Eloro Resources Provides Update on Status of Proposed Drilling on the Prospective San Markito Mineralized Zone at the La Victoria Gold/Silver Project, Ancash, Peru
Eloro Resources Provides Update on Status of Proposed Drilling on the Prospective San
Markito Mineralized Zone at the La Victoria Gold/Silver Project, Ancash, Peru
Toronto, Canada, May 27, 2019 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”)
is pleased to provide an update on the ongoing process to bring the San Markito Zone into an exploration and
discovery focus.
On May 19, 2019, a meeting was held with the residents of the community of Pallasca, Pallasca District, Ancash
Department, Peru, where the San Markito target is locat ed, at which representatives from Eloro and the Peruvian
Ministry of Mines gave presentations about the economic benefits of mineral exploration and mining. The Huandoval
mayor also spoke passionately about the positive economic impact in his district during Eloro’s 2017-18 drilling
campaign. Eloro’s in-country technical team was on hand at the meeting to explain aspe cts of the program in the
context of its water usage and minimal environmental impact.
The message was well received by the community members wi th most opponents from previous meetings now in
favour of renting the required community land of the San Markito Zone to the Corporation’s Peruvian subsidiary in
order to enable Eloro to proceed with a drilling campai gn. Additionally, it was de cided that an environmental
monitoring committee and a negotiation committee would be established on June 9, 2019, thereby demonstrating
the community’s willingness to work with Eloro.
Next Steps
Once both parties are satisfied with the land rental c ontract terms, a general assembly would be called to
communicate the contract’s details to the community, following which the community members would then vote on
the proposal. A simple majority would need to be obtained to rent the required land. As Eloro already holds an
approved environmental instrument, an arc haeological certificate and a water permi t from the relevant authorities,
the outstanding approved land rental cont ract is the last requirement the Co rporation needs to obtain the drilling
permit.
Eloro CEO Mr. Tom Larsen said, “We are pleased with the progress we are making with the local community and we
are optimistic about being in position to resume exploratory drilling and testing the San Markito target this summer.”
Qualified Person
Jim Steel MBA P.Geo., a Qualified Person in the context of National Instrument 43-101, has read and approved the
technical content of this News Release.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru
and Quebec. Eloro owns an 82% 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’s La Arena Gold
Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89
square kilometres. The Property has good infrastructure wi th 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.
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-lo oking information. Statements containing forward-looking
information express, as at t he 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 assurance that forward-looking statements will prove to be accurate.
Actual results and future events could differ materially fr om those anticipated in such statements. Readers should
not place undue reliance on forward-looking information.
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
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responsibility for the adequacy or accuracy of this release.