Eloro Resources Ltd.

Eloro Resources Ltd.

October 10, 2007 13:06 ET

Eloro Updates Delta Project

TORONTO, ONTARIO--(Marketwire - Oct. 10, 2007) - ELORO RESOURCES LTD. ("Eloro" or the "Company")(TSX VENTURE:ELO), would like to announce that a 3,500 metre diamond drilling program has commenced on its wholly-owned Delta Property located in the James Bay region in Northern Quebec.

As part of a regional geophysical program conducted this past summer, the Company commissioned a detailed ground Infinitem™ survey (a deep penetrating electromagnetic survey) on the Delta Property. The 36 line kilometre Infinitem™ survey was carried out as a follow-up to the airborne MAG/EM survey which was flown over the property during the fall of 2006.

The Infinitem™ survey outlined nine conductive anomalies which can be categorized as strong conductors, most likely resulting from metallic sources such as massive sulphides. In their interpretation of the survey, Abitibi Geophysics of Val-d'Or, Quebec concluded that follow up drilling is highly recommended on each of the detected anomalies.

The conductive anomalies fall within a 1.4 kilometre long Volcanogenic Massive Sulphide (VMS) sequence, complete with chert-magnetite-sulphide iron formation, altered volcanic agglomerates, cherts, disseminated and semi-massive chalcopyrite-pyrite stringers and veins, along with disseminated magnetite-pyrite-chalcopyrite.

On October 24, 2006, the Company announced the results obtained from an extensive field prospecting, mapping and sampling program on the VMS sequence which yielded significant grab sample results including:

Sample # Cu % Au g/t Ag g/t

87656 2.34 0.04 9.2
87657 6.33 0.22 21.4
87658 2.91 0.67 8.5
87659 8.94 0.45 36.0
87660 9.00 0.51 56.0
95757 5.85 trace 48.0
95758 5.08 trace 49.8
95760 13.04 trace 108.4
293025 1.22 0.04 4.4
293026 1.60 0.03 5.9
293027 1.54 trace 5.1
293101 1.55 0.08 15.0
293104 2.60 0.06 8.7
293116 9.08 0.06 27.0
293117 3.52 0.07 14.0
293151 2.59 0.03 9.3
293152 1.64 0.04 6.4

The 3,500 metre drilling program on the Delta Property has been designed to further investigate the extent of the copper-silver mineralization associated with the Infinitem™ survey's electromagnetic conductors at depth.

Eastmain 1 Property

The 2006 airborne survey conducted over the Delta Property also covered the southern portion of the Company's wholly-owned Eastmain 1 Property which is located adjacent to and immediately north of the Delta Property.

The survey outlined several conductive zones in an area which has never been explored. As a result, Eloro recently completed 120 kilometres of line cutting in preparation for a ground geophysical survey (Maxmin EM survey) which will further explore the conductive zones outlined by the 2006 airborne survey. The ground geophysical survey is scheduled to begin next week and will be carried out concurrently with the Delta Property diamond drilling program. Targets generated by the Maxmin EM survey will be drill tested during a winter drilling program.

Stock Option Grant

The Company also announces that it has reserved a price of $0.45 per share for the grant of stock options to an officer and a consultant to acquire up to 300,000 common shares of the Company (the "Stock Options"). Each Stock Option entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.45 per common share prior to the close of business on October 10, 2012.

About Eloro Resources Ltd.

Eloro Resources Ltd. is a junior exploration company focused on discovering and developing gold-silver, base metal and uranium resources in the James Bay Mining District of northern Quebec and the Timmins Mining Camp of northern Ontario. The Company currently has 12 gold-copper-silver and 10 uranium properties covering 425 km2 in both the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Deposit. Exploration activity of these relatively under-explored greenstone belts has dramatically increased and Eloro plans to continue aggressive exploration of its portfolio of properties.

The technical content of this press release has been reviewed by Mr. Martin Bourgoin, P. Geo., Executive Vice President of 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
    Eloro Resources Ltd.
    Jorge Estepa
    (416) 868-9168