Explorator Resources Inc.

Explorator Resources Inc.

April 30, 2007 08:00 ET

Explorator Resources Intersects 65m of 2.07% Copper at El Espino

First Three Holes of Phase One Show High-Grade Copper-Gold

TORONTO, ONTARIO--(CCNMatthews - April 30, 2007) - Explorator Resources Inc. (TSX VENTURE:EXO) is pleased to announce that it has intersected high-grade copper-gold mineralization within the first three diamond drill holes completed during the current 10 hole, 2000m Phase One exploration program at the El Espino Project in Chile. All three holes have intersected significant thicknesses of copper mineralization confirming the extent of the main copper-gold zone over a distance in excess of 1.8 kilometers traveling north to south. (see Figure 1).

Significant results from the three holes received to date are:

HOLE MXE-01: 12.0 to 15.0 meters, 3.0 width at 0.98% Cu, 0.01g/tAu
32.0 to 84.0 meters, 52.0 width at 0.51% Cu, 0.14g/tAu
174.0 to 184.0 meters, 10.0 width at 0.46% Cu, 0.83 g/tAu

HOLE MXE-03: 90.0 to 93.0 meters, 3.0 width at 1.53% Cu, 0.05 g/tAu
122.0 to 132.0 meters, 10.0 width at 0.85% Cu, 0.11 g/tAu
160.0 to 210.0 meters, 50.0 width at 1.10% Cu, 0.11 g/tAu

HOLE MXE-08 110.0 to 118.0 meters, 8.0 width at 0.45% Cu, 0.03 g/tAu
128.0 to 193.0 meters, 65.0 width at 2.07% Cu, 0.31 g/tAu
234.0 to 250.0 meters, 16.0 width at 0.61% Cu, 0.10 g/tAu

"The first drill results from El Espino are very encouraging and clearly validate the previous drilling while confirming the extent of the main copper-gold zone of mineralization," noted David O'Connor, President and Chief Executive Officer of Explorator Resources. "We are also optimistic at the potential for higher-grade zones than previous drilling had indicated. Additional results from the remainder of the outstanding holes are expected shortly, and a complementary program of soil and trench sampling across the La Viuda-Chon Chon and Pichanilla zones has also begun."

All of the holes were sited in the primary copper-gold mineralized zone identified by previous drilling. The hole locations have been designed to confirm the extent of this zone where significant intervals of copper-gold mineralization have been outlined in the 13,785 meters drilled by major mining companies Anaconda Mining Company, Goldfields, North Ltd., Rayrock Resources Inc., Rio-Tinto and Teck-Cominco Limited. (See press release April 18, 2007). Drilling results from corresponding holes completed during previous exploration by major mining companies includes the following:

Previously Drilled Holes To Compare With Current Results

HOLE ERD-07 (Confirming MXE-01)
26.0 to 82.0 meters, 56.0 width at 0.77% Cu, 0.10g/tAu
244.3 to 246.5 meters, 2.3 width at 1.40% Cu, 0.78g/tAu

HOLE ERD-05 (Confirming MXE-03)
48.0 to 76.0 meters, 28.0 width at 0.48% Cu, 0.07g/tAu
88.2 to 108.3 meters, 20.2 width at 0.58% Cu, 0.03g/tAu
116.7 to 132.4 meters, 15.8 width at 0.61% Cu, 0.14g/tAu
162.7 to 213.0 meters, 50.4 width at 0.91% Cu, 0.10g/tAu

HOLE DDE-08 (Confirming MXE-08)
60.0 to 85.0 meters, 25.0 width at 0.74% Cu, 0.03g/tAu
127.0 to 204.0 meters, 77.0 width at 1.15% Cu, 0.12 g/tAu
212.0 to 232.3 meters, 20.3 width at 0.76% Cu, 0.05 g/tAu

To view Figure 1 please click on the following link: http://www.ccnmatthews.com/docs/EL%20ESPINO.pdf

Both drill hole MXE-01 (new) and adjacent historic drill hole ERD-07 encountered copper oxide mineralization in fractured and brecciated volcanoclastic rocks in the upper parts of the holes. The lower values in MXE-01 compared to ERD-07 are attributed to core loss in the diamond drill hole MXE-01, while the reverse circulation hole ERD-07 probably represents a more realistic value. A program of reverse circulation drilling will be planned at a later stage to give a better test of the shallower, oxidized, and fractured parts of the mineralized system.

The higher grade intercept in new MXE-08 (65m at 2.07%Cu) compared with adjacent historic hole DDE-08 (77m at 1.15) is attributed at this stage to hole MXE-08 being closer to a steeply dipping feeder structure. Additional, closer-spaced drilling in this area is being planned to better determine this structure.


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 Corderilla de la Costa province in Chile. The Company's El Espino Project lies within this prolific copper-gold mineral area and is central to an important cluster of copper-gold deposits. El Espino is located in the Illapel district, approximately 3.5 hours drive north of Santiago.


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.


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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