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Explorator Intercepts Significant Copper-Gold Mineralization in the La Viuda Zone

July 23, 2008

Explorator Resources Inc. (Explorator or the Company) (TSX VENTURE: EXO) is pleased to announce continued success in intersecting additional significant copper-gold mineralization as part of its 30,000 meter Phase III drilling program at the El Espino-Venus Project (the Project ) in Chile. These results focus on drilling performed on the La Viuda area of the Project (see attached map of the El Espino-Venus property).

We are intersecting substantial oxide copper-gold mineralization in the La Viuda area, which will add to the overall estimated oxide resource of the El Espino-Venus Project. stated David O Connor, President and CEO of Explorator Resources. Oxide intercepts include Hole MXE 160 (54 meters at 0.65% Cu), Hole MXE 179 (32 meters at 0.77% Cu), Hole MXE 210 (16 meters at 0.54% Cu from surface), Hole MXE 211 (62 meters at 0.63% Cu from surface) and Hole MXE 212 (36 meters at 0.82% Cu from surface). We are extremely encouraged by the results and in particular, the amount of mineralization that extends from surface. We expect that these results will factor positively in both the update of the current estimated resource and in the results of the scoping study addressing the oxide potential, added Mr. O Connor.

In addition, the copper-gold mineralization intersected in the La Viuda area has a substantially higher proportion of gold than other parts of the El Espino system and there is relatively more vein hosted mineralization. A number of sulfide intersections highlight the potential for gold rich sulfide copper resources at La Viuda. These include Hole MXE 188 (26 meters at 0.61% Cu), MXE-209 (6 meters at 0.60% Cu, 0.19 g/t Au), MXE 237 (10 meters at 0.54% Cu, 0.46 g/t Au, 18 meters at 0.42% Cu, 0.29 g/t Au and 3 meters at 0.27% Cu and 0.84 g/t Au) and MXE 239 (14 meters at 0.46% Cu, 0.17 g/t Au).

The area includes the old La Viuda gold mine. Hole MXE 209 intercepted four meters at 3.73 g/t Au and 1.56% Cu as well as two meters at 1.34 g/t Au and 0.04% Cu. These high gold values will be included in a study of the potential higher grade gold resource (the Chon Chon gold Project), which will be additional to the copper-gold resources.

The initial National Instrument 43-101 ( NI 43-101 ) mineral resource estimates on the El Espino part of the deposit, audited by Micon International (see press release dated February 27, 2008) describe: (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.

About Explorator Resources

Explorator Resources is a Canadian-based mining exploration company focused on advancing its El Espino-Venus 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-Venus block covers 75 square kilometres and is host to major gold and copper mineralized structures on which nine small operating mines have been developed.

                     LA VIUDA ZONE  RECENT DRILL INTERCEPTS ---------------------------------------------------------------------------- HOLE              FROM         TO      INTERCEPT        Cu      Au ----------------------------------------------------------------------------  NO                 (m)        (m)            (m)       (%)   (g/t)     Type ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 100            106        108              2      0.59    0.02   sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 134              4         24             20      0.44    0.41     oxide ----------------------------------------------------------------------------                     48         60             12      0.29    0.07     oxide ----------------------------------------------------------------------------  Incl.              48         52              4      0.64    0.15     oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 135              0          4              4      0.36    0.53     oxide ----------------------------------------------------------------------------                      8         16              8      0.34    0.08     oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 136            130        140             10      0.35    0.07   sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 137             66         72              6      0.19    0.12     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 138             80         92             12      0.22    0.03     Oxide ----------------------------------------------------------------------------                    136        144              8      0.40    0.10     Mixed ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 139             40         50             10      0.30    0.12     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 160             44         70             26      0.34    0.05     Oxide ----------------------------------------------------------------------------                     80        158             78      0.58    0.25 ----------------------------------------------------------------------------  Incl.              80        134             54      0.66    0.32     Oxide ----------------------------------------------------------------------------  Incl.             138        158             20      0.46    0.10   Sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 161             30         40             10      0.45    0.09     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 162             10         38             28      0.39    0.25     Oxide ----------------------------------------------------------------------------  Incl.              22         34             12      0.63    0.51     Oxide ----------------------------------------------------------------------------                     50         76             26      0.22    0.52     Oxide ----------------------------------------------------------------------------  Incl.              70         74              4      0.61    1.80     Oxide ----------------------------------------------------------------------------                     80         94             14      0.45    1.03     Oxide ----------------------------------------------------------------------------  Incl.              88         94              8      0.70    1.76     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 163              0         18             18      0.38    0.07     Oxide ----------------------------------------------------------------------------                     52         56              4      0.99    1.64     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 188            200        204              4      0.65    0.06   Sulfide ----------------------------------------------------------------------------                    228        244             26      0.61    0.03   Sulfide ----------------------------------------------------------------------------                    254        256              2      0.94    0.10   Sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 179              0         32             32      0.77    0.14     Oxide ----------------------------------------------------------------------------                     78        104             26      0.38    0.05     Oxide ----------------------------------------------------------------------------  Incl.              82         96             14      0.54    0.06     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 208              0         16             16      0.32    0.05     Oxide ----------------------------------------------------------------------------                     64         70              6      0.41    0.14     Oxide----------------------------------------------------------------------------                    150        160             10      0.44    0.10     Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 209            134        140              6      0.60    0.19   Sulfide ----------------------------------------------------------------------------                    158        162              4      1.56    3.73   sulfide ----------------------------------------------------------------------------                    172        174              2      0.04    1.34   Sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 210               0        16              16     0.54     0.24    Oxide ----------------------------------------------------------------------------                      44        48               4     0.57     0.16    Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 211               0        62              62     0.63     0.11    Oxide ----------------------------------------------------------------------------  Incl.                0        14              14     1.12     0.15    Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 212               0        36              36     0.82     0.13    Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 220              58        64               6     0.34     0.09    Oxide ----------------------------------------------------------------------------                      70        84              14     0.29     0.05    Oxide ----------------------------------------------------------------------------                      90       110              20     0.32     0.03    Oxide ----------------------------------------------------------------------------                     122       126               4     0.75     0.06    Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 221              42        52              10     0.48     0.11    Oxide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 237              46        50               4     0.64     0.11    Oxide ----------------------------------------------------------------------------                      97       103               6     0.44     0.35  Sulfide ----------------------------------------------------------------------------                     143       153              10     0.54     0.46  Sulfide ----------------------------------------------------------------------------                     226       244              18     0.42     0.29  Sulfide ----------------------------------------------------------------------------                     267       273               6     0.33     0.39  Sulfide ----------------------------------------------------------------------------                     302       305               3     0.27     0.85  Sulfide ---------------------------------------------------------------------------- ---------------------------------------------------------------------------- MXE 239             121       127               6     0.35     0.05    Oxide ----------------------------------------------------------------------------                     130       144              14     0.46     0.17  Sulfide ----------------------------------------------------------------------------                     151       153               2     0.47     0.08  Sulfide ---------------------------------------------------------------------------- 

To view the Figure 1 Ravanales Location Map and Resource Map, please visit the following link: http://media3.marketwire.com/docs/exofigure1723.pdf

To view the Figure 2 La Viuda Drill Hole Location Map, please visit the following link: http://media3.marketwire.com/docs/exofigure2723.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.

 Contacts: Explorator Resources Inc. Tony Wonnacott Director & Corporate Secretary (416) 775-7540 Email: inquiry@explorator.ca Website: www.explorator.ca

SOURCE: Explorator Resources Inc.




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