Ms. Anna Stylianides reports

ECO ORO MINERALS PROVIDES CORPORATE UPDATE

Eco Oro Minerals Corp. has commenced a tender for an underground mine plan and prefeasibility study (PFS) for the company's Angostura project in northeastern Colombia. The mine plan will reference the company's updated mineral resource estimate that is the subject of the technical report dated July 17, 2015, entitled "Technical Report on the Updated Mineral Resource Estimate for the Angostura Gold-Silver Deposit, Santander Department, Colombia," completed by Micon International Ltd.

The objective of the mine planning studies is to further define mining method, mining rates, mine operating and capital costs for the Angostura project. The targeted completion date for the underground mine plan is the second quarter of 2016. The company anticipates using the mine plan as a basis to develop a PFS, and is in the process of tendering the PFS and other PFS-related work, including hydrogeological and tailings disposal studies. The company's targeted completion date for the PFS is the third quarter of 2016.

The company expects that the PFS could then be used to complete an environmental impact assessment (EIA) to be presented to the relevant authority in Colombia to seek an environmental licence for the Angostura project. The company plans to proceed with additional baseline work and other studies required for completing the EIA. These studies will be used to update the previously completed EIA-related work. Subject to applicable regulations, continuing consultation with Colombian governmental authorities is expected to establish a framework to access the resources under the Santurban Paramo and Santurban Regional Park, abiding by all international mining standards and best practices.

"We are pleased to move forward with mine planning and a prefeasibility study building on the internal studies we have completed over the last few months," said Anna Stylianides, the company's chief executive officer and co-chairman. "Completing the mine plan and prefeasibility study, at a relatively low cost, are important milestones that will further define capital and operating expenditures for the Angostura project. These are critical components to technically derisk and determine the economic viability of the Angostura project as we move forward in advance of permitting."

Mark Moseley-Williams, president and chief operating officer, and a qualified person as that term is defined in National Instrument 43-101, has reviewed and verified the technical information contained in this news release.

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