Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

November 02, 2007 09:00 ET

Eloro Commences Drilling at Amelie Lake

TORONTO, ONTARIO--(Marketwire - Nov. 2, 2007) - ELORO RESOURCES LTD. ("Eloro" or the "Company"); (TSX VENTURE:ELO) is pleased to announce that diamond drilling on the Amelie Lake James Bay property (the "Property") has commenced. The property is located in the eastern portion of the La Grande Archean Greenstone belt in the province of Quebec's James Bay district.

The Property is being explored pursuant to an option and joint venture agreement (the "Agreement") with Virginia Mines Inc. whereby Eloro was granted the right to earn an undivided 50% interest in the Amelie Lake, Sakami, and Gaber properties, by making C$50,000 in option payments in either cash or shares, and by spending C$1million in exploration work (see Eloro press release dated November 23, 2006). Under the terms of the Agreement, Eloro is the project operator during the earn-in phase and has the right to decide where to allocate the exploration efforts which must total C$1 million by November, 2011. The Amelie Lake property is located 5 kilometers north of Eloro's wholly-owned Summit-Gabbre property and contains polymetallic soil anomalies in gold, copper (up to 11,800 ppm), nickel and cobalt.

The priority targets are associated with a hematite magnetite iron formation located along a 3 kilometer strike length. This geological formation has been documented to contain coinciding Induced Potential (IP) and magnetic anomalies within an area where soil sampling work yielded anomalous polymetallic values (up to 11 800 ppm Cu). Surface rock samples (grab samples) of stringer type mineralization adjacent to the iron formation also returned values of up to 4.6% Copper and 16.9 g/t Silver (Source: MRNF GM-55906 Noranda Exploration, November 1997).

A total of 1000 meters of surface diamond drilling in 7 drill holes will be drilled using a helicopter supported program to investigate the source of the polymetallic mineralization identified in previous work by Noranda Exploration (MRNF GM-55906).

Eloro President and CEO, Thomas Larsen stated, "It is remarkable that such quality targets remain untested but it is representative of the unexplored nature of the James Bay Archean Greenstone belts."

About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in James Bay and uranium resources in the Otish Basin districts of northern Quebec, as well as base and precious metals in 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 Archean 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 110 km2 of prospective uranium holdings in 10 properties (217 claims). The Timmins area holdings now include both the prospective Zinc- Silver--Gold Hurdman Property, and the 30 km2 McArthur Lake Nickel Property.

The technical content of this press release has been reviewed by Mr. Jeff Hussey, P. Geo., Vice President of Exploration for Eloro, and a Qualified Person under the guidelines of National Instrument 43-101.

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
    (416) 361-1333 (FAX)
    Website: www.elororesources.com