Explorator Resources Inc.

Explorator Resources Inc.

September 17, 2007 09:00 ET

Explorator Resources Acquires 100% of Venus Project, Begins Exploration Program

TORONTO, ONTARIO--(Marketwire - Sept. 17, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) is pleased to announce that it has completed the 100% acquisition of the Venus-Marcelo project (see press release May 15, 2007). The Venus-Marcelo project lies immediately north of the El Espino project and is the direct continuation along strike of the mineralization identified through drilling in the Main Copper Zone that now totals over 25,000 meters including previous drilling by Teck-Cominco and North Ltd.

Together, the El Espino-Venus project now encompasses mineralization that is more than five kilometers in strike length and two to three kilometers wide (see Figure 1). The El Espino-Venus project has nine small operating mines producing copper and gold at the rate of approximately 3000 tonnes per month. The mines are being operated under lease agreements with the previous owners. These operating agreements will expire on the second anniversary of the signature of the Explorator agreement, during which time mining is occurring at the maximum allowable rate.

The company has engaged an exploration team to begin a detailed mapping and sampling program as well as a detailed ground magnetic survey to better define targets in advance of a Phase One diamond drilling program on the Venus block. President and CEO David O'Connor stated "With six drills onsite, we will be able to deploy the rigs to Venus immediately upon the completion of the preliminary planning work. We are keen to begin drilling this block, as there has been no modern exploration in the area despite it being well-known for its rich copper-gold mines. We anticipate that the Venus block will prove itself to be a significant contributor to the value of our company."

An independently-prepared 43-101 report on the acquisition of the Venus properties reported: "The copper grade of the mine dumps sampled ranges from 1.63% to 29.11% Cu; this reflects the relative grade of the veins and possible also the degree of high-grading being practiced by the local cooperativista miners. Gold grades received ranged from background levels to 41.3 g/t Au, with 25% of the samples having gold values greater than 1.0 g/t Au" (see press release dated June 19, 2007).

The current mines at Venus operate in narrow, higher grade veins within the broader mineralized structures. In 1994 ENAMI (Chilean State Mining Organization) calculated reserves within these veins (which are not compliant with NI 43-101) of 1.032,500 tonnes grading 2.0% Cu and 3.5 g/t Au. The calculation was based on extensive underground sampling and past production data and does not meet NI 43-101 guidelines. ENAMI also reported an additional non-43-101-compliant Resource Estimate of 1.5 million tones grading 0.6% Cu at the Milagros SW zone at the southern end of the property with the potential for rich lenses (greater than 2% Cu) within the zone. Explorator has not done sufficient work to classify these historical estimates as current minerals resources and as such, Explorator is not treating the historical estimates as current mineral resources and cautions investors not to rely upon these historical estimates.

The possible presence on the Venus block of further copper-gold mineralization in shallowly-dipping mantos as found on the El Espino block must be considered speculative, however the steeply-dipping mineralized structures outcropping at Venus are up to tens of meters wide and hundreds of meters long and may represent additional mineralizing feeder zones to those found at El Espino. These outcrops appear to indicate the potential for considerable tonnages of copper-gold mineralization.

The purchase of Venus consisted of a cash payment of US$ 550,000, the issuance of a total of 2,000,000 shares of Explorator Resources, as well as the issuance of 2,000,000 warrants, with such warrants exercisable at $1.02 per warrant and valid for a period of two years from the date of closing.


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.


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.

To view Figure 1: The El Espino-Venus Project, please click on the following link: http://www.ccnmatthews.com/docs/EXO916.pdf

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