Frankfurt Symbol 4LPP Aloro Provides Los Venados Project Update
November 16, 2021 TSX.V Symbol AORO
FRANKFURT Symbol 4LPP
ALORO PROVIDES LOS VENADOS PROJECT UPDATE
ALORO MINING CORP. – (“Aloro” or the “Company”) is pleased to provide the following updates
on its Los Venados Project, located in the Municipality Sahuaripa, in the State of Sonora, Mexico.
Aloro is pleased to report that the final payment of the Option Agreement for the Los Venados claim
#244241 has been made. Aloro entered into an Option Agreement of the Los Venados claim #244241
with Almadex Minerals Limited, (“Almadex Option Agreement”). All other terms of the Almadex
Option Agreement have been satisfied. Aloro’s Mexican subsidiary, Exploraciones Aloro, S.A. de C.V.
(Exploraciones), is currently in the process of having the claim #244241 title transferred to
Exploraciones name. For more information, please see the Company’s news dated November 29, 2016
and the Almadex Option Agreement, filed under its profile on SEDAR.
The final payment of the Los Venados claim #244241, Almadex Option, of CAD$60,000+VAT was made
by Alamos Gold Inc.’s (“Alamos”) Mexican subsidiary, Minas de Oro Nacional, S.A. de C.V.(“MON”),
as part of its payment obligations under the terms of the Company’s option agreement with Alamos
dated October 19, 2020 (the “Alamos Option Agreement”), pursuant to which Alamos was granted an
option to acquire a 70% interest in the Los Venados Project (the “Option”) from the Company by
incurring an aggregate of US$5,000,000 in exploration expenditures and making certain cash payments
over three years. Alamos has also made the second-year payment of $125,000 US to Aloro in order to
keep the Option in good standing. For more information on the Alamos Option Agreement, see the
Company’s news release dated October 20, 2020 filed under its profile on SEDAR.
Amendment to the Aloro/ Alamos Option Agreement:
By mutual agreement between Aloro and Alamos, the parties have agreed to reduce the second-year
work commitment from US$1,500,000 to US$750,000 and to increase the third-year work commitment
from US $3,000,000 to US$3,750,000, to total US$5,000,000 by the end of the third year in order to earn
their 70% interest in the Los Venados Project. All other terms remain the same.
Exploration at Los Venados during the first year of the Option concentrated on evaluating the potential
of low sulphidation style of gold mineralization that was identified previously on the property. The
first year program was successful in discovering new mineralized veins and the objective of the second
year program will be to continue drill testing the vein system as well as con tinue mapping and
prospecting across the concessions. The expenditure in the first year by Alamos was approximately
$792,000 US, far exceeding the required first-year work commitment of $500,000 US.
P.O. Box 72011
Vancouver, BC V6R 4P2
Canada
Tel: (604) 689-5722
Email: [email protected]
Thomas A. Doyle, President and CEO stated “It is encouraging to have Alamos continue into the second
year of the option agreement and having them exceed their first-year work requirement. I look forward
to their findings in the second year.”
About Aloro Mining Corp. Aloro holds the 3199-hectare Los Venados Project (LV) which is located in
the Mulatos Gold District and is directly adjacent to the active Mulatos open pit of Alamos Gold Inc. to
the south. Aloro also shares with Alamos, common borders to the east and north. The western border
is shared with Agnico Eagle Mines Limited where it operates the La India open pit. The known
mineralization within the Mulatos District is gold-dominant, high sulfidation mineralized system, with
accessory silver and copper.
ALORO MINING CORP.
Per: “Thomas A. Doyle”
Thomas A. Doyle
President & CEO
http://www.aloromining.com
For further information, please
contact:
Thomas A. Doyle
Phone: (604) 689-5722
Email: [email protected]
Neither 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 release.