Eloro Resources Ltd.

Eloro Resources Ltd.

March 29, 2006 15:22 ET

Eloro Announces $647,500 Financing

TORONTO, ONTARIO--(CCNMatthews - March 29, 2006) -

(Not for dissemination in the United States of America)

Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") wishes to announce that it intends to complete a non-brokered private placement (the "Private Placement") of up to 550,000 Flow-Through Shares of Eloro at a price of $0.45 per share to be issued on a "flow-through" basis under the Income Tax Act (Canada), as well as up to 1,000,000 Common Shares of the Company issued on a non "flow-through" basis, priced at $0.40 per share for total proceeds of up to $647,500. The Private Placement is subject to exchange and regulatory approval. Directors and officers of the Corporation intend to purchase Flow-Through Shares pursuant to the Private Placement. All securities issued pursuant to the Private Placement will be subject to the applicable statutory, exchange and regulatory hold period.

The net proceeds of the Private Placement will be used for working capital and to finance continued exploration programs at Eloro's exploration projects located in the James Bay area of Quebec, and the Company's Hurdman Zinc Silver Property, located in northeastern Ontario.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Contact Information