Mr. Thomas Larsen reports

ELORO RESOURCES INCREASES NON-BROKERED PRIVATE PLACEMENT OFFERING UP TO $3,510,000 AND ANNOUNCES CLOSING OF FIRST TRANCHE

In connection with Eloro Resources Ltd.'s previously announced non-brokered private placement offering, the company has increased the size of the offering from up to three million units of the company at 90 cents per unit for gross proceeds of up to $2.7-million, to up to 3.9 million units of the company for gross proceeds of up to $3.51-million. The company also announces the first closing of the offering whereby 1,397,119 units have been issued for gross proceeds of $1,257,407.

Each unit consists of one common share of the company and one-half of one common share purchase warrant of the company. Each warrant will entitle the holder thereof to acquire one common share at an exercise price of $1.50, with the expiry date of each warrant being two years following the date of the closing under the offering.

Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Toronto Stock Exchange.

The company intends to use the net proceeds from the offering for continued exploration and development of the Iska Iska project, and general corporate purposes and working capital.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 100-per-cent interest in the highly prospective Iska Iska project, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi department in southern Bolivia. A recent National Instrument 43-101 technical report on Iska Iska, which was completed by Micon International Ltd., is available on Eloro's website and under its filings on SEDAR+. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82-per-cent interest in the La Victoria gold/silver project, located in the North-Central mineral belt of Peru, approximately 50 kilometres south of the Lagunas Norte gold mine and the La Arena gold mine.

We seek Safe Harbor.