Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

April 07, 2011 12:41 ET

Explorator Resources Announces the Departure of David O'Connor as an Officer

TORONTO, ONTARIO--(Marketwire - April 7, 2011) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) announces that, by mutual agreement, David O'Connor has terminated his role as the Company's Vice President of Exploration, as of March 31, 2011. Mr. O'Connor will remain as a director on the Company's board. In connection with Mr. O'Connor's role as Vice President of Exploration, the Company would like to thank Mr. O'Connor for his dedication to the Company. The Company issued 300,000 bonus shares to Mr. O'Connor on April 7, 2011 pursuant to the Company's stock option plan (the "Plan"). The Plan allows for the issuance of up to 600,000 bonus shares; subsequent to the issuance to Mr. O'Connor, 300,000 bonus shares remain available to be issued under the Plan.

OTHER INFORMATION:

A copy of the release, as well as other information related to the Company, is available on the Company's web site at www.explorator.ca and on SEDAR at www.sedar.com.

EXPLORATOR RESOURCES INC.

David Prins, President & CEO Explorator Resources Inc.

ABOUT EXPLORATOR RESOURCES:

Explorator is a Canadian-based mining exploration company with a 49% interest in the El Espino Copper-Gold Project in Chile (the "Project"). Sociedad Punta del Cobre S.A. ("Pucobre") acquired the remaining 51% of the Project in March 2009 in return for an investment of up to US$18.5 million, with US$7.0 million used to exercise the option to purchase agreement on the Project and the remaining funds directed at the continued exploration and evaluation activities.

The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa, 240 km north of Santiago. An Updated Preliminary Economic Assessment (see press release dated Jan 24, 2011) defined the potential for an average annual payable production of 120 million pounds of copper and 61,000 ounces of gold over a 13.5 year mine life (life-of-mine payable production of 1.621 billion lbs copper and 828,000 oz. gold) at an average cash cost for the base case of US$1.02/lb, net of gold credits (based on a gold price of US$1,059/oz.)

Explorator and Pucobre have entered into an acquisition agreement whereby a wholly-owned subsidiary of Pucobre (see press release on the Companies or the SEDAR web site dated March 25, 2011), have offered to acquire all of the issued and outstanding common shares of Explorator that Pucobre does not already own for $0.685 in cash per share. The acquisition cost to Pucobre will be approximately $55 million for approximately 83% of the Company, on a fully-diluted basis (and assuming the cashless exercise or acquisition of all options and warrants that are in the money). All amounts are in Canadian dollars, unless otherwise noted.

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.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Explorator Resources Inc.
    David Prins
    President & CEO
    +56 2 793-4925
    www.explorator.ca