visit the following link: http://www.ccnmatthews.com/docs/exploratorfigure1map.jpg


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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