TORONTO, ONTARIO--(Marketwire - Feb. 24, 2010) -
NOT FOR DISSEMINATION IN THE UNITED STATES
Eloro Resources Ltd. (TSX VENTURE:ELO) ("Eloro" or the "Company") is pleased to announce the appointment of Mr. Alexander S. Horvath, P. Eng. to the Board of Directors and as Technical Advisor to the President of Eloro. Mr. Horvath has 28 years of wide ranging experience in the base and precious metals exploration and mining business, including 20 years with Asarco Incorporated and its associated international subsidiaries in Canada, Portugal and French Guiana. Mr. Horvath held positions as exploration and underground mine geologist, senior geologist, exploration manager, vice-president exploration and ore reserves audit team leader during his tenure with Asarco and its subsidiaries. Since his departure from Asarco in 2002, Mr. Horvath has provided independent geological technical services to the industry and, in 2006, established A. S. Horvath Engineering Inc. to provide geological compilation, 3D modeling, drill program design, quality assurance/quality control, project management and resource estimation services to a wide ranging clientele of junior explorers to large mining companies. Mr. Horvath currently serves as a Director and Executive Vice President Exploration for Champion Minerals Inc. (TSX VENTURE:CHM), a junior iron-ore and base metals exploration company, and also as a Director of Bear Lake Gold Ltd. (TSX VENTURE:BLG), a junior gold exploration company.
"On behalf of the Board of Directors and management team at Eloro, I would like to welcome Mr. Horvath to the Company, knowing that he brings a proven track record in mineral exploration and strategic planning which will be put to good use," stated Thomas Larsen, President and CEO of Eloro.
The Company also announces the grant of options to a Director, and two officers to purchase an aggregate total of 700,000 common shares of Eloro, exercisable at $0.15 per share at any time on or before February 24, 2015. The grants are subject to TSX Venture Exchange acceptance and were made in accordance with, and subject to, the terms of Eloro's stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.
About Eloro Resources Ltd.
Eloro is a junior exploration company focused on discovering and developing base and precious metals in both the Val-d'Or and Timmins mining camps of Quebec and northern Ontario and precious and base metal quality resources in the James Bay region of northern Quebec.
Val-d'Or, Quebec
Eloro recently signed an option agreement with Megastar Development Corporation to earn a 50% interest in the advanced Simkar Gold property located 20km east of Val-d'Or Quebec.
James Bay, Quebec
Eloro currently has eleven gold-copper-silver properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc., also located in James Bay, Quebec.
Timmins, Ontario
The Timmins area holdings include both the prospective Hurdman Zinc Silver Property, and the 30 km2 McArthur Lake Nickel Property under option to Fletcher Nickel Inc.
Statements in this 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.
The IIROC and the TSX Venture Exchange have not reviewed and do not accept responsibility for the adequacy or accuracy of this release.