Explorator Resources Inc.
TSX VENTURE : EXO

Explorator Resources Inc.

October 17, 2008 09:00 ET

Explorator Resources Presents Progress on Its Chon Chon Gold Exploration Program at El Espino

Closes Private Placement Financing

TORONTO, ONTARIO--(Marketwire - Oct. 17, 2008) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMENATION IN THE UNITED STATES

Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:EXO) is pleased to announce progress on its Chon Chon gold project at the El Espino project near Illapel, Chile.

There are a number of old gold mines in the El Espino-Venus area, including Chon Chon, La Viuda, Rachel, Ravanales, Portugesas and Pirata. The abundance of high grade gold intercepts encountered in drilling the copper-gold resources has convinced Explorator to target gold mineralisation as an additional strategic objective. The company is studying the relationship of drill results with old gold mine workings and mineralised structures with the objective of defining a gold resource additional to the copper-gold resource.

Micon International stated in their report on the Audit of the Initial Mineral Resource Estimate, completed in March, 2008, that; "Within an area of 100m by 150m at the Chon Chon gold project, on the El Espino-Venus property, Explorator has identified a small area of secondary gold mineralization which is separate from the area of the existing copper resource. At the present time only a few drill holes outline this potential gold resource in both the oxide and sulphide mineralization. However, based on these few drill holes the geological potential for the area has been described using a range of figures from approximately 212,000t to 260,000 t grading 80.81g/t gold and 0.58% copper." The geological potential quantity and grade for the Chon Chon gold project within the El Espino-Venus property is conceptual in nature, there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in a target being delineated as a mineral resource.

Figure 1 is a gold-distribution map showing drill intercepts in excess of 1g/t with thicknesses greater than 1m. Gold intercepts in meters are multiplied by the assay value in grams/tonne to give a number relative to the gold content of the hole. These values are tabulated and presented on the plan as circles relative to the gold value. Larger circles demonstrate higher gold values as tabulated. The map provides a representation of the gold distribution relative to old gold workings and associated mineralized structures.

The Micon International estimated geological potential of the Chon Chon area lies between 530,000 and 675,000 ounces gold and this is marked on the gold distribution map. It is restricted to a very small part of the El Espino project area, being adjacent to the Chon Chon gold workings. Outside of this small area, the plan of gold intercepts below demonstrates a much broader distribution of significant gold intercepts. In particular, some continuity of gold mineralization is interpreted, based on drilling in the Portugesas area, trending NE-SW, parallel to the Portugesas fault.

Explorator has commenced exploration specifically for these higher grade gold resources, initially focusing on the Chon Chon and Portugesas areas.

FIGURE 1 - DISTRIBUTION PLAN OF GOLD INTERCEPTS is available at the following web link: http://media3.marketwire.com/docs/exo1017fig1.pdf.

In the Chon Chon-Ravanales area, the highest grade gold intercepts are not only located close to the north-south trends of the old gold workings, as would be expected (e.g. holes MXE 025, 1m at 426 g/t Au, 0.10% Cu; MXE 041, 2m at 70.80 g/t Au 0.07% Cu; MXE 063, 33m at 44.9 g/t Au, with 4m at 364.3 g/t Au, 0.18 g/t Au), but in general the highest grade gold group does not have a proportionately higher copper content. In addition, the gold rich intercepts in general are associated with calcite mineralization and are interpreted as being associated with a later gold rich, copper poor pulse of mineralization which tended to follow more brittle, steeply dipping fractures.

FIGURE 2 - DRILL INTERCEPTS - RACHEL CHON CHON GOLD ZONE is available at the following web link: http://media3.marketwire.com/docs/exo1017fig2.pdf.



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DRILL INTERCEPTS
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HOLE NO. (M) Au g/t Cu%
EDH 5 2 4.81
MXE 009 31 0.55
5 1.97 2.62
2 2.06 0.45
2 8.25 6.03
MXE 025 3 5.69 0.10
1 426.0 0.91
MXE 037 2 1.94 0.44
2 5.02 1.77
MXE 039 2 8.2 4.33
2 8.24 0.36
MXE 040 2 2.95 0.24
MXE 041 2 70.80 0.07
MXE 047 6 3.15 0.25
MXE 003 33 44.9 0.99
MXE 091 2 8.74
MXE 111 46 0.63 0.98
10 2.78 0.76
MXE 191 70 0.99 0.61


MXE 251 4 15.94 5.88
MXE 001 10 0.83
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DRILL INTERCEPTS - RACHEL CHON CHON GOLD ZONE



----------------------------------
DRILL INTERCEPTS
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HOLE NO. (M) Au g/t Cu%
MXE 028 15 1.13 0.85
2 2.22 2.44
2 1.34 1.72
MXE 029 59 0.56 0.66
MXE 062 1 4.85 0.41
1 21.00 0.34
1 1.79 0.20
3 1.22 0.10
MXE 218 132 0.23 0.97
MXE 223 26 0.42 1.20
74 0.22 0.61
MXE 268 43 1.79 0.32
24 1.21 1.01
MXE 274 102 1.01 0.66
MXE 275 34 0.82 0.80
MXE 278 36 0.91 0.64
10 3.95 1.20
MXE 279 114 0.61 0.68
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DRILL INTERCEPTS - PORTUGESAS GOLD ZONE


FIGURE 3 - DRILL INTERCEPTS - PORTUGESAS GOLD ZONE is available at the following web link: http://media3.marketwire.com/docs/exo1017fig3.pdf.

The copper-gold set averages 0.6% Cu for 0.2 g/t Au and in places such as Portugesas, recent drilling has shown a high copper content with a relatively much higher gold content (e.g. holes MXE 028, 15m at 0.85% Cu, 1.13 g/t Au; MXE 268, 43m at 0.32% Cu, 1.79 g/t Au; MXE 274, 0.66% Cu, 1.01 g/t Au; MXE 279 114m at 0.68% Cu, 0.61 g/t Au). These higher grade copper-gold zones appear to follow NE-SW fault zones, such as the Portugesas fault, (see figure 3).

In addition, the Company has completed its previously announced private placement through the issuance of 3,997,800 common shares at $0.25 per common share for gross proceeds of $999,450. Each of the common shares is subject to a hold period that will expire on February 17, 2009. The proceeds of the offering will be used for the exploration and development of the Company's properties and for working capital purposes.

THE COMMON SHARES WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES OR TO OR FOR THE ACCOUNT OR BENEFIT OF, U.S. PERSONS ABSENT REGISTRATION OR AN APPLICABLE EXEMPTION FROM U.S. REGISTRATION REQUIREMENTS. THIS PRESS RELEASE SHALL NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY NOR SHALL THERE BE ANY SALE OF THE SECURITIES IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL.

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.

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.

SIGNIFICANT GOLD INTERCEPTS AT EL ESPINO



------------------------------------------------------------
HOLE NO FROM TO WIDTH (m) g/tAu %Cu AREA
DDE 05 106 108 2 77.30 0.11 La Viuda
ESRC 03 24 26 2 8.52 0.05
F1 50 54 4 2.5 0.73
F2 22 24 2 3.8 0.15
F15 126 138 12 2.23 1.03
EDH 03 72.1 86.5 14.5 1.45 0.74
EDH 04 253.5 255.5 2 7.00 0.04
EDH 05 2 4.81
ERD 09 257 259 2 4.25 0.01
001 174 184 10 0.83
001 178 180 2 3.18 0.44
003 270 272 2 2.39 0.28 Rachel
008 136 137 1 1.26 2.32
008 136 142 6 0.92 3.59
008 159 165 6 1.15 9.08 Pichanilla
009 210 241 31 0.55
009 225 230 5 1.97 2.62
009 302 305 2 2.06 0.45
009 261 263 2 8.25 6.03
015 107 117 10 0.71
015 107 109 2 2.52 1.75
015 135 136 1 2.27 3.12
017 84 86 2 4.21 0.40
019 38 67 29 0.48
019 41 44 3 2.47 0.07
019 63 64 1 5.67 0.39
019 78 79 1 4.93 0.45
019 124 125 1 4.63 0.07
021 6 3 0.65
025 74 77 3 5.69 0.10 Ravanales
025 108 109 1 426.0 0.91 Ravanales
027 212 221 8 0.91 3.36
028 8 23 15 1.13 0.85
028 40 42 2 2.22 2.44
028 69 71 2 1.34 1.72
029 2 61 59 0.56
029 2 5 3 4.71 0.80
029 51 58 7 1.13 0.88
031 30 46 16 1.22 0.74
031 30 32 2 3.49 1.22
031 44 46 2 3.98 0.33
031 28 0.83
032 40 42 2 1.09 0.17
037 38 40 2 1.94 0.44
037 68 70 2 5.02 1.77
039 46 48 2 3.20 4.33
039 72 74 2 8.24 0.36
040 32 34 2 2.95 0.24
041 88 90 2 70.80 0.07 Ravanales
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047 58 64 6 3.15 0.25
053 98 113 15 2.50 0.32
053 107 109 2 18.55 0.46
054 138 151 13 1.05 0.39
055 157 163 6 1.13
057 13 12.04 0.25 Rachel
057 1 152.0
060 58 118 60 0.46
060 68 69 1 3.52 0.25
060 113 114 1 1.13 1.69
060 140 141 1 1.36 0.83
062 64 65 1 4.85 0.41 Portugesas
062 72 73 1 21 0.34 Portugesas
062 103 104 1 1.79 0.20 Portugesas
062 161 164 3 1.22 0.1 Portugesas
063 111 144 33 44.9 0.99 Ravanales
063 10 147.8 0.62 Ravanales
063 4 364.3 0.18 Ravanales
067 269 270 1 2.24
067 272 274 2 0.72
068 292 293 1 3.64
069 70 72 3 1.78
080 44 46 2 5.08 0.26
086 20 22 2 2.30
087 4 2.05 0.33 Ravanales
091 2 8.74
105 160 161 1 1.73
111 46 0.63 0.98 Ravanales
111 10 2.78 0.76 Ravanales
112 12 1.03
122 110 118 8 1.16 0.46 Ravanales
128 28 70 42 0.82 0.75 Portugesas
128 28 50 22 1.18 1.13 Portugesas
146 118.4 142 23.6 0.66 1.68 Rachel
148 29 31 2 21.9 0.15 Rachel
149 30 34 4 5.49 0.80 Rachel
154 9 2.07 1.63 Rachel
162 70 74 4 1.80 0.61 La Viuda
162 80 94 14 1.03 0.45 La Viuda
162 88 94 8 1.76 0.7 La Viuda
163 52 56 4 1.64 0.99 La Viuda
182 54 55 1 5.09 0.57 Pirata
185 5 1.62 2.82 Rachel
187 1.5 7.4 0.44 Rachel
191 70 0.61
191 64 66 2 8.74 1.11 Ravanales
191 76 108 32 0.61 1.39 Ravanales
199 0 10 10 1.38 0.43 Ravanales
209 158 162 4 3.73 1.56 La Viuda
209 172 174 2 1.34 0.04 La Viuda
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225 94 100 6 1.42 0.10 Pirata
226 80 86 6 1.24 2.68 Pirata
251 198 218 20 3.23 1.42 Ravanales
251 204 208 4 15.94 5.88 Ravanales
257 54 64 10 3.58 Pirata
257 90 118 28 1.69 Pirata
257 134 156 22 0.50 Pirata
268 54 94 43 1.79 0.32 Portugesas
268 54 67 13 3.69 0.7 Portugesas
268 71 77 6 4.62 0.2 Portugesas
268 119 143 24 1.21 1.01 Portugesas
269 159 174 15 0.77 0.26 Pirata
274 116 218 102 1.01 0.66 Portugesas
274 182 218 36 2.53 1.19 Portugesas
275 52 86 34 0.82 0.8 Portugesas
275 52 56 4 3.62 1.16 Portugesas
278 0 36 36 0.91 0.64 Portugesas
278 18 34 16 1.62 0.53 Portugesas
278 50 60 10 3.95 1.2 Portugesas
279 48 162 114 0.61 0.68 Portugesas
279 70 82 12 2.13 0.88 Portugesas
------------------------------------------------------------


Historic drill results from previous operators, whose drilling on the El Espino portion of the project totaled more than 13,700m, show many similar intercepts and include:



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g/t Au Cu %
DDE-05 2 m 77.3 0.11 (North Ltd.)
ESRC-03 2 m 8.52 0.05 (RTZ)
F-15 12 m 2.23 1.03 (Rayrock)
EDH-03 14.5 m 1.45 0.74 (Teck-Cominco)
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