Explorator Resources Inc. (“Explorator” or the “Company”) and Sociedad Punta del Cobre S.A. (“Pucobre”) announced that they entered into an acquisition agreement whereby a wholly-owned subsidiary of Pucobre offered to acquire all of the issued and outstanding common shares of Explorator that Pucobre did not already own for $0.685 in cash per share. The acquisition cost to Pucobre was approximately $55 million for approximately 83% of the Company, on a fully-diluted basis (and assuming the cashless exercise or acquisition of all options and warrants that are in the money). All amounts are in Canadian dollars, unless otherwise noted. The $0.685 per share cash consideration represents a 37% premium over the closing price of Explorator’s common shares on the TSX Venture Exchange on March 25, 2011 and a 36% premium based on the 20-day volume weighted average price of the common shares over the period ended March 25, 2011.

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