Mr. Thomas Larsen reports

CARTIER IRON ANNOUNCES EARLY WARNING REPORT ON ITS ELORO RESOURCES HOLDINGS

Cartier Iron Corp. has acquired 4.76 million common shares of Eloro Resources Ltd. at five cents per common share pursuant to the conversion of $238,000 of debt owed by Eloro to Cartier Iron. All of the common shares issued by Eloro in the debt conversion are subject to a four-month hold period.

Early warning

Cartier Iron has acquired the Eloro common shares in the debt conversion for investment purposes and has reserved the right to acquire additional securities of Eloro. Depending upon its evaluation of the business, prospects and financial condition of Eloro, the market for Eloro's securities, general economic and tax conditions, and other factors, Cartier Iron may acquire more securities of Eloro and/or it may sell its holdings of Eloro securities. Following the debt conversion, Cartier Iron holds 5.01 million common shares of Eloro, representing approximately 41.6 per cent of the issued and outstanding common shares of Eloro. Further details regarding the early warning report may be obtained from the early warning report filed in respect of the debt conversion under Eloro's profile on SEDAR.

John Patrick Sheridan 1933 -- 2015

Cartier Iron's management would like to take this opportunity to respectfully note the recent passing of Mr. Sheridan. His contributions to the Canadian mining industry are legendary and he will be missed. Mr. Sheridan was one of the vendors and a royalty holder of Cartier Iron's optioned Gagnon holdings group of iron-ore properties.

"On a personal note, I will always remember Pat with the utmost respect for his many accomplishments and also my gratitude for allowing our team the opportunity to advance the development of the Fermont and Gagnon holdings properties in the southern Labrador Trough," stated Thomas Larsen, Cartier Iron's chief executive officer.

We seek Safe Harbor.