Eloro Resources Announces Completion of Consolidation of Shares

TORONTO, ONTARIO--(Marketwire - Aug. 15, 2011) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Corporation") announces the consolidation effective today, of its issued and outstanding common shares on the basis of one (1) new share for four (4) old shares (the "Consolidation") (see news release dated August 9, 2011 filed on www.sedar.com). Trading of the Eloro common shares on a consolidated basis will commence at the opening of the TSXV today.

The Corporation received TSXV approval and filed Articles of Amendment pursuant to the Business Corporations Act (Ontario) to implement the Consolidation effective today. Letters of transmittal will be mailed today to holders of Eloro common shares for use in transmitting their share certificates to the Depository, Equity Financial Trust Company, in exchange for new certificates representing the number of post-consolidated common shares to which they are entitled as a result of the Consolidation.

There are 41,992,976 issued and outstanding common shares of Eloro as at the opening of business today on a consolidated basis. The Corporation believes that the Consolidation will facilitate Eloro's ability to pursue financings for the ongoing exploration and development of its properties, including the Simkar Property.

The Corporation has retained the same corporate name and ticker symbol.

About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and developing precious metals in the Val-d'Or mining camp, as well as quality precious and base metal resources in the James Bay region of northern Quebec. Eloro is the owner of a 100% interest in the Simkar Gold Property, a former producing mine located 20 km east of Val-d'Or, Quebec.

Information in this news release respecting the Consolidation constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the companies' 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 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.