Eloro Resources Ltd.

Eloro Resources Ltd.

October 09, 2009 14:24 ET

Eloro Terminates Acquisition of Lithium Claims in the James Bay Mining District of Northern Quebec

TORONTO, ONTARIO--(Marketwire - Oct. 9, 2009) - ELORO RESOURCES LTD. (TSX VENTURE:ELO) (the "Company" or "Eloro") announces that it has terminated the acquisition from arm's length vendors (the "Vendors") of two claim groups (the "Agreement"), pursuant to the provisions of the Agreement. The terms and conditions of the Agreement to acquire the Lithium claim groups (the "Property") comprising 146 claims totaling 7,710 hectares (or 77.1 km2) in the James Bay Mining District of northern Quebec were announced on August 27, 2009. Based on the recommendation of management and the Company's focus on its recently optioned Simkar Gold Project, the Board of Directors have decided to withhold the required approval necessary to proceed with the acquisition and have terminated the Agreement effective immediately. Pursuant to the terms of the Agreement and its subsequent termination, the Company has not made and is not required to make any cash payments or issue any shares to the Vendors.

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 both the Timmins and Val-d'Or mining camps of northern Ontario and Quebec.

James Bay, Quebec
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.

Val-d'Or, Quebec
Eloro recently signed an option agreement with Megastar Development Corporation to earn a 50% interest in the advanced Simkar Gold property located 20km east of Val-d'Or Quebec.

Timmins, Ontario
The Timmins area holdings include both the prospective Hurdman Zinc Silver Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.

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.

Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

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