Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

October 03, 2007 11:08 ET

Eloro Announces New Appointments

TORONTO, ONTARIO--(Marketwire - Oct. 3, 2007) - ELORO RESOURCES LTD. ("Eloro" or the "Company") (TSX VENTURE:ELO) is pleased to announce the hiring of Mr. Jeff Hussey, P. Geo., FGAC, as Vice President, Exploration and the appointment of Mr. Martin Bourgoin as Executive Vice President of Eloro. Mr. Bourgoin has been instrumental in the Company's acquisition strategy of its James Bay and Otish Mountain land holdings in the province of Quebec and leading Eloro's exploration effort. Mr. Hussey will be joining the Eloro team as Vice President Exploration, bringing over 20 years of experience in exploration and mining.

Martin Bourgoin, P.Geo, Executive Vice President

Mr. Bourgoin has more than 21 years of experience in various leading companies such as Placer Dome Inc. and Agnico Eagle Mines Ltd. He was appointed as Eloro's Executive Vice President, Exploration in February 2006. His experience includes underground and open pit mine production, geostatistical ore reserve estimation, and exploration managment. He is also involved in the preparation of National Instrument 43-101 compliant technical reports. He is the founder and President of MRB and Associates, a Val-d'Or, Quebec-based mining and exploration consulting firm. He also held the position of Chief Geologist at McWatters Mining Inc. (Sigma Mines division) where he played a leading role in the preliminary stages of defining a new geological model and gold reserves of the current open pit operation.

Jeff Hussey, P. Geo, FGAC, Vice President Exploration

Mr. Hussey has 22 years international exploration and mining experience. He started his career as a consulting geologist for Jean Descarreaux in Quebec's Abitibi Greenstone belt. During 19 years with Noranda and Falconbridge (now part of Xstrata Plc- XTA.L) he worked in exploration and production roles at Brunswick Mines, Chief Geologist at Mines Gaspe, and as Senior Geologist during the Antamina Mine startup in Peru. He was directly associated with the deep (1000m) North End Zone discovery at Brunswick and the Mt. Porphyre deposit pre feasibility study at Mines Gaspe (1700m depth). After working at Antamina Mr. Hussey worked as Senior Scientist for the Mining Technical group at the Noranda Technology Center, and most recently as General Foreman - Open Pit Mines and Surface Projects at Raglan Mines in northern Quebec. His experience in exploration and mining will be beneficial in evaluating and prioritizing Eloro's portfolio of properties.

"On behalf of the board of directors and management team at Eloro, I would like to welcome Mr. Hussey to the Company, and I congratulate Mr. Bourgoin on his appointment, knowing that they both bring a proven track record in mineral exploration and strategic planning which will be put to good use on all of Eloro's current projects," stated Thomas Larsen, President and CEO of Eloro.

ABOUT ELORO

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay and Otish Basin districts of northern Quebec, and the Timmins Camp of northern Ontario. Eloro currently has eleven gold-copper-silver properties (807 claims) covering 410 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Deposit. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. Additionally, Eloro now owns 90 km2 of prospective uranium holdings in 10 properties (175 claims). The Timmins area holdings now include both the prospective Silver-Zinc-Gold Hurdman Property, and the 30 km2 McArthur Lake Nickel Property.

This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address future production, reserve potential, exploration drilling, exploitation activities and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, Investors should review the Company's registered filings what are available at www.sedar.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President and CEO
    (416) 868-9168
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168