| ELORO TERMINATES ACQUISITION OF LITHIUM CLAIMS |
Toronto (Canada), October 9, 2009 – ELORO RESOURCES LTD. (TSX-V: ELO) (the “Company” or “Eloro”) announces that it has terminated the acquisition from arm’s length vendors (the “Vendors”) of two claim groups (the “Agreement”), pursuant to the provisions of the Agreement,. The terms and conditions of the Agreement to acquire the Lithium claim groups (the “Property”) comprising 146 claims totaling 7,710 hectares (or 77.1 km2) in the James Bay Mining District of northern Quebec were announced on August 27, 2009. Based on the recommendation of management and the Company’s focus on its recently optioned Simkar Gold Project, the Board of Directors have decided to withhold the required approval necessary to proceed with the acquisition and have terminated the Agreement effective immediately. Pursuant to the terms of the Agreement and its subsequent termination, the Company has not made and is not required to make any cash payments or issue any shares to the Vendors.
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Eloro Resources Ltd. 9 Oct 2009 - 20:01 |
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