Mr. Thomas Larsen reports

ELORO RESOURCES CLOSES NON-BROKERED PRIVATE PLACEMENT OFFERING OF 4,200,000 UNITS FOR GROSS PROCEEDS OF $3,780,000

Eloro Resources Ltd., in connection with its previously announced non-brokered private placement offering, has closed the second and final tranche of the offering of 4.2 million units of the company at 90 cents per unit for gross proceeds of $3.78-million. The offering included a lead order from the company's largest shareholder and strategic investor, Crescat Capital LLC.

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.

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

Three insiders of Eloro participated in the offering. The part of the offering in respect of the issuance of units to insiders constitutes a related party transaction within the meaning of Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. A formal valuation was not required under MI 61-101, as the fair market value of the consideration for the transaction involving the insiders was only $590,478 and, accordingly, does not exceed 25 per cent of the company's market capitalization as of the date of the offering. Similarly, minority shareholder approval was also not required under MI 61-101 as the fair market value of the consideration for the transaction involving the insiders does not exceed 25 per cent of the company's capitalization as of the date of the offering. The company did not file a material change report in respect of the participation of the insiders in the offering at least 21 days before closing of the offering as the participation of the insiders was not determined at that time.

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.