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Challenger Exploration (ASX: CEL) (“CEL” or the “Company”) is pleased to announce the results received for a further three drill holes from the Colorado V concession in Ecuador. These three drill holes have each intersected over 100 metres of mineralisation, including 146m at 1.5 g/t gold, 1.8 g/t silver in hole ZK1-5. The results follow our discovery hole, ZK0-2, which intersected over 250 metres of mineralisation including 134m at 1.0 g/t gold and 4.1 g/t silver and reinforce the discovery of a significant large-scale gold system in the Colorado V concession in Ecuador.

Highlights:

• Drill hole ZK1-5 returned 146 metres at 1.5 g/t gold and 1.8 g/t silver including a significant high-grade core of 87 metres at 2.1 g/t gold and 1.9 g/t silver.

• All three drill holes encountered over 100 metres of mineralisation with hole ZK1-3 intercepting a total of 225 metres of significant gold mineralisation

• Results include (refer Table 1 for details):

• 146m at 1.5 g/t gold, 1.8 g/t silver from 211 metres (ZK1-5) (including 87m at 2.1 g/t gold, 1.9 g/t silver from 253 metres)

• 58m at 0.5 g/t gold, 1.9 g/t silver from 46 metres (ZK1-3) and (including 30m at 0.8 g/t gold, 3.1 g/t silver from 86 metres)

• 131m at 0.5 g/t gold, 3.1 g/t silver from 291 metres (ZK1-3) (including 78m at 0.7 g/t gold, 3.5 g/t silver from 303 metres)

• Results reinforce the presence of a significant large-scale gold system at the Colorado V Project in Ecuador

• The four holes with assays returned all contain mineralisation and cover 80 metres of a 500 metre long trend defined by small scale underground mine workings

• Mineralisation starts at surface along the 500 metre zone outcropping in a small open pit

• An additional 5 drill holes have now been sampled and submitted for assay