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Explorator Intercepts Exceptional High Grade Copper-Gold Mineralisation in the Portugesas-Pirata Areas at El Espino-Venus

Posted on: Wednesday, 1 October 2008, 09:00 CDT

Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE: EXO) continues to intersect significant copper-gold mineralization in results received from its 30,000 meter Phase III drilling program at the El Espino-Venus Project in Chile. Recent results are from the Portugeasa and Pirata areas.

"We are very encouraged by the results of follow-up drilling showing continuity of gold-rich, copper mineralization in the Portugesas and Pirata areas, outside of the area of the initial 43-101 resource estimate reported in February. Drilling is continuing to define resources in these areas, with the possibility of substantially increasing the overall tonnage of the project. In addition, many of these intercepts are at shallow depths, with several starting at surface. This will result in a favourable stripping ratio and early high-grade, gold-rich mill feed which could potentially have a positive impact on the overall project economics. These results will be included in the updated resource calculation being prepared by Micon International." noted David O'Connor, President and CEO of Explorator Resources.

Drill intercepts in the Portugesas and Pirata areas contain an unusually high gold content associated with the copper e.g.

- MXE 128 (42m at 0.82 g/t Au and 0.75% Cu)

- MXE 184 (27m at 0.55 g/t Au and 1.15% Cu)

- MXE 257 (10m at 3.58 g/t Au and 0.15% Cu, and another intercept of 28m at 1.69 g/t Au and 0.23% Cu)

- MXE 268 (43m at 1.79 g/t Au and 0.32%Cu, with 13m at 3.69 g/t Au and 0.70% Cu, and another intercept of 24m at 1.01 g/t Au and 1.21% Cu)

- MXE 271 (30m at 2.98 g/t Au and 0.10% Cu)

- MXE 274 (102m at 1.01 g/t Au and 0.66% Cu, with 36m at 2.53 g/t Au and 1.19% Cu), MXE 275 (34m at 0.82 g/t Au and 0.80% Cu)

- MXE 278 (36m at 0.91 g/t Au and 0.64% Cu, and another intercept of 10m at 3.95 g/t Au and 1.20% Cu)

- MXE 279 (114m at 0.61 g/t Au and 0.68% Cu)

Metallurgical testing is underway to determine the optimum method of extracting both the copper and gold.

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.

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.

               PORTUGESAS - RECENT DRILL INTERCEPTS ------------------------------------------------------------ HOLE         FROM        TO  INTERCEPT        Cu         Au NO             (m)       (m)        (m)       (%)      (g/t) ------------------------------------------------------------ MXE 218         4       146        132      0.92       0.25 MXE 219         4       156        152      0.60       0.19  With          14        68         54      0.90       0.19 MXE 223        56       130         74      0.61       0.22  With          62        88         26      1.20       0.42 MXE 268        54        97         43      0.32       1.79  With          54        67         13      0.70       3.69  And          119       143         24      1.01       1.21 MXE 274       116       218        102      0.66       1.01  With         182       218         36      1.19       2.53 MXE 275        52        86         34      0.80       0.82 MXE 277        46        60         14      0.63       0.25 MXE 278         0        36         36      0.64       0.91                50        60         10      1.20       3.95 MXE 279        48       162        114      0.68       0.61  With          70        82         12      0.88       2.13 MXE 291        24        42         18      0.53       0.28 MXE 292        14        32         18      0.67       0.23 MXE 293        25        34          9      0.83       0.27 MXE 304         0        50         50      0.54       0.10  With          16        40         24      0.93       0.13 MXE 305         0       300        300      0.54       0.22  With          20        36         16      1.68       0.34  And           62       120         58      0.90       0.30 MXE 306         0        54         54      0.82       0.17  With          30        54         24      1.58       0.08               132       192         60      0.75       0.63               PIRATA - RECENT DRILL INTERCEPTS ------------------------------------------------------------ HOLE         FROM        TO  INTERCEPT        Cu         Au NO             (m)       (m)        (m)       (%)      (g/t) ------------------------------------------------------------ MXE 225        94       100          6      0.10       1.42 MXE 226         4       102         98      0.46       0.26  With          56        90         34      0.83       0.40  And           80        86          6      2.68       1.24 MXE 232        73       106         33      0.78       0.30 MXE 244        66       104         38      0.54       0.07  With          79       100         21      0.89       0.10 MXE 256        54        64         10      0.52       0.40                92       108         16      0.33       0.75 MXE 257        54        64         10      0.15       3.58                90       118         28      0.23       1.69               134       156         22      0.44       0.50 MXE 269        99       108          9      1.15       0.15               113       139         26      0.98       0.16 MXE 271        58        88         30      0.10       2.98 MXE 301        48        62         14      0.20       0.60  With          48        52          4      0.16       1.63 MXE 302         0       148        148      0.51       0.21  With           0        68         68      0.60       0.29  And           22        52         30      0.92       0.34 MXE 303         0        94         94      0.50       0.27 MXE 308         0        18         18      0.63       0.29 MXE 309         0        12         12      0.69       0.07 

To view Figure 1, please visit the following link: http://media3.marketwire.com/docs/EXOfigure1a.pdf

To view Figure 2, please visit the following link: http://media3.marketwire.com/docs/EXOfigure2a.pdf

To view Figure 3, please visit the following link: http://media3.marketwire.com/docs/EXOfigure3a.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.

Source: MARKET WIRE

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