ELORO INCREASES FLOW-THROUGH FINANCING TO $700,000
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Toronto, Canada: December 18, 2009 – Eloro Resources Ltd. (ELO: TSX Venture Exchange) (the “Company” or “Eloro”) announces that further to its announcement dated December 1, 2009, it is increasing the amount and working towards the completion of a non-brokered private placement (the “Private Placement”) of up to 5,833,333 Flow-Through Units of Eloro at a price of $0.12 per unit (“F-T Units”) for total proceeds of up to $700,000. The terms of the Private Placement were detailed in the December 1, 2009 announcement and remain unchanged with the exception of the increase in the offering up to 5,833,333 F-T Units from up to 4,166,666 Units. The Company anticipates closing the Private Placement prior to, but no later than, December 31, 2009. The Company also wishes to confirm that the Company’s management, directors and insiders are not in possession of any undisclosed material information pertaining to the Company’s operations.
The net proceeds of the Private Placement will be used to finance exploration at the Simkar Gold project joint venture property. The Private Placement is subject to approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement will be subject to the applicable statutory, exchange and regulatory hold period.
About Eloro Resources Ltd.
Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in the James Bay region of northern Quebec, and base and precious metals in both the Timmins and Val-d’Or mining camps of northern Ontario and Quebec.
James Bay, Quebec
Eloro currently has eleven gold-copper-silver properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp’s Eleonore Gold Project. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc., also located in James Bay, Quebec.
Val-d’Or, Quebec
Eloro recently signed an option agreement with Megastar Development Corporation to earn a 50% interest in the advanced Simkar Gold property located 20km east of Val-d’Or Quebec.
Timmins, Ontario
The Timmins area holdings include both the prospective Hurdman Zinc Silver Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.
For further information please contact: Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Statements in this release that are not historical facts are “forward-looking statements” and 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.
(Not for dissemination in the United States).
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| Eloro Resources Ltd. 18 Dec 2009 - 19:42 |
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