Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

January 19, 2007 15:52 ET

Eloro Closes Property Acquisition

TORONTO, ONTARIO--(CCNMatthews - Jan. 19, 2007) -

(Not for dissemination in the United States of America)

Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that it has received final approval from the TSX Venture Exchange in connection with the previously announced acquisition (the "Acquisition") of a 100% interest in the Agate and Gurney Properties (the "Properties"). The Properties were purchased from Mr. Donald McKinnon (the "Vendor") and are located near Eloro's wholly owned Hurdman Zn-Ag Property, 120 kilometres north of Timmins, Ontario, and 75 kilometres north of Xstrata's Kidd Creek Operations.

The Agate Property consists of 15 claims for 38.4 km2 in Agate and Tucker Townships, located 1 km north of the Hurdman Property. The Gurney Property consists of 7 claims for 14.2 km2 in Gurney Township, located 5 km west of the Hurdman Property.

Eloro has acquired a 100% interest in the Agate and Gurney Properties by issuing 375,000 common shares (the "Shares") of Eloro to the Vendor. The Vendor retains a 2% Net Smelter Returns royalty, of which Eloro can purchase 1.0% for $1,000,000. The Shares issued pursuant to the Acquisition will be subject to a hold period which expires May 20, 2007.

About Eloro

Eloro Resources Ltd. is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 425 square kilometers in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Virginia Mines Inc. ("Virginia"), allowing Eloro to acquire a 50% interest in three Virginia mineral properties consisting of 31 claims in the James Bay Mining District (refer to Eloro's press release dated November 23, 2006). In June 2006 Eloro signed a Letter of Agreement with IAMGOLD Corporation (formerly Cambior Inc.) allowing IAMGOLD to earn a 50% interest in the Lemoyne North, Sakami East and Taiga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010 (refer to Eloro's press release dated June 8, 2006).

The TSX Venture Exchange Inc. 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
    (416) 868-9168
    (416) 361-1333 (FAX)
    Website: www.elororesources.com