Results include 4.0 meters of 5.88% Cu and 15.94 g/t Au at Chon Chon

TORONTO, ONTARIO–(EMWNews – July 21, 2008) – Explorator Resources Inc. (“Explorator” or the “Company”) (TSX VENTURE:EXO) is pleased to announce that it continues to intersect significant copper-gold mineralization in its 30,000 meter Phase III drilling program at the El Espino Project in Chile.

“Most of these holes were drilled to test the margins of the Ravanales zone of oxide mineralization and will be included in a revised mineral resource estimate scheduled for completion early in the fourth quarter of this year. These intercepts will assist with the Company’s goal of converting inferred oxide resources to indicated oxide resources. It is particularly encouraging to note that one hole (MXE 251) intercepted four meters grading 15.94 grams per tonne gold in an extension of the Chon Chon gold zone. These results will be included in a separate study on the potential gold resource at Chon Chon”, stated David O’Connor, President and CEO of Explorator Resources.

The 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.

RAVANALES ZONE - RECENT DRILL INTERCEPTS 

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HOLE                 FROM       TO  INTERCEPT
NO                     (m)      (m)        (m)      Cu%    Au g/t      Type
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MXE 122               110      118          8      0.46      1.16     Oxide

MXE 152  No significant intercepts

MXE 156                21       48         27      0.33      0.10     Oxide
                       54       87         33      0.30      0.04     Oxide

MXE 170               128      140         12      0.30      0.03     Oxide
                      162      166          4      0.22      0.55   Sulfide

MXE 171               136      144          8      0.40      0.54     Mixed
                      144      148          4      0.28      0.53   Sulfide

MXE 172               150      154          4      0.39      0.02   Sulfide

MXE 174                 0       34         34      0.65      0.11     Oxide
With                    4       32         28      0.75      0.13     Oxide

MXE 175                40       44          4      0.42      0.05     Oxide

MXE 190               114      138         24      0.15      0.14     Oxide

MXE 192                78      100         22      0.44      0.18   Sulfide

MXE 193                34       40          6      0.37      0.01     Oxide

MXE 194               100      116         16      0.22      0.19     Oxide
                      152      168         16      0.23      0.12   Sulfide
                      154      158          4      0.38      0.33   Sulfide

MXE 195                68      140         72      0.51      0.09       All
With                   68      124         56      0.53      0.10     Oxide
With                  102      124         22      0.80      0.06     Oxide
With                  124      140         16      0.46      0.04   Sulfide

MXE 196               100      110         10      0.20      0.06     Mixed
                      116      120          4      0.67      0.04     mixed

MXE 197                80       86          6      0.28      0.01     Oxide

MXE 198  No significant intercepts

MXE 199                 0       14         14      0.38      0.99     Oxide
With                    0       10         10      0.43      1.38     Oxide

MXE 200                48       72         24      0.52      0.23     Oxide

MXE 201               102      106          4      0.49      0.19     Oxide
                      128      136          8      0.73      0.10     Oxide

MXE 202                82      112         30      0.69      0.11     Oxide

MXE 203                50       56          6      0.30      0.16     Oxide
                       62      112         50      0.50      0.07     Oxide
                      112      120          8      0.26      0.14   Sulfide

MXE 227                20       22          2      0.21      0.01     Oxide

MXE 228                 6       14          8      0.49      0.06     Oxide
                       32       70         38      0.30      0.04     Oxide
With                   60       70         10      0.55      0.09     Oxide
                       72       74          2      0.45      0.14   Sulfide

MXE 229                24       36         12      0.25      0.13     Oxide
                       60       62          2      0.80      0.15     Oxide

MXE 250                12       18          6      0.36      0.03     Oxide
                       62       84         22      0.17      0.01     Oxide
                       94      110         16      0.22      0.01     Oxide

MXE 251                 4       18         14      0.59      0.70     Oxide
                       22       56         34      0.41      0.05     Oxide
With                   34       56         22      0.49      0.06     Oxide
                       56       58          2      0.33      0.01     Mixed
                       58       90         32      0.54      0.01   Sulfide
                      198      218         20      1.42      3.23   Sulfide
With                  204      208          4      5.88     15.94   Sulfide

MXE 252                22       62         40      0.22      0.22     Oxide
With                   48       62         14      0.34      0.12     Oxide
                      122      126          4      0.69      0.02   Sulfide
                      140      144          4      0.26      0.30   Sulfide

MXE 253                 0        8          8      0.29      0.06     Oxide
                       14       26         12      0.45      0.16     Oxide
                       46       64         18      0.59      0.05     Oxide
With                   52       58          6      1.10      0.06     Oxide

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.

To view a map of the Ravanales area, please visit the following link: EMWNews.com/docs/EXO721_a.pdf”>http://media3.EMWNews.com/docs/EXO721_a.pdf

To view the Drill Hole locations map, please visit the following link: EMWNews.com/docs/EXO721_b.pdf”>http://media3.EMWNews.com/docs/EXO721_b.pdf