Explorator Resources Inc.

Explorator Resources Inc.

August 22, 2007 07:45 ET

Explorator Resources Increases Drilling at El Espino Project

TORONTO, ONTARIO--(Marketwire - Aug. 22, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) is pleased to announce that following the recent completion of the private placement with Cormark Securities Inc., Blackmont Capital Inc. and Canaccord Capital Corp. (see release dated August 09), the Company has increased the number of drill rigs operating on the 25,000 meter Phase Two drilling program in the main copper zone at the El Espino Project in Chile.

The Phase Two drilling program commenced in June 2007 and there are now two reverse circulation (R.C.) and three diamond drill rigs operating on the property with the goal to have six drill rigs on the property by the end of August. The R.C. rigs are focused on defining the shallow oxide resources at Ravanales, Chon Chon and Portugesas-Pirata in the north and west zones. The diamond rigs are drilling to define the sulphide resources located mainly in the Rachel and Quebrada areas. (see Figure 1), as well as outlining the gold rich zone represented by the La Viuda and Chon Chon gold mines.

"We are very encouraged by the shallow oxide mineralization indicated by the numerous copper workings and drill intercepts in the Ravanales area as they continue to substantiate our belief in the potential for open-pittable, SXEW - treatable, low-cost resources," said David O'Connor, President and CEO of Explorator Resources. "We are on track with our goal to accelerate drilling in this area so we can complete the program by the end of 2007 and define our first NI 43-101 compliant Resource Estimate in early 2008. To date, the Company has completed more than 50 drill holes on the El Espino project and is awaiting further results from the lab."

The acquisition of the Venus-Marcelo block (see release dated May 15, 2007) has expanded the El Espino Project by an additional two kilometers of strike extent and the newly consolidated El Espino-Venus block now covers more than five kilometers in strike length. While there has been no recent exploration on the Venus property, there are six active mines operating on the property.

The company's 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 29.1% Cu; this reflects the relative grade of the veins and possibly also the degree of high-grading being practiced by the local cooperativista miners. Gold grades received ranged from background levels to 41.3g/t Au, with 25% of the samples having gold values greater than 1.0g/t Au" (see press release dated June 19, 2007). A program of mapping and sampling is commencing to build on this work and identify the best drill targets on the Venus properties. David O'Connor stated: "We are very keen on properly preparing Venus so that we can commence drilling as soon as possible."

When the Phase Two drilling has been completed at El Espino, the Company will report drilling results from the various areas within the Project separately. Reporting by area will simplify the presentation of the drilling program results, as well as allowing for separation of potentially SXEW treatable oxide resource from the adjacent sulphide resource.

To view the accompanying map, please click the link below:



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.


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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