Eloro Resources Ltd.

Eloro Resources Ltd.

March 19, 2007 12:41 ET

Eloro Updates James Bay and Timmins Projects

TORONTO, ONTARIO--(CCNMatthews - March 19, 2007) - ELORO RESOURCES LTD. ("Eloro" or the "Company") (TSX VENTURE:ELO) wishes to update on the progress of the Company's exploration work at a number of its key properties during the first quarter of 2007.

Hurdman Property, Timmins Mining District

To date, 18 diamond drill holes have been completed for 2,340 m. A second drill rig is on site in order to help accelerate the 3,500 m program. The Company anticipates having this phase of the drilling completed by early April, 2007 (for spring break-up). Assay results will be released at the conclusion of the program.

The key points to retain from the Hurdman work to date include:

- Drilling since 2005 has consistently identified two continuous sphalerite (zinc sulphide) semi-massive to massive sulphide zones;

- ELO-007-01 and ELO-007-02 continue to confirm the presence of zinc greater than 2% and silver greater than 15 g/t corridors which displays an average thickness of 12.5 meters;

- The zinc-silver mineralization has now been tested by Eloro with 37 drill holes since 2005 over a 300 meter strike length and a vertical depth of approximately 80 meters, and remains open in all directions;

- The presence of significant gold grades is primarily linked to very coarse pegmatite veins (or dykes) located within the footwall of the sphalerite horizons and with silicification within the zinc-silver horizon.

The 2007 drilling aims to further delineate the mineralized zone at depth and along strike.

Delta - Eastmain 1 Claim Blocks, James Bay Mining District

At the Delta Property, the Company has initiated line cutting of a 100 m line-grid to be followed by ground geophysics using the deep penetrating InfiniTEM™ system to identify massive sulphides. Additional line cutting and ground geophysics will also be completed on the Eastmain 1 Property located north of Delta.

The Company is pleased to report that the airborne helicopter Magnetic and VLF-EM survey completed in late 2006 over the Delta and Eastmain 1 properties has revealed a number of coincident mag-EM anomalies. The main set of anomalies are over, and in proximity to, the recently discovered polymetallic zone on the Delta property, consisting of a 1 kilometre long Volcanogenic Massive Sulphide (VMS) sequence complete with chert-magnetite-sulphide iron formation, altered volcanic agglomerates, disseminated and semi-massive chalcopyrite-pyrite stringers and veins, and disseminated magnetite-pyrite-chalcopyrite. Previously announced grab sample assay results graded up to 13.04% copper and 108 g/t silver, amongst others ranging from 1% to 7% copper and 10 g/t to 90 g/t silver (refer to Eloro's news releases dated January 24, 2007 and October 24, 2006). The Eastmain 1 and Delta VMS zones appear to be associated with the same NE-SW trending linear feature extending across both properties. Eloro's wholly owned properties extend along the entire length of a 5 kilometer VMS trend. The Company anticipates that a drilling program will commence in late spring 2007. Refer to the Company's website at www.elororesources.com for additional information.

Program update on Eloro's other James Bay Mining District properties

The Company is also mobilizing a diamond drill on the Rupert South Property, located 75 km SE of the Delta-Eastmain 1 claims. A 1,500 m drill program will be initiated in early May 2007 after spring break-up to test the lateral and depth extensions of surface chalcopyrite mineralization encountered over a 200 m strike length in iron formation during reconnaissance work in 2005. Historical results include 5.6 % Cu and 57.5 g/t Ag; and 4.7 % Cu and 56.3 g/t Ag (MRNFQ GM 55737; NOREX). Samples taken by Eloro in 2005 gave up to 6.0% Cu, 3.2% Cu and 1.9% Cu.

In the recent months, Eloro has enhanced its Uranium Properties in the James Bay area by completing additional map staking. Eloro now controls a 100% interest in 8 properties covering 70 square kilometers in the Otish Mountains, Rupert River and La Grande River sectors. Several of the uranium properties contain documented historical sampling results, including:

Property Name MRNF Grab Samples Host
Reference Assays Rocks
Lac Mills GM 32768 1.44 % U3O8 Pegmatites
Lac Henry GM 57730 0.86 % U3O8 Uraniferous vein
Maguy GM 34000 0.44 % U3O8 Pegmatites

The Company is completing a detailed evaluation of the potential of its uranium assets. This evaluation will serve to highlight priority targets for follow-up exploration work in the summer of 2007.

About Eloro Resources Ltd.

Eloro Resources Ltd. is a junior exploration company focused on discovering and developing gold-silver, base metal and uranium quality resources in the James Bay Mining District of northern Quebec and the Timmins Mining Camp of northern Ontario. The Company currently has 19 gold-copper-silver and uranium properties covering 425 square kilometers in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect. The Company also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. (refer to Eloro's press release dated November 23, 2006). In June 2006 Eloro signed a Letter of Agreement with IAMGOLD Corporation (formerly Cambior Inc.) allowing IAMGOLD to earn a 50% interest in the Lemoyne North, Sakami East and Taïga claim blocks, by spending C$ 2 million in exploration work on or before June 30, 2010 (refer to Eloro's press release dated June 8, 2006).

Martin Bourgoin, P. Geo., Executive Vice-President, Exploration, and Jean Lafleur, P. Geo., Director and Technical Advisor, and the Company's qualified persons under National Instrument 43-101 standards, prepared the technical information in this news release.

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.

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
    Eloro Resources Ltd.
    Jorge Estepa
    (416) 868-9168
    Website: www.elororesources.com