Explorator Completes Sale of a 51% Interest in Its Chilean Subsidiary and Private Placement

TORONTO, ONTARIO, Mar 20, 2009 (MARKET WIRE via COMTEX) --
EXRAF | Quote | Chart | News | PowerRating -- Explorator Resources Inc. ("Explorator" or the "Company") (TSX
VENTURE: EXO | Quote | Chart | News | PowerRating) is pleased to report that, following receipt of final
approval from the TSX Venture Exchange, it has completed the sale of
a 51% interest in Explorator Resources Chile S.A. (currently
Explorator's 100% owned subsidiary) to Sociedad Punta del Cobre S.A.
("SPC") in exchange for payments totaling up to US$18.5 million;
US$10 million of which will be paid to Explorator Chile on or before
March 25, 2009; US$7 million of which will be paid to Explorator
Chile within 18 months of the date hereof, and US$1.5 million in the
event and to the extent such amount is required to complete a bank
feasibility study of the Company's properties.

In addition, following receipt of final approval by the TSX Venture
Exchange, the Company has completed its previously announced private
placement with SPC through the issuance of 12,067,796 common shares
at CAD$0.1475 per common share for gross proceeds of CAD$1,779,999.91
(the "Private Placement"), representing 18.02% of the issued and
outstanding common shares of the Company. Following the Private
Placement, SPC now owns 12,067,796 common shares of the Company,
representing 18.02% of the issued and outstanding common shares of
the Company. SPC acquired the common shares for investment purposes
and may, depending on the market and other conditions, increase or
decrease its beneficial ownership, control or direction over common
shares of the Company Pucobre is located at El Bosque Sur 130, Piso
14, Las Condes, Santiago, Chile. An early warning report will be
filed on Sedar and may be obtained from the SEDAR website
(www.sedar.com). For further information, please contact: Ignacio
Ruiz, CFO, phone: + 56-2-379-4560.

Each of the common shares is subject to a hold period that will
expire on July 20, 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.

For further details on the Agreement and the Private Placement,
please see the Company's press release dated January 20, 2009. A copy
of the private placement agreement is available under Explorator's
profile on SEDAR (www.sedar.com).

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 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'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
591 720 46153
Email: info@explorator.ca
Website: www.explorator.ca

SOURCE: Explorator Resources Inc.

mailto:info@explorator.ca
http://www.explorator.ca

For full details on (EXO) EXO. (EXO) has Short Term PowerRatings at TradingMarkets. Details on (EXO) Short Term PowerRatings is available at This Link.

For full details on (EXRAF) EXRAF. (EXRAF) has Short Term PowerRatings at TradingMarkets. Details on (EXRAF) Short Term PowerRatings is available at This Link.