Eloro Resources

V.ELO, Eloro Resources, Peru, gold, Tom LarsenEloro Resources (V.ELO | Frankfurt P2Q) is an exploration and mine development company that holds a 90% interest in the 89.3 km2 La Victoria Gold/Silver Project in Peru’s North-Central Mineral Belt. The La Victoria Project has excellent infrastructure with easy road access, abundant water and an industrial power corridor some 4.3 km from the site.

For more information see Eloro’s website here

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Eloro Resources Announces Director Appointment, Changes and Additions to Management, and Stock Option Grant

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that the Corporation has appointed Philip Garratt, GAICD, as a member of Eloro’s Board of Directors, William (Bill) Pearson, Ph.D., P. Geo. as Eloro’s President and Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C., the Corporation’s wholly-owned Peruvian subsidiary.

Mr. Garratt brings more than thirty years of senior management experience in a range of industries, including oil exploration, development and distribution, mineral resource exploration and telecommunications. Mr. Garratt has built, owned and operated a telecom business in Venezuela during the 1990’s and from 2006 until 2012 he was Chief Executive of a mining exploration and production company in the United States. Additionally, from 2003 until 2016 Mr. Garratt was a non-executive director of several oil and gas production and distribution companies in Australia. He has been actively involved in business as an investor or advisor in North and South America, Australia, Canada and Sweden and he offers skills with a particular focus on business development and corporate governance. Mr. Garratt is a graduate member of the Australian Institute of Company Directors and is a Canadian citizen.

“We are delighted to welcome Philip to our Board,” said Eloro Chairman and C.E.O. Mr. Tom Larsen, “Philip brings valued knowledge and experience relevant to all aspects of Eloro’s operations and the capital markets, which will prove to be greatly beneficial as we work toward advancing the La Victoria Gold Project in Peru.”

Newly appointed as President of Eloro, Dr. Pearson is a Professional geologist with over 44 years of experience in the national and international mining industry in all phases from grassroots exploration through to advanced projects and mine development. He has carried out exploration and development programs in 18 countries in North and South America, Europe, East Asia and Australia and has been on the Board of several public junior mining companies. From 2010 to 2015 he was the President and CEO of Coastal Gold Corp. and negotiated the sale of the company to First Mining Finance. Previously, from 2002 to 2006, he was the Vice President, Exploration for Desert Sun Mining Corp.(“Desert Sun”), which was acquired by Yamana Gold Inc. in a share transaction valued at approximately C$735 million. While at Desert Sun in Jacobina in Brazil his team discovered a major extension south of the Canavieras Mine that is now a core part of the mine operations there.  From 2008 to 2010 he was Executive Vice President, Exploration for Central Sun Mining Inc. (now part of B2Gold Corp.) in Nicaragua working on the Libertad and Limon Mines where he recognized the potential of the extensive epithermal gold systems there.  Since 2016 he has been Chief Technical Advisor for Eloro in Peru and to Cartier Iron Corporation in Newfoundland.  He is the founding President of the Association of Professional Geoscientists of Ontario (APGO) and in 2015 he received the PDAC Distinguished Service Award for his service to Canada’s Mineral and Exploration Industry.

Changes to Eloro’s in-country operations in Peru include the appointment of Charles L. Fyfe A. as General Manager of Compañia Minera Eloro Peru S.A.C. (“Eloro Peru”), the Corporation’s wholly-owned Peruvian subsidiary and the retaining of GEMIN Associates (a member of Grupo Kkoya), a Peruvian-based resource consultancy which will provide comprehensive and multidisciplinary support services to Eloro Peru. Mr. Fyfe was appointed as Eloro’s Senior Business Advisor and member of the Advisory Board in September 2017 (see press release dated September 5, 2017). Mr. Fyfe’s extensive business and resource management experience combined with the support of Grupo Kkoya will ensure that Eloro Peru’s growth will proceed in a most efficient and professional manner.

Commenting on the appointments, Thomas Larsen stated, “We have appreciated the valuable contributions Dr. Pearson has made in his capacity as Chief Technical Advisor and we greatly welcome his appointment as President of Eloro. Bill’s outstanding track record in developing and advancing exploration projects is clearly a benefit for Eloro and its shareholders. Combined with the additions to the management and administration of Eloro Peru, Bill’s guidance of the ongoing exploration program at Eloro’s La Victoria Gold Property is something we look forward to benefitting from, with drilling recently recommencing at the Rufina target.”

In connection with the appointments, the Corporation also announces the grant of stock options to a director, an officer, a consultant and an employee to purchase 350,000 common shares of Eloro, exercisable at $0.70 per share at any time on or before June 12, 2023. The grant is subject to TSX Venture Exchange acceptance and was made in accordance with and subject to the terms of Eloro’s stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Tahoe’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Thomas G. Larsen, Chairman and C.E.O. of Eloro Resources Ltd., or Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Eloro Resources and EHR Resources Announce Commencement of the Next Stage of Exploration at the La Victoria Gold Project, Peru

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce the initiation of the next stage of exploration, including exploratory drilling at the La Victoria Gold Property (“La Victoria”) in the North-Central Mineral Belt of Peru.  EHR Resources Limited (“EHR”), which currently holds a 10% interest through its Peruvian subsidiary and is earning up to a 25% interest in La Victoria, has notified Eloro that it is proceeding with the Stage 2 Earn-in period described further below. Eloro’s Peruvian subsidiary currently owns a 90% interest in La Victoria.

In order to better align the required budgeting and near to mid-term exploratory drilling campaigns with the status of various permitting requirements, by mutual agreement Eloro and EHR have agreed to divide the Stage 2 of the Earn- in phase into two components, namely Stage 2A and Stage 2B. Subject to a potential adjustment described in the next paragraph, with the completion of Stage 2B EHR will have increased its interest in La Victoria by another 15% by expending an additional $3 million in exploration at the project.

As per the terms of the agreement, EHR has agreed to purchase an additional 8% interest in Stage 2A by incurring exploration expenses of $1.6 million on or before June 30, 2018, subject to extension if modification permits are delayed. Following the completion of Stage 2A, EHR would have ten business days to notify Eloro that it intends to exercise the option set forth in the Stage 2B Earn-in phase, whereby EHR would earn a further 7% interest by expending an additional $1.4 million on or before December 31, 2018, subject to extension if modification permits are delayed.

At the end of either the Stage 2A Purchase Period or the Stage 2B Earn-in Period, a joint venture would be formed between Eloro and EHR on the basis of their respective interests in La Victoria on the typical terms for a joint venture, with Eloro being the operator.

Eloro is hosting the public between March 4 to 7, 2018 at Booth No. 2326 of the PDAC International Convention, Trade Show & Investors Exchange, located in Exhibit Halls F & G of the South Building, Metro Toronto Convention Centre, Toronto, Canada.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV, nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Eloro Resources Receives Drilling Permit for the La Victoria Gold/Silver Project Drill Program

Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro” or the “Corporation”) is pleased to announce that Compania Minera Eloro Peru S.A.C., Eloro’s wholly-owned Peruvian subsidiary, has received its ‘Permiso para Inicio de las Actividades de Exploracion’ (“Drilling Permit”) that authorizes the drilling of up to 10 sites within the Rufina zone of the La Victoria Gold/Silver Project, Pallasca Province, Ancash Department, Peru (the “Property”).

The Drilling Permit is the final requirement to obtain the water permit. The ANA (Peru Water Authority) has already carried out its Property inspection and is now reviewing Eloro’s application. In the meantime, field crews are now proceeding with preparation of the approved drill sites and carrying out improvements to the existing public trail system.

“We are delighted to be on the verge of drilling the La Victoria Gold/Silver Project’s Rufina zone”, said CEO Thomas G. Larsen, “This zone has never been drill-tested even though significant gold mineralization outcrops at surface.  Our fall 2016 IP/Res survey identified a large spatially-correlated chargeability and resistivity area beneath the Rufina zone which also will be tested.”

Dr. Bill Pearson, P.Geo., Chief Technical Advisor for Eloro commented: “Recent geological work indicates that the mineralized target zone in Victoria-Victoria South which is up to 200 metres wide extends south for at least 2 kilometres along strike and likely connects with the Rufina zone.  This is part of an extensive multi-phase epithermal gold-silver mineralizing system on the La Victoria property centred around the Puca Fault and environs (see press release August 8, 2017).  We plan to carry out an aggressive drill program at Rufina while at the same time proceeding with drill permit applications for the other major target areas.”

The Rufina zone is located within the district of Huandoval where Eloro has good social support. District authorities are also favourable to economic development in partnership with the mineral exploration industry.  Eloro currently has 14 Huandoval employees working for the IP/Res survey operating within the new Victoria-Victoria South discovery area.

With the award of an option to earn 25% of the Property to EHR Resources Ltd (ASX:EHX) through its Peruvian subsidiary EHR del Peru S.A.C., Eloro is fully financed to carry out the drilling at Rufina.  A contract has been signed with Energold Drilling Peru S.A.C., for up to 5000 metres of NTW diamond drilling. The portable drill rig employed by Energold can be readily moved by existing public trails and requires only minimal drill pad preparation.”

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 100% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Tahoe’s La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV, CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV or CSE) accepts responsibility for the adequacy or accuracy of this release.

Dr. Bill Pearson, P.Geo., a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release.

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Mr. Charles Luis Fyfe Alvarado Appointed to Eloro Resources Ltd. Advisory Board

Toronto, Canada, September 5, 2017 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q; “Eloro” or the “Company”) is pleased to announce that Mr. Charles L. Fyfe A. (“Charles Fyfe”) has joined the Advisory Board of Eloro Resources Ltd. as Senior Business Advisor.

Charles is an Anglo-Peruvian, holding both British and Peruvian citizenship, and is a well-regarded financial and business consultant. Over the past 25 years, he has worked extensively in mergers, acquisitions, divestitures, corporate finance, brokerage, and financial restructuring for major Peruvian mining companies as well as the Peruvian subsidiaries of European banks. He was also Director of the Lima Stock Exchange.

Charles is currently the Deputy General Manager of Sierra Antapite SAC, owner of the Antapite Mine, a 1000 tonne per day low-sulphidation epithermal gold and silver deposit, with similarities to Eloro’s 100% owned La Victoria Gold/Silver Project. He is a Director of GEMIN Associates, an integrated mining engineering/mine development consultancy, and works with Mr. Graham Speirs, P.Eng., a production-focused mining engineer also on the Eloro Advisory Board. Charles also holds a senior management role with Denarius Mining SAC, the Peruvian distributor of mining equipment, and Denarius SAC, a financial and corporate consulting firm.

“We are delighted to have Charles Fyfe on the Eloro Advisory Board”, said CEO Thomas G. Larsen, “as he adds an incredible depth of Peruvian and International business acumen that will greatly benefit the ongoing development of the La Victoria Gold/Silver Project”.

Charles Fyfe said, “I am happy to be on the Eloro Resources Ltd. Advisory Board, and am looking forward to working with the company in their Peruvian endeavours going forward.”

Charles joins Chief Technical Advisor William N. (Bill) Pearson, Ph.D. P.Geo; Technical Advisor Graham Spiers, P.Eng.; Consulting Geophysicist Chris Hale, Ph.D., P.Geo.; Consulting Geoscientist Osvaldo Arce B., Ph.D.; and Senior Corporate Advisor James Steel MBA P.Geo. on the Eloro Advisory Board.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided interest in the La Victoria Gold/Silver Project, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Gold/Silver Project covers 89.3 square kilometres and is within 50 km of several large, low-cost producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water, and electricity and is located at an altitude that ranges from 3,100m to 4,200m above sea level. Eloro also holds a portfolio of gold and base-metal properties in northern and western Quebec.

 For further information, please contact Thomas Larsen, President and CEO or Jorge Estepa, Vice-President of Eloro Resources Ltd at (416) 868-9168.

 

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this new release, the Corporation’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events of results and are believed to be reasonable based on information currently available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

 

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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