Explorator Announces Appointment of Rebecca Hudson as Chief Financial Officer

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2008) - Explorator Resources Inc. ("Explorator" or the "Company") (TSX VENTURE: EXO.V) is pleased to announce the appointment of Rebecca Hudson as Chief Financial Officer of the Company. Ms. Hudson also currently serves as the CFO of Sierra Minerals Inc. ("Sierra"). Prior to her appointment with Sierra, Ms. Hudson was most recently Controller of a Toronto-based junior mining company, with exploration and development projects in Mexico. In addition to assuming responsibility for financial reporting and internal controls, Ms. Hudson managed all local Mexican financial, tax and legal matters working through Mexican accounting and law firms. Prior to this, Ms. Hudson spent two years with Xstrata Canada (formerly Falconbridge Limited), first as Manager, International Exploration Accounting, and then as Manager, Financial Reporting and Control. She played a key role in providing accounting guidance to foreign exploration offices, as well as in the implementation of Sarbanes-Oxley regulations for the Exploration department.

Ms. Hudson holds a Bachelor of Arts with a concentration in accounting and a Masters of Accounting with a concentration in taxation from the University of Waterloo. She earned her C.A. designation in 2000 with Grant Thornton LLP, followed by two years with PricewaterhouseCoopers LLP in the Dominican Republic. Ms. Hudson is fluent in both English and Spanish. In connection with the appointment, the Company has granted Ms. Hudson options to purchase 100,000 common shares of the Company at an exercise Price of $0.44, valid for a period of five years and subject to regulatory approval.

Ms. Hudson's appointment follows the resignation of Michael Farrant, who will continue to serve as a consultant to the Company.

In addition, the Company announces that it intends to raise up to $1,000,000 through a non-brokered private placement of common shares priced at $0.43 per common share. The proceeds of the offering will be used for the exploration and development of the Company`s properties and for working capital purposes. The proposed private placement remains subject to the receipt of all required regulatory approval, including the approval of the TSX Venture Exchange.

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.

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.

Contacts

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