Eloro Resources Announces Completion of Acquisition of Louvicourt Township Gold Property near Val d'Or, Québec

TORONTO, ONTARIO--(Marketwire - Dec. 21, 2011) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of all of the outstanding shares of 6949541 Canada Inc. ("6949541") from KWG Resources Inc. in exchange for shares and warrants of Eloro (see press release dated December 12, 2011). 6949541 holds eleven contiguous mineral claims in Louvicourt Township (the "Louvicourt Property"), adjacent to Eloro's wholly-owned Simkar Gold Property near Val d'Or, Quebec.

As announced on December 12, 2011, the Acquisition closed in escrow subject to the occurrence of the following conditions: (i) receipt of the TSX Venture Exchange's ("TSXV") final acceptance of the transaction; (ii) registration of the transfer of the mineral claims comprising the Louvicourt Property with the appropriate government offices in Québec; and (iii) registration of an NSR Royalty Agreement with the appropriate government offices in Québec. All of these conditions have now been fulfilled and the transaction documents have been released from escrow.

About Eloro Resources

Eloro Resources is an exploration and mine development company with a portfolio of gold and base metal properties in northern and western Quebec. The Company is focused on expanding the historic gold resources at the past-producing Simkar Mine property. Eloro is currently exploring Simkar with the objective of outlining quality gold resources in an established mining camp.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company's plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals will be obtained, none of which are assured and each of which is subject to a number of other risks and uncertainties. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.