Eloro Resources Closes Final Tranche of its Previously Announced $500,000 Financing

Eloro Resources Closes Final Tranche of its Previously Announced

$500,000 Financing

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN

THE UNITED STATES

Toronto, Canada, November 28, 2019 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the

“Corporation”) is pleased to announce that it has closed the final tranche of a previously announced (see Eloro

news release dated October 22, 2019) non-brokered priv ate placement (the “Private Placement”) for gross

proceeds of $194,607, pursuant to the offering of 2,000,000 units of Eloro at a price of $0.25 per unit (“Units”)

for total aggregate proceeds of $500,000. A total of 778,430 Units were issued to investors, including a director

and senior officers of Eloro, in connection with the closing of the Private Placement.

Each of the 778,430 Units issued consists of one common share (“Common Share”) and one half of one

Common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one

Common Share at a price of $0.50 per share for a term of 18 months from the issuance date.

Given that a director and senior offi cers of the Corporation participated in the Private Placement, that portion

of the Private Placement constituted a "related party transaction" within the meaning of Multilateral Instrument

61-101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”). In its consideration and

approval of the Private Placement, the board of direct ors of the Corporation det ermined that the Private

Placement was exempt from the formal valuation and minority approval requirements of MI 61-101 on the basis

that the fair market value of the Common Shares issued to related parti es did not exceed 25% of the market

capitalization of the Corporation, in accordance with Sections 5.5 and 5. 7 of MI 61-101. The Corporation did

not file a material change report at least 21 days prior to the anticipated date of completion of the Private

Placement due to the Corporation’s determination that it was in the best interests of the Corporation to avail

itself of the proceeds and complete the Private Placement in an expeditious manner.

The proceeds of the Private Placemen t will be used for working capital pur poses. The Private Placement is

subject to final approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement

will be subject to the applicable statutory four-month hold period.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any Units or Common

Shares nor shall there be any sales of the Units or Common Shares in any jurisdiction in which such offer,

solicitation or sale would be unlawful prior to registrati on or qualification under the securities laws of such

jurisdiction. The Units or Common Shares have not b een and will not be registered under the U.S. Securities

Act of 1933, as amended (the “U.S. Securities Act”), or any state securities laws and may not be offered or sold

within the United States unless registered under the U.S. Securities Act and applicable state securities laws or

an exemption from such registration is available.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company wi th a portfolio of gold and base-metal properties in

Peru and Quebec. Eloro owns a 90% interest in the La Victoria Gold/Silver Project, located in the North-Central

Mineral Belt of Peru some 50 km south of Barrick's Lagunas Norte Gold Mine and Pan American Silver Corp.'s

La Arena Gold Mine. La Victoria consists of eight mi ning concessions and eight mining claims encompassing

approximately 89 square kilometres. The property has goo d infrastructure with access to road, water and

electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.

20 Adelaide Street East, Suite 200, Toronto, Ontario CANADA M5C 2T6 Tel.: (416) 868-9168 Fax: (416) 361-1333

TSX.V Symbol: ELO www.elororesources.com

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd. at (416)

868-9168.

Information in this news release may contain forward-look ing information. Statements c ontaining forward-looking

information express, as at the date of this news release, the Corporation's plans, estima tes, forecasts, projections,

expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently

available to the Corporation. There can be no assurance that forward-looking statements will prove to be accurate. Actual

results and future events could differ materially from those anticipated in such statements. Readers should not place undue

reliance on forward-looking information. Neither the TSXV nor it s Regulation Services Provider (as that term is defined in

the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.