Eloro Resources Announces Grant of Stock Options
55 Adelaide Street East, Suite 410, Toronto, Ontario CANADA M5C 1K6 Tel.: (416) 868-9168 Fax: (416) 361-1333
TSX.V Symbol: ELO www.elororesources.com
Eloro Resources Announces Grant of Stock Options
Toronto, Canada: January 7, 2010 – Eloro Resources Ltd. (ELO: TSX Venture Exchange) (“Eloro”) announces the grant of options to directors, officers and consultants to purchase 3,250,000 common shares of Eloro, exercisable at $0.15 per share at any time on or before January 7, 2015. The grants are subject to TSX Venture Exchange acceptance and were made in accordance with and subject to the terms of Eloro’s stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.
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.
For further information please contact: Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.
Statements in this 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. The IIROC and the TSX Venture Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release. (Not for dissemination in the United States).