Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

November 11, 2008 09:00 ET

Explorator Resources Intercepts Additional Manto Hosted Oxide Copper-Gold Mineralisation in the Rachel Area at the El Espino Project

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2008) -



Results include:

HOLE MXE 246 - 69m at 1.01%Cu and 0.23 g/t Au
HOLE MXE 247 - 43m at 0.90%Cu and 0.12 g/t Au
HOLE MXE 248 - 40m at 0.78%Cu and 0.05 g/t Au
HOLE MXE 249 - 13m at 0.85%Cu and 0.30 g/t Au
HOLE MXE 264 - 109m at 0.82%Cu and 0.08 g/t Au
HOLE MXE 280 - 42m at 1.63%Cu and 0.28 g/t Au
HOLE MXE 283 - 39m at 0.64%Cu and 0.07 g/t Au
HOLE MXE 295 - 87m at 0.99%Cu and 0.55 g/t Au


Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce that it continues to intersect significant copper-gold mineralization in its Phase Three 30,000 meter drilling program at the El Espino Project in Chile.

The drilling program in the Rachel area is designed to upgrade resources from the inferred to indicated category as well as extend the resource area.

"Results recently received demonstrate continuity of higher grade copper-gold mineralization along the multiple, stacked mantos and contribute towards upgrading the resources. Micon International will include this data in their new resource calculations currently underway. These will be incorporated in the scoping study," stated David O'Connor, President and CEO of Explorator Resources.

The initial NI 43-101 mineral resource estimate on the El Espino part of the deposit, audited by Micon International (see press release dated February 27, 2008) described: (1) oxide mineralization containing 11.1 million tonnes grading 0.63% Cu and 0.17 g/t Au in an indicated category and 11.5 million tonnes grading 0.46% Cu and 0.27 g/t Au in an inferred category; and (2) sulphide mineralization containing 0.6 million tonnes grading 0.91% Cu and 0.39 g/t Au in an indicated category and 77.2 million tonnes grading 0.63% Cu and 0.18 g/t Au in an inferred category. The resource is being updated by Micon to include the 25,000 meters of additional drilling completed so far in 2008. These updated resource figures will be included in the scoping study.

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino Copper-Gold Project in Chile. The Company is currently completing a Phase III 30,000 meter drill program, the results of which will update the current NI 43-101 mineral resource estimate and is completing a scoping study on the Project's oxide mineralization. The Project lies within the prolific copper-gold mineral area of the Cordillera de la Costa and is central to an important cluster of "Candelaria-style" copper-gold deposits. It is located 3.5 hours drive north of Santiago. The El Espino project block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.



RACHEL ZONE - RECENT DRILL INTERCEPTS

HOLE NO FROM TO INTERCEPT Cu% Au g/t

MXE 246 68 100 32 0.57 0.09
131 200 69 1.01 0.23
with 136 174 38 1.61 0.13

MXE 247 48 56 8 0.75 0.03
72 82 10 0.82 0.06
116 159 43 0.90 0.12
with 149 157 8 2.40 0.37

MXE 248 29 68 39 0.32 0.11
79 88 9 1.07 0.08
115 155 40 0.78 0.05
207 218 11 0.75 0.19

MXE 249 77 82 5 0.41 0.10
131 165 34 0.43 0.12
170 186 16 0.62 0.15
with 176 184 8 1.08 0.25
215 228 13 0.85 0.30

MXE 264 15 20 5 0.37 0.78
28 30 2 0.43 0.12
42 59 17 0.72 0.03
70 179 109 0.82 0.08
with 109 160 51 1.15 0.11
275 286 11 0.72 0.19
290 331 41 0.88 0.20
with 293 321 28 1.20 0.26

MXE 280 118 124 6 0.48 0.16
135 177 42 1.63 0.28
with 148 177 29 2.27 0.39
242 249 7 0.82 0.11

MXE 281 50 55 5 0.38 0.14
92 100 8 1.01 0.14
129 150 21 0.56 0.06
with 139 148 9 0.86 0.11

MXE 283 75 114 39 0.64 0.07
with 85 101 16 1.07 0.09
130 144 14 0.62 0.10
154 161 7 0.47 0.12
212 224 12 0.46 0.09

MXE 294 74 83 9 0.28 0.05

MXE 295 71 184 113 0.78 0.40
with 71 149 78 0.99 0.55
and 71 102 31 1.34 1.24
and 77 79 2 2.98 10.58
and 82 84 2 5.55 4.78
and 95 96 1 5.53 2.44


To view the EL ESPINO Rachel Location Map and Resource area, please visit the following link: http://media3.marketwire.com/docs/exomap1.pdf

To view the EL ESPINO Drill Hole Location Map Rachel, please visit the following link: http://media3.marketwire.com/docs/exomap2.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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