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Mr. Thomas Larsen reports
ELORO COMPLETES LATEST PHASE OF DRILLING AT FLAGSHIP SIMKAR GOLD PROJECT
Eloro Resources Ltd. has completed the latest phase of drilling on its Simkar gold project, which comprises two contiguous mining concessions (2.26 square kilometres) and 11 mineral claims (1.77 square kilometres) in the prolific Val d'Or gold mining camp, 20 kilometres east of Val d'Or.
Since optioning the Simkar Property in 2009, Eloro has completed 22,159 m of drilling on the Project and has identified two new mineralized zones below the historic workings and two near-surface zones in a diorite unit south of the historic workings.
The latest phase of drilling on the Project comprised ten (10) new holes totalling 3,244 metres (Table 1) and continued to test the projected extensions of mineralized zones defined by Eloro's previous drilling on the Property; specifically the "South-East Zone" (holes SK12-20 to SK12-25), and the "New Zone" (holes SK12-26 to SK12-29). All of the latest holes reached their intended targets.
TORONTO, ONTARIO--(Marketwired - Aug 8, 2013) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro", or the "Company") is pleased to announce the sale of a 50% equity interest in its Simkar Gold Project (the "Property") to Monarques Resources Inc. ("Monarques") (TSX VENTURE:MQR) and the issuance to Monarques of 8 million shares of Eloro
Toronto, Canada, October 10, 2013 - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) ("Eloro", or the "Company") is pleased to announce drilling has commenced on the Simkar Gold Project (the "Property") which is owned 50% by Eloro and 50% by Monarques Resources Inc. ("Monarques") The Property comprises two contiguous mining concessions and eleven mineral claims in the Val-d'Or Gold Mining Camp, approximately 20 km east of Val-d'Or. The drilling program is being conducted by Monarques.
As reported by Monarques (see Monarques' press release dated October 9, 2013), the 8,000 metre drilling program (Phase I) will consist of 20 diamond drill holes, primarily targeting the direct extensions of the Property's known mineralization and a number of high-potential geological targets. The program was designed to confirm and potentially increase current mineral resources. Monarques further reported that the results of the drilling program will be used to build a model and update the 43-101 compliant gold resource which should generate a more accurate picture of the Property's potential.
The current drilling campaign underway on the Property is being conducted pursuant to a commitment by Monarques to perform $750,000 of exploration work on the Property. Following the fulfillment of the exploration work commitment on or before June 30, 2014, Eloro and Monarques will form a 50/50 joint venture with respect to the Property which will be operated by Monarques.
Eloro Resources to Option La Victoria Polymetallic Property, Ancash, Peru
Toronto, Canada, February 14, 2014 - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) ("Eloro", or the "Company") is pleased to announce it has signed a letter agreement (the "Agreement") with Tartisan Resources Corp. ("Tartisan")(CSE: TTC), granting Eloro an option to acquire a 50% interest in La Victoria property ("La Victoria" or the "Property"), consisting of 8 mineral concessions totalling 33.6 km2. The Property is held by a Peruvian-based Tartisan subsidiary and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru.
Under the terms of the Agreement, Eloro can earn a 50% interest in the Property, at the Company's option, by expending C$1.5 million in staged exploration and work expenditures on the Property and making cash payments to Tartisan totalling C$150,000 - all over a 4-year period.
Eloro and Tartisan have agreed to proceed to the execution and delivery of a definitive agreement ("Definitive Agreement"), incorporating the terms contained in the Agreement. The execution of the Definitive Agreement is subject to the satisfactory completion by Eloro of its ongoing due diligence investigation of the Property and also subject to the approval by the Boards of Directors of Eloro and Tartisan, and the approval of the TSX Venture Exchange and the Canadian Securities Exchange.
La Victoria Property, Peru
La Victoria is a royalty-free property, wholly-owned by Tartisan, consisting of eight claims totalling 3,360 hectares in size and located in northern Ancash Department, Peru. The property has good infrastructure with access to road, water and electricity. It is located at an altitude that ranges 3,100 m to 4,200 m above sea level.
La Victoria is located within 50 km of several producing mines including: La Arena owned by Rio Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by Barrick Gold Corporation and Santa Rosa owned by Compañia Minera Aurífera Santa Rosa (COMARSA).
The Property has seen over US$800,000 spent to date by Tartisan in connection with exploration and infrastructure development. This exploration work includes: topographic, ground magnetic and Induced Polarization geophysical surveys; over 600 samples taken for Geochemistry; construction of access roads; and, completion of a National Instrument 43-101-compliant Technical Report (available under Tartisan's filings on SEDAR at www.sedar.com). The property has numerous historical adits and surface workings.