PARTICIPATION IN EXPLORATOR RESOURCES' UNIT PRIVATE PLACEMENT

SANTIAGO, Feb. 23 /CNW/ - Sociedad Punta del Cobre S.A. ("SPC") announced today that it has agreed to participate in a previously announced private placement by Explorator Resources Inc. ("Explorator") by acquiring 1,250,000 units ("Units") of Explorator for $650,000 ($0.52 per Unit).  Each Unit consists of one common share (an "Explorator Share") and three-quarters of one common share purchase warrant (a "Warrant").  Each Warrant will entitle SPC to acquire one Explorator Share at an exercise price of $0.65 at any time within 24 months following the closing date of the transaction ("Closing").  The Explorator Shares and Warrants issued pursuant to the private placement will be subject to a four month statutory hold period.  Closing is expected to take place on or about February 25, 2011.

Prior to Closing, SPC owns 14,067,796 Explorator Shares and 2,000,000 warrants, each entitling SPC to acquire one Explorator Share at an exercise price of $0.50, representing approximately 19.58% of the issued and outstanding Explorator Shares on a partially diluted basis.   Upon Closing, SPC will own 15,317,796 Explorator Shares, representing approximately 17% of the issued and outstanding Explorator Shares.  Assuming the exercise of the 2,937,500 warrants held by SPC immediately after Closing, SPC would own 18,255,296 Explorator Shares or approximately 19.63% of the issued and outstanding Explorator Shares on a partially diluted basis.  SPC is purchasing the Explorator Shares and Warrants for investment purposes in the ordinary course of SPC's business.  SPC may from time to time acquire additional securities of Explorator, dispose of some or all of the existing or additional securities it holds or will hold, or may continue to hold its then current position.  Persons who wish to obtain a copy of the early warning report to be filed by SPC in connection with this purchase may obtain a copy of such report from www.sedar.com or by contacting SPC's representative listed below.

SOURCE Sociedad Punta del Cobre S.A.

For further information:

Ricardo Uauy
Strategic Planning Superintendent
Sociedad Punta del Cobre S.A.
El Bosque Sur 130, Piso 14
Las Condes, Santiago
Chile

ruauy@pucobre.cl

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Sociedad Punta del Cobre S.A.

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