Mr. Thomas G. Larsen reports

ELORO RESOURCES ANNOUNCES CLOSING OF $2.5 MILLION NON-BROKERED PRIVATE PLACEMENT

Eloro Resources Ltd. has closed its previously announced non-brokered private placement offering for aggregate gross proceeds of $2.5-million. Under the offering, the company sold an aggregate of 2,631,578 units of the company at a price of 95 cents per unit.

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 $1.40 at any time on or before May 2, 2028.

In connection with the offering, the company paid $75,000 in finders' fees and $100,000 in advisory fees to certain arm's-length parties.

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.

All securities issued pursuant to the offering are subject to a hold period of four months plus a day from the date of issuance. Completion of the offering is subject to final approval of the Toronto Stock Exchange.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of precious 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 property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi department, in southern Bolivia. A 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.