Eloro Resources Closes Final Tranche of Previously Announced $350,000 Financing

Eloro Resources Closes Final Tranche of Previously Announced

$350,000 Financing

Toronto, Canada, January 6, 2017 – Eloro Resources Ltd. (TSX -V: ELO; FSE: P2Q) (“Eloro” or the

“Corporation”) is pleased to announce that it has closed the final tranche of its previously announced

(see Eloro news release s dated December 19, 2016 and December 29, 2016 ) non-brokered private

placement (the “Private Placement”) for additional proceeds of $25,000 , pursuant to the offering of

1,000,000 units of Eloro at a price of $0.35 per unit (“Units”) for total aggregate proceeds of $350,000.

Each of the 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 24 months from the issuance date.

The proceeds of the Private Placement will be used for working capital purposes and to fund the

continued exploration of the La Victoria Property , located in the North -Central Mineral Belt of Peru. The

Private Placement is subject to approval by the TSX Venture Exchange. An officer of the Corporation

participated in the Private Placement. All securities issued pursuant to the Private Placement are subject

to the applicable statutory four month hold period.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided

interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La

Victoria Property covers approximately 45 square kilometres and is within 50 kilometres of several large

low-cost producing gold mines, with three producers visible from the property. Infrastructure in the area is

good 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. Eloro also holds a portfolio of gold and base -metal properties in northern and

western Quebec.

For further information please contact : Thomas G. Larsen, President and CEO of Eloro or Jorge

Estepa, Vice-President of Eloro at (416) 868-9168.

Information in this news release may contain forward -looking information. Statements containing forward-

looking information express, as at the date of this news release, the Corporation’s plans, estimates,

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 assuran ce 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 its Regulation Services Provider (as that term is defined in the policies of the

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

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