Eloro Resources Ltd.
TSX VENTURE : ELO

Eloro Resources Ltd.

October 18, 2006 15:59 ET

Eloro Identifies Second Polymetallic Zone in James Bay Mine District, Eastmain 1 Property Grab Samples Yields up to 2.85% Copper and 14.8 G/T Silver

Eloro Announces Frankfurt Stock Exchange Listing

TORONTO, ONTARIO--(CCNMatthews - Oct. 18, 2006) - ELORO RESOURCES LTD. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Company") is pleased to announce that it has uncovered a second polymetallic zone consisting of copper and silver on its 100% owned Eastmain 1 Property (refer to the appended Figures 1, 2 and 3 for details) within the Eastmain Greenstone Belt, roughly 45 kilometers S-SW of Goldcorp Inc.'s Eleonore Gold Prospect. Eloro's first polymetallic zone was uncovered at the Summit Gabbre Property in the La Grande Greenstone Belt, located 120 kilometers north of Eastmain 1 (refer to Eloro press release issued on September 12, 2006).

The Company has completed an extensive field prospecting, mapping and sampling program of the 137 km2 Eastmain 1 Property during the third quarter of 2006. A total of 212 bedrock outcrops were mapped and 174 samples were taken from Eastmain 1.

The 2006 fieldwork conducted on the Eastmain 1 property outlined a new mineralized system consisting of disseminated to semi massive chalcopyrite-pyrite mineralization. This new zone was sampled over an area measuring approximately 150 meters long by 15 meters wide and remains open in all directions. Significant grab sample results (over 0.5% copper) from Eastmain 1 include:



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Sample # Cu % Ag g/t
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95807 2.85 0.4
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95808 1.13 0.4
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95809 1.11 0.5
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95816 2.10 1.9
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95817 0.93 0.3
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95818 1.32 2.4
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95819 1.37 0.9
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293019 0.53 0.3
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293180 0.57 0.5
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293182 0.68 0.4
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290183 0.58 0.3
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290184 1.07 0.7
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293188 0.87 9.6
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293189 1.59 10.5
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293190 1.90 13.2
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293192 2.09 14.8
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This new zone appears to be spatially associated with a major NE trending regional feature outlined from the interpretation of the Quebec Government Airborne Magetic Survey flown in 1999 (DP 99-01). The Northeast trending regional structural feature also appears to link this new mineralized zone with historical copper mineralization obtained in diamond drilling work by Hudson Bay Mining reported in 1969 (1.30 % Cu over 9.0 meters - GM 26455) on Eloro's Delta property, located 5 kilometers to the SW.

Following these positive results, Eloro initiated an airborne (helicopter) high resolution magnetic and electromagnetic (Frequency Domain EM) survey covering the Eastmain 1 and Delta properties. The survey, combined with the geology, should outline key priority targets for follow-up drilling. Results of the survey are expected shortly. Furthermore, the Company has completed it's fieldwork on the Delta property where several mineralized showings were identified and sampled. Results will be announced shortly.

"The Company is extremely pleased with progress to date on several of the James Bay properties. The technical team are doing a superb job in expediting field work logistics and findings, resulting in confirmation of regional trends and targets for diamond drill programs which will be following shortly," stated Thomas Larsen, Eloro's President and CEO.

Frankfurt Stock Exchange Listing

Eloro is also pleased to announce that its shares have been accepted for listing and trading on the Frankfurt Stock Exchange under WKN 909833.

"Listing on the Frankfurt Stock Exchange will help Eloro increase its profile with both private and institutional investors in Germany and across Europe," added Thomas Larsen. "We look forward to communicating our message to a wide audience of European investors as we move towards broadening our shareholder base."

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 District of northern Quebec and the Timmins Camp of northern Ontario. Eloro currently has 19 gold-copper-silver and uranium properties covering 425 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. Eloro has recently signed a Letter of Agreement with Cambior Inc. allowing Cambior to earn a 50% interest in the Lemoyne North, Sakami East and Taiga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010.

The technical content of this press release have been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, Exploration, and the Company's Qualified Person under the guidelines of National Instrument 43-101.

Statements in this release that are not historical facts are "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. 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.

Please note: There are maps available on CCNMatthews' website at the following link: http://www.ccnmatthews.com/docs/elomap1018.doc


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