Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

December 17, 2008 15:39 ET

Eloro Announces $500,000 Financing

TORONTO, ONTARIO--(Marketwire - Dec. 17, 2008) -

NOT FOR DISSEMINATION IN THE UNITED STATES

Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that it is proceeding with a non-brokered private placement (the "Private Placement") of up to 5,000,000 Flow-Through Units of Eloro at a price of $0.10 per unit ("Units") to be issued on a "flow-through" basis under the Income Tax Act (Canada) for total proceeds of up to $500,000.

Each Unit will consist of one common share to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one half of one non-flow-through common share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant has a term of 24 months and will entitle the holder to purchase one common share of the Company at a price of $0.15 per share.

The net proceeds of the Private Placement will be used to finance continued exploration programs at Eloro's projects located in the James Bay District of northern Quebec and the Hurdman Silver-Zinc-Gold Property in Ontario. The Private Placement is subject to approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement will subject to a four month hold period.

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 and uranium resources in the Otish Basin districts 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 Prospect. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. Eloro also owns 90 km2 of prospective uranium holdings in 10 properties (175 claims). The Timmins area holdings include both the prospective Hurdman Zinc-Silver-Gold Property, and the 30 km2 McArthur Lake Nickel Property.

For all Eloro investor relations needs, investors are asked to visit the Eloro Resources IR Hub at http://www.agoracom.com/ir/eloro where they can post questions and receive answers within the same day, or simply review questions and answers posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to elo@agoracom.com where they can also request addition to the investor e-mail list to receive all future press releases and updates in real time.

Statements in this 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)
    or
    Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168
    (416) 361-1333 (FAX)
    Website: www.elororesources.com