Eloro Resources Completes Option Payments on the Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Bolivia
Eloro Resources Ltd. (TSX: ELO) (OTCQX: ELRRF) (FSE: P2QM) (“Eloro“, or the “Company“) is pleased to announce that it has paid all option payments payable to Empresa Minera Villegas SRL (“Minera Villegas“) to complete the option held by its Bolivian subsidiary, Minera Tupiza SRL (“Minera Tupiza“) to acquire a 99% joint venture interest in the Iska Iska silver-tin polymetallic project in Potosí, Bolivia (“Iska Iska“). Eloro made the final payment of US$1,150,000 today and, in accordance with an Addendum to the Option Agreement, Eloro transferred US$1,800,000 into a trust account for payment to Minera Villegas within 12 months after Minera Villegas obtains the mining rights over the Mina Casiterita and Mina Hoyada mining areas. Through a series of strategic regulatory and commercial agreements Minera Tupiza SRL now holds a 99% joint venture interest and has 100% economic participation and full operational control of the Iska Iska project.
