Eloro Resources Ltd.
TSX VENTURE : ELO
FRANKFURT : P2Q

Eloro Resources Ltd.

December 08, 2015 07:00 ET

Eloro Resources Appoints Chief Technical Advisor, Grants Stock Options

TORONTO, ONTARIO--(Marketwired - Dec. 8, 2015) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Corporation") is pleased to announce that the Corporation has appointed Dr. William N. Pearson ("Bill"), P.Geo., as Chief Technical Advisor to the Corporation. Dr. Pearson's role will be to provide valued independent oversight on all exploration, development, and potential mining on the Corporation's earn-in interest in the La Victoria Gold/Silver Property, Huandoval District, Pallasca Province, Ancash Department, Peru.

Dr. Pearson has over 40 years of direct experience in global mineral exploration and production, and has played an integral role in creating the value in mining projects that has led to successful acquisitions. Key among these accomplishments were the roles he played as Vice President, Exploration of Desert Sun Mining Corp. (owner of the Jacobina Mine in Brazil) which was acquired by Yamana Gold Inc. for C$735 million in 2006; and as Executive Vice President Exploration of Central Sun Mining in its acquisition by B2 Gold in 2009. The Nicaraguan assets pioneered by Central Sun Mining have helped B2 Gold build a current market capitalization of C$1.4 billion.

"We are delighted to have Bill on board as Chief Technical Advisor," said Eloro Chairman and C.E.O. Mr. Tom Larsen. "As one of the most respected geologists in the industry today, Bill brings valued knowledge and experience relevant to everything we're doing at the La Victoria Gold/Silver Project in Peru."

Dr. Pearson was the founding President and was directly responsible for the creation of the Association of Professional Geoscientists of Ontario, the licensing and regulatory body for all Geoscientists in Ontario, now numbering almost 2,000 registered Professional Geoscientists. He is also a recipient of the Distinguished Service Award of the Prospectors and Developers Association of Canada in 2015.

The Corporation also announces the grant of stock options to an officer and an arm's length consultant to purchase 200,000 common shares of Eloro, exercisable at $0.12 per shares at any time on or before December 7, 2020. The grant is subject to TSX Venture Exchange acceptance and was made in accordance with and subject to the terms of Eloro's stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold properties in Peru and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru. The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the property, which has good infrastructure with road-access and nearby sources of water and electricity.

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 Corporation'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 Corporation. 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.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Contact Information

  • Eloro Resources Ltd.
    Jorge Estepa
    Vice-President
    (416) 868-9168