Explorator Resources Completes Preliminary Assessment on Its El Espino Copper-Gold Project in Chile

TORONTO, ONTARIO, May 11 (MARKET WIRE) --
Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE:
EXO) is pleased to announce that it has received the preliminary
assessment ('scoping study') on the El Espino Project in Chile. The study
was completed by AMEC, an international engineering consulting firm with
extensive experience in geology, resource evaluation, mining, mineral
processing, infrastructure, environment, cost estimation and financial
analysis of mining projects worldwide. The study utilized reports by
other specialized consultants including the resource estimate prepared by
Micon International Limited ("Micon") and announced in November 2008 and
metallurgical testwork completed by SGS Lakefield.

Highlights of the Scoping Study include:

- A pre-tax Net Present Value ("NPV") at an 8% discount rate of US$35
million at a base case life of mine copper price of US$1.80/lb and a gold
price of US$680/oz.

- At a copper price of $2.00/lb, the pre-tax NPV rises to US$169 million.

- Average annual production of 77 million pounds of copper and 40,000
ounces of gold over a mine life of 19 years, including 165,000 ounces of
gold scheduled for the first year.

- Significant potential to increase resource tonnage and grade.

- Average direct costs, inclusive of gold by-product credits, of US$18/t
processed or US$1.40/ pound of copper.

- An estimated capital expenditure of US$434 million including a
contingency of US$87 million.

David O'Connor, President and CEO, said "The main objectives of the
scoping study were to: (1) provide a preliminary evaluation of the
financial merits of the El Espino project; (2) determine the work
required to advance the project to feasibility stage; and (3) to identify
opportunities to enhance the economic value of the project. All
objectives were met and we plan to take advantage of the opportunities
identified to improve the value of the project. We are particularly
excited about the potential to increase the copper-gold grade of the
resources as the study indicates that a 10% increase in overall grade
will increase the NPV by over US$100 million. Several of the higher grade
zones within the identified resources are open along strike and at depth
and have excellent potential to be expanded. Future exploration will
focus on these higher grade, nearsurface zones which could have a
dramatic positive impact on project economics."

The study envisages that the resources at El Espino will be mined by
open-pit at a rate of 17,500 t.p.d. (6.4 Mt/a), with total production of
1.467 billion recoverable pounds of copper and 755,000 recoverable ounces
of gold over a 19 year mine life. A significant amount of gold (165,000
ounces) is scheduled for production in the first year of operations,
relying on very high grades found close to the surface. However, these
resources have a marked nugget effect and continuity of the high grade
zones is uncertain. Whereas the resource estimate has taken this into
account by reducing the search ellipse parameters used and by capping the
high grade gold values to 30 g/t, Explorator will increase the confidence
in the location and grade of this material with more detailed drilling.

AMEC has developed an ultimate pit using Whittle software and a scoping
level production plan that separates sulphide, oxide and high grade gold
production and achieves a stripping ratio of 5.6:1 (W/O). Under these
assumptions, the extracted portion of the Indicated and Inferred Mineral
Resource estimated by Micon and announced in November, 2008, is
approximately 17.4 Mt at 0.65% TCu and 0.22 g/t Au, and 96.4 Mt at 0.69%
TCu and 0.29 g/t Au, respectively.

Metallurgical testing carried out by Lakefield and CIMM Laboratories has
shown that the most profitable mineral processing procedure will be to
recover the oxide mineralization in the flotation circuit. This will
allow substantial recovery of the significant gold associated with the
copper as well as reducing capital costs considerably by eliminating the
need for a separate SXEW circuit.

DESIGN RECOVERIES

MINERALIZATION TYPE COPPER RECOVERY (%) GOLD
RECOVERY (%)

SULPHIDE 94.9 50 to 92
OXIDE 46 68
HIGH GRADE GOLD 46 83

For gold in the sulphides, AMEC used the following recovery function
as the metallurgical data showed that the gold recoveries increase with
grade:

Gold recovery from sulphide mineralization equals 115.31 x Au + 46.464
(maximum 96%).

Based on iron analyses completed by ALS Laboratories and logging of iron
oxide minerals, AMEC state that there is also an opportunity to recover
iron from the property. Magnetite and hematite could be recovered from
the tailings, and this warrants additional metallurgical studies.

Explorator contracted Gestion Ambiental Consultores (GAC) who completed
an environmental baseline study on the El Espino property which was used
by AMEC to develop preliminary environmental and social mitigation costs
associated with the development of a mine at El Espino.

AMEC has developed a preliminary development schedule in which project
study and construction will take three and a half years and the first
concentrate would be shipped in the second half of 2012.

The results of the scoping study, summarised in the form required by NI
43-101, will be posted on SEDAR.

Mineral resources that are not mineral reserves do not have demonstrated
economic viability. The estimate of mineral resources may be materially
affected by environmental, permitting, legal, title, taxation,
sociopolitical, marketing, or other relevant issues. The quantity and
grade of reported inferred resources in this estimation are uncertain in
nature and there has been insufficient exploration to define these
inferred resources as an indicated or measured mineral resource and it is
uncertain if further exploration will result in upgrading them to an
indicated or measured minerals resource category. The preliminary
assessment is preliminary in nature, and includes inferred mineral
resources that are considered too speculative geologically to have
economic considerations applied to them that would enable them to be
categorized as mineral reserves, and there is not certainty that the
preliminary assessment will be realized.

The mineral resource estimate was completed using the Kriging estimation
methodology. The resource estimate was based on block modeling with a
search ellipse for the indicated resource of 75 metres by 55 metres by 20
metres and the search ellipse for the inferred resource of 180 metres by
90 metres by 36 metres for the copper resources. For high grade gold a
third search ellipse of 35 metres by 25 metres by 10 metres was used to
limit the extent of the higher grade mineralization in the indicated
resource category. The resource estimate was based on using the grade
from 6969 - 2 metre composites in 268 drill holes.

The Preliminary Assessment was prepared under the supervision of Mr.
Emmanuel Henry (MAusIMM (CP)) of AMEC, who is a qualified person (QP)
within the meaning of NI 43- 101. Mr. Henry has reviewed and approved the
contents of this press release.

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 scoping study on the Project. The
Project lies within the prolific coppergold 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's Vice President, Exploration is the
"Qualified Person" as defined under 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. It employs 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),
and (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 is identified by words such as
"estimates", "intends", "expects", "believes", "may", "will" and
includes, 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. These statements are based on management's
current expectations and beliefs and 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 public
forward-looking information, whether as a result of new information,
future events or otherwise.

NEITHER THE TSX VENTURE EXCHANGE NOR ITS
REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF
THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR
ACCURACY OF THIS RELEASE

Contacts:
Explorator Resources Inc.
David O'Connor
President
56 978780401
Email: info@explorator.ca
Website: www.explorator.ca

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