SUMMIT-GABBRE PROJECT

Eloro announced on September 12, 2006 that it has identified a series of polymetallic mineralized zones consisting of gold, silver, copper, nickel, cobalt, platinum and palladium on its 100% owned Summit-Gabbre Property (Assay Results Map) within the La Grande Greenstone Belt, in the James Bay Mining District. The property encircles Virginia Mines' Summit property.

Property Location Map   Assay Results Map   Airborne Magnetic Map

Geological Compilation Map

Since acquiring the Summit Gabbre property in July 2005, the Company has proceeded with an extensive geological compilation of the area and subsequently outlined several priority targets for field investigation. This ground prospecting and sampling program was carried out during July 2006. The work revealed a series of sulphide zones, containing disseminated and semi-massive to massive chalcopyrite-pyrite-pyrrhotite stringers and veins, disseminated pyrite-chalcopyrite (up to 20%), and copper staining (malachite, azurite). At least six major showings have now been identified over a 750 meter long by 300 meter wide corridor. Significant 2006 grab sample results for the four main showings are detailed in Eloro's September 12, 2006 press release.

As a result of these positive results, Eloro has added (via map staking) 71 new claims. The Summit Gabbre Property has now increased from 10.7 to 47 km² (see location map). Although still at an early exploration stage, these significant results have prompted Eloro to further investigate the higher grade mineralization at Summit Gabbre. Eloro is developing a geological/exploration model incorporating magnetic highs, iron formations, mafic to ultramafic intrusive rocks, and mineralization rich in copper, gold, silver, platinum and palladium, with minor nickel and cobalt. Priority targets generated will be drill tested in Q4-2006.