Eloro Resources Ltd.
NEX BOARD : ELO.H

Eloro Resources Ltd.

July 08, 2005 08:45 ET

Eloro Acquires Additional Gold Copper Silver and Uranium Properties in Virginia Gold Camp

TORONTO, ONTARIO--(CCNMatthews - July 8, 2005) - Eloro Resources Ltd. (NEX:ELO.H) (the "Company" or "Eloro") is pleased to announce that, in addition to the acquisitions in the Virginia Gold camp announced on June 28, 2005, it has entered into an additional letter agreement (the "Letter Agreement") with Mr. J.S. Lavallee (the "Vendor"), pursuant to which Eloro has agreed to acquire (the "Acquisition") four gold copper silver and uranium properties (collectively, the "Properties"), all located in the James Bay area of northern Quebec, and each is described in more detail below.

Pursuant to the Letter Agreement, Eloro has agreed to acquire a 100% interest in the Properties by the issuance of 600,000 common shares of Eloro and the payment of $60,000 to the Vendor. The Vendor will retain a 1% Net Smelter Return royalty on the Properties, of which Eloro will have the option to purchase 0.5% for $500,000.

The Lemoyne North Gold Copper Property consists of 19 Cells (57 claims totalling 969 ha) and is located in NTS 33G, immediately north and adjacent to Virginia Gold Mines' Poste Lemoyne Property which hosts a mineral resource of 203 483 t @ 14.50 g/t Au (Source: Virginia Gold Mines' Website). Highlights of past exploration work conducted on the Lemoyne North Property by previous exploration companies include:



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Sample type Results
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Rock sample 21.22 g/t Au, 38.3 g/t Ag, 4.04% Cu
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Rock sample 65.42 g/t Au, 2.88% Cu
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Rock sample 10.46 g/t Au, 3.1 g/t Ag
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Rock sample 11.83 g/t Au, 2.4 g/t Ag
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Source: MNRQ Files: GM 56197 Mines d'or Virginia 1996
GM 56161 Exploration Boreale 1998


Eloro has enhanced the acquisition of the Lemoyne North Property by map staking an additional 58 cells (174 claims totalling 2,958 ha).

The Sakami East Copper Silver Property consists of 24 cells (72 claims totalling 1,224 ha) and is located in NTS 33G. Previous exploration work conducted on the Sakami East Property includes the following highlights:



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Sample Type Results
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Rock sample 3.9% Cu, 24.9 g/t Ag
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Rock sample 3.8% Cu, 67.0 g/t Ag
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Rock sample 14.6% Cu, 111.0 g/t Ag
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Rock sample 5.4% Cu, 75 g/t Ag
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Rock sample 2.9% Cu, 108 g/t Ag
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Rock sample 5.4 % Cu, 69 g/t Ag
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Rock sample 4.59% Cu, 9.6 g/t Ag
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Rock sample 2.1 % Cu, 8.0 g/t Ag, 5.17 g/t Au
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Rock sample 5.8% Cu , 147.43 g/t Ag, 4.22 g/t Au
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Rock sample 10.2 % Cu , 262.97 g/t Ag, 1.14 g/t Au
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Rock sample 8.9 % Cu, 194 g/t Ag, 3.11 g/t Au
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Rock sample 6.4 % Cu, 18 g/t Ag
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Rock sample 1.2 % Cu, , 108 g/t Ag, 4.4 g/t Au
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Core sample 1.34 % Cu, 8.30 g/t Ag and 0.60 g/t Au / 3 metres
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Source: MNRQ Files: GM 55906 Noranda Exploration, 1997
GM 54440 Mines d'or Virginia, 1996
GM 55563 Ressources sirios 1996


Eloro has also chosen to enhance the Sakami East Property acquisition by map staking an additional 40 cells (120 claims totalling 2,040 ha).

The Rupert South Copper Silver Property consists of 10 cells (30 claims totalling 510 ha) and is located in NTS 33O12. Highlights of past exploration work conducted on the Rupert South Property by Noranda Exploration in 1997 includes:



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Sample Type Results
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Rock sample 5.56 % Cu, 57.50 g/t Ag, 0.1988 % Zn
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Rock sample 1.89% Cu, 21.40 g/t Ag
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Rock sample 0.9294 % Cu, 9.90 g/t Ag
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Rock sample 4.7 % Cu, 56.30 g/t Ag
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Rock sample 1.00 % Cu, 10.10 g/t Ag
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Rock sample 0.53 % Cu, 2.60 g/t Ag
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Source : MNRQ Files: GM 55737 Noranda Exploration 1997


The Rupert North Thorium Uranium Property consists of 10 cells (30 claims totalling 510 ha) and is located in NTS 33O14. A highlight of past exploration work conducted on the Rupert North Property by a previous exploration company includes a rock sample result of 1,189 ppm ThO2, 565 ppm U3O8 (Source: MNRQ Files GM34175 - Societe de developpement de la Baie-James 1978).

The total land package now controlled by Eloro through its James Bay group of properties (being the Taiga, Summit-Gabbre, James Bay Uranium blocs, Lemoyne North, Sakami East, Rupert South, Rupert North Properties) totals 316 cells (948 claims) representing 16,116 hectares in a highly prospective exploration camp. The total cost of the acquisitions detailed in this press release and the previous Eloro press release (June 28, 2005) amount to cash payments of $90,000 payable to the Vendor, and the issuance, to the Vendor, of 1,200,000 common shares of Eloro. The total cost to Eloro for additional staking amounted to $21,670.

The completion of the Acquisition of the Properties is subject to certain conditions precedent, including the entering of a formal agreement, approval by the board of directors of Eloro, and the receipt of all necessary regulatory and exchange approval, including that of the NEX and TSX Venture Exchange Inc.

The contents of this press release have been reviewed by Martin Bourgoin, B.Sc., P.Geo, a qualified person under the guidelines of National Instrument 43-101.

The NEX and TSX Venture Exchange Inc. have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eloro Resources Ltd.
    Thomas G. Larsen
    President
    (416) 868-9168
    (416) 361-1333 (FAX)
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice President
    (416) 868-9168
    (416) 361-1333 (FAX)
    www.elororesources.com