Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

October 18, 2007 12:45 ET

Eloro Expands Its Uranium Property Holdings in the Otish Mountains District

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) - ELORO RESOURCES LTD. ("Eloro" or the "Company") (TSX VENTURE:ELO) is pleased to announce that is has expanded its uranium property holdings located in the Otish Mountains, in the province of Quebec ("Otish Uranium Properties"). Eloro's interest in the Otish Uranium Properties have increased to 159 claims from 117 claims with the total area in the Otish Mountain Sedimentary Basin now comprising 82.5 km2. Eloro previously announced the acquisition of the Otish North and Otish South uranium properties on July 5, 2007.

The Company is also pleased to report that it is immediately proceeding with a helicopter supported high resolution radiometric - magnetometer - VLF EM survey on the Otish Uranium Properties. The survey should be completed by the end of October 2007.

The Otish Basin Uranium Mineralization

The Otish Uranium Properties straddle the unconformity contact with the underlying granites and offer potential for classic unconformity-type uranium mineralization both below and above the unconformity surface. Eloro's Otish Uranium Properties are in a similar regional geological context as Strateco's high-grade uranium intersection, and the high grade uranium mines in the Athabasca Basin in Saskatchewan, the world's largest producing uranium camp. Eloro is well positioned for uranium exploration with its four Otish Basin and six James Bay uranium properties, all hosting or proximal to significant uranium mineralization with upside potential.

The Otish Uranium Properties are located approximately 20 km NE of Strateco Resources Inc.'s Matoush Uranium Discovery, where they have intersected significant uranium mineralization in drillhole MT-06-35 2.13% U3O8 over 15.2 m (refer to the Strateco Resources Inc.'s press release dated February 20, 2007). The Otish Basin is also being actively explored by Cameco and Areva, the world's largest uranium producers.

The Matoush Uranium Discovery is closely linked to a regional fault which appears to have acted as a conduit for uranium-bearing fluids. The uranium mineralization found at Matoush lies well above the basin rim and resembles perched bodies found above the McArthur River and Cigar Lake uranium deposits in the Athabasca basin.

About Eloro Resources

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 425 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. 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 include both the prospective Silver-Zinc-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