Early Warning Report Issued Pursuant to National Instrument 62-103 IN Relation to Eloro Resources Ltd.

NEWS RELEASE

EARLY WARNING REPORT ISSUED PURSUANT TO

NATIONAL INSTRUMENT 62-103 IN RELATION TO

ELORO RESOURCES LTD.

TORONTO (CANADA), May 3, 2018 – Thomas G. Larsen (the “Acquiror”) announces

that on May 3, 2018, he acquired 157,500 common shar es of Eloro Resources Ltd.

(“Eloro”) via the exercise of 157,500 Eloro warrants (the “Acquisition”) , with an

exercise price of $0.30 per warrant.

Prior to the Acquisition, the Acquiror owned directly and indirectly and or controlled

3,376,664 common shares of Eloro, representing approximately 9.71% of the issued

and outstanding common shares of Eloro. Immediately after the Acquisition, the

Acquiror owns directly and indirectly and or controls 3,534,164 common shares

representing approximately 10.12% of the issued and outstanding common shares of

Eloro.

The Eloro common shares were acquired for investment purposes and the right has

been reserved to acquire additional securities of Eloro. Depending upon an evaluation

of the business, prospects and financial condition of Eloro, the market for Eloro’s

securities, general economic and tax conditions and other factors, the Acquiror and/or

joint actors may acquire more securities of Eloro and/or may sell holdings of Eloro

securities. Further details regarding the early warning report may be obtained from an

Early Warning Report filed in respect of th is transaction under Eloro’s profile on

www.sedar.com.

For further information please contact Jorge Estepa, Vice -President of Eloro

Resources Ltd., at (416) 868-9168.

The 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.