(Source: MARKETWIRE)
ELORO RESOURCES LTD. (TSX VENTURE: ELO) (the "Company" or "Eloro")
announces that it has terminated the acquisition from arm's length
vendors (the "Vendors") of two claim groups (the "Agreement"),
pursuant to the provisions of the Agreement. The terms and conditions
of the Agreement to acquire the Lithium claim groups (the "Property")
comprising 146 claims totaling 7,710 hectares (or 77.1 km2) in the
James Bay Mining District of northern Quebec were announced on August
27, 2009. Based on the recommendation of management and the Company's
focus on its recently optioned Simkar Gold Project, the Board of
Directors have decided to withhold the required approval necessary to
proceed with the acquisition and have terminated the Agreement
effective immediately. Pursuant to the terms of the Agreement and its
subsequent termination, the Company has not made and is not required
to make any cash payments or issue any shares to the Vendors.
About Eloro Resources Ltd.
Eloro is a junior exploration company focused on discovering and
developing precious and base metal quality resources in the James Bay
region of northern Quebec, and base and precious metals in both the
Timmins and Val-d'Or mining camps of northern Ontario and Quebec.
James Bay, Quebec
Eloro currently has eleven gold-copper-silver properties (1,062
claims) covering 548 km2 in the La Grande and Eastmain Greenstone
Belts, proximal to Goldcorp's Eleonore Gold Project. Eloro also has
an option to earn a 50% interest in 31 claims held by Virginia Mines
Inc., also located in James Bay, Quebec.
Val-d'Or, Quebec
Eloro recently signed an option agreement with Megastar Development
Corporation to earn a 50% interest in the advanced Simkar Gold
property located 20km east of Val-d'Or Quebec.
Timmins, Ontario
The Timmins area holdings include both the prospective Hurdman Zinc
Silver Property, and the 30 km2 McArthur Lake Nickel Property under
option to Fletcher Nickel Inc.
Statements made in this news release that are not historical facts
are "forward-looking statements", and readers are cautioned that any
such statements are not guarantees of future performance, and that
actual developments or results, may vary materially from those in
these "forward-looking" statements.
Neither the TSX Venture Exchange nor its regulation services
provider (as that term is defined in the policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of this
news release.
Contacts:
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
SOURCE: Eloro Resources Ltd.
A service of YellowBrix, Inc.
