Eloro Resources Ltd.

Eloro Resources Ltd.

July 08, 2009 09:00 ET

Eloro Sets Strategy on Gold Resources in Established Mining Camps, Drops Hydrocarbon Property

TORONTO, ONTARIO--(Marketwire - July 8, 2009) - ELORO RESOURCES LTD. ("Eloro" or the "Company") (TSX VENTURE:ELO) wishes to announce the Company has returned the 534 km2 Charlevoix Hydrocarbon Property (the "Property") to the vendor.

Thomas Larsen, President and CEO, Director of Eloro stated, "Eloro is focusing on the acquisition, exploration and development of advanced Gold projects in established mining camps in eastern Canada and will dispose of non-core assets when opportunities arise in the coming months. Eloro is initiating this strategy by concentrating on the former producing Simkar Gold Project located along the Cadillac-Larder Lake Break in the Malartic/Val-d'Or Gold Mining Camp. Eloro and its joint venture partner Megastar Development Corp., will be aggressively exploring Simkar to outline a larger quality gold resource in the near term."

About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay region of northern Quebec, and base and precious metals in the Timmins Camp of northern Ontario. Eloro currently has eleven gold-copper-silver properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. also located in James Bay, Quebec. The Timmins area holdings include both the prospective Hurdman Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.

Any statements made in this news release that are not historical facts are forward-looking statements, and readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results, may vary materially from those in these forward-looking statements.

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
    (416) 361-1333 (FAX)
    Eloro Resources Ltd.
    Jorge Estepa
    (416) 868-9168
    (416) 361-1333 (FAX)