Eloro Resources Ltd

Published : January 30th, 2008

Options Otish Uranium Properties, Announces Sale of Additional Uranium Properties

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

 

Eloro Resources Ltd.             PRESS RELEASE

 

 

Eloro OpTIONS OTISH URANIUM PROPERTIES, ANNOUNCES SALE OF ADDITIONAL URANIUM PROPERTIES

 

eloro logo min

Toronto, Canada, January 30, 2008 - ELORO RESOURCES LTD. (ELO: TSX-V) ("Eloro") is pleased to announce that it has signed a Letter Agreement (the "Agreement") with Northfield Metals Inc. ("Northfield") allowing Northfield to earn a 50% interest and operatorship in Eloro's wholly-owned Otish Uranium North and South properties located in the Otish Mountains, Quebec ("Otish Uranium Properties"). Eloro is also pleased to announce the sale ("Sale"), to Northfield, of six wholly-owned uranium properties located in the James Bay District of Quebec (the "James Bay Uranium Properties").

 

The Otish Uranium Properties Agreement

 

Under the terms of the Agreement, Northfield has an option to earn a 50% interest and operatorship in the Otish Uranium Properties by incurring C$3 million on exploration related expenditures on or before January 31, 2012, as follows:

 

  • C$300,000 on or before January 31, 2009;
  • an additional C$500,000 on or before January 31, 2010;
  • an additional C$1,000,000 on or before January 31, 2011; and
  • an additional C$1,200,000 on or before January 31, 2012

 

Pursuant to the Agreement, Northfield has agreed to issue 1,000,000 common shares of Northfield (the "Shares") to Eloro as follows: i) 100,000 Shares after receipt of all necessary regulatory approvals, ii) 166,667 Shares on or before January 31, 2009, iii) 333,333 Shares on or before January 31, 2010, and iv) 400,000 Shares on or before January 31, 2011. The Otish Uranium Properties are currently encumbered with a 2% net smelter return royalty, of which, 1% may by purchased from the royalty holder for C$ 1 million.

 

The Otish Basin Uranium Mineralization

The Otish Uranium Properties, comprising 158 claims totaling 82.1 km2, straddle the unconformity contact with the underlying granites and offer potential for classic unconformity-type uranium mineralization both below and above the unconformity surface. Eloro's Otish Uranium Properties are in a similar regional geological context as Strateco Resources Inc.'s high-grade uranium intersection, and the high grade uranium mines in the Athabasca Basin in Saskatchewan, the world's largest producing uranium camp.

 

The Otish Uranium Properties are located approximately 20 km NE of Strateco Resources Inc.'s Matoush Uranium Discovery, where they have intersected significant uranium mineralization in drillhole MT-06-35 2.13% U3O8 over 15.2 m (refer to the Strateco Resources Inc.'s press release dated February 20, 2007). The Otish Basin is also being actively explored by Cameco and Areva, the world's largest uranium producers.

 

The Matoush Uranium Discovery is closely linked to a regional fault which appears to have acted as a conduit for uranium-bearing fluids. The uranium mineralization found at Matoush lies well above the basin rim and resembles perched bodies found above the McArthur River and Cigar Lake uranium deposits in the Athabasca basin.

 

James Bay Uranium Properties Sale

 

Under the terms of the Sale, Northfield has agreed to purchase Eloro's James Bay Uranium Properties in exchange for 500,000 common shares of Northfield. The James Bay Uranium Properties are currently encumbered with a 1% net smelter return royalty.

 

Eloro's James Bay Uranium Properties are comprised of six properties (Gaval, Maguy, Meech, and Rupert North, Zone 90, and Zone 99) that total 122 claims and cover an area of 6,274 hectares. The Gaval property contains anomalous uranium mineralization in an unconformity type geological model; Maguy and Meech contain anomalous uranium mineralization within a geological pegmatitic model. The highlight showings on each property are as follows: Gaval 435ppm uranium ("U"), over 1.5m in drillhole G-77-8 (Source: MRN assessment file GM 37020); Maguy: 0.44% U3O8 (grab sample) in migmatitic and pegmatitic rocks; Meech: 467 ppm U (grab sample) in pegmatites; Zone 90: 0.092% U located in a fracture within a granodiorite; Zone 99: 0.011% U3O8, hosted in fractures and shear zones associated to a regional structure. Located south of the Eastmain greenstone belt is the Rupert North property that hosts a showing that contains 515ppm U hosted in a granitic pegmatite.

 

The James Bay Uranium Properties were acquired by Eloro based on historical values and have not benefited from any significant exploration for uranium since the 1970's.

 

Since there are common directors to both companies, the Board of Directors of each of Eloro and Northfield struck an independent committee to review and assess the Agreement and Sale.In each case, the independent committee was composed of one independent director.Each independent committee reviewed each proposed transaction and its underlying property and concluded that both the Agreement and Sale transactions were comparable to transactions between other mineral exploration companies relating to comparable properties.Each independent committee recommended to its respective Board of Directors that the Agreement and Sale transactions be approved.The Agreement and Sale transactions are subject to approval of the Boards of Directors and any necessary regulatory approvals.

 

About Eloro Resources Ltd.

 

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in James Bay and uranium resources in the Otish Basin districts of northern Quebec, as well as base and precious metals in the Timmins Camp of northern Ontario. 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 Prospect. Eloro also has an option to earn a 50% interest in 31 claims held by Virginia Mines Inc. Additionally, Eloro's Otish Mountain District uranium holdings consist of its wholly-owned Lac Mills property, the Otish Uranium Properties currently optioned to Northfield Metals Inc., and the Lac Henry property currently optioned to Icon Industries Limited. The Timmins area holdings now include the prospective Silver-Zinc-Gold Hurdman Property, the 30 km2 McArthur Lake Nickel Property and the Douglas Property.

 

The technical content of this press release has been reviewed by Martin Bourgoin, P. Geo., Executive Vice-President, of Eloro, and the company's Qualified Person under the guidelines of National Instrument 43-101.

 

 

For further information please contact:

Thomas G. Larsen, President and CEO or Jorge Estepa, Vice President
(416) 868-9168 (tel) or (416) 361-1333 (fax)

 

Further information is available on the Company's website at www.elororesources.com

 

 

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 TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

 

ELO - TSX Venture Exchange

52 week high/low:  $1.05 - $0.325

Shares Outstanding:  52,308,570

 

 

 

 

 

This email was sent to .com, by info@elororesources.com

 

Eloro Resources Ltd.. | 55 Adelaide Street East | Suite 410 | Toronto | M5C 1K6 | Canada

Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Eloro Res. is a gold and copper exploration company based in Canada.

Eloro Res. holds various exploration projects in Canada.

Its main exploration properties are HURDMAN, SIMKAR, JAMES BAY URANIUM, LEMOYNE NORTH and SUMMIT-GABBRE in Canada.

Eloro Res. is listed in Canada and in United States of America. Its market capitalisation is CA$ 113.3 millions as of today (US$ 90.6 millions, € 79.4 millions).

Its stock quote reached its highest recent level on March 26, 2010 at CA$ 8.80, and its lowest recent point on November 07, 2014 at CA$ 0.04.

Eloro Res. has 31 040 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Annual reports of Eloro Resources Ltd
Annual report 2007
Option Grants of Eloro Resources Ltd
4/1/2011Retains European Investor Relations Firm
Project news of Eloro Resources Ltd
5/30/2016Eloro Resources and Tartisan Resources Enter into Agreement ...
10/10/2013(Simkar)Announces Commencement of 8,000 Metre Drilling Program at Si...
3/21/2011(Simkar)Announces Completion of Acquisition of Simkar Gold Property ...
7/22/2008(James Bay Uranium)Initiates Second Drilling Campaign at the Delta Property; Ta...
7/16/2008(Charlevoix Property)Completes Acquisition of Strategic Hydrocarbon (Gas) Land Pa...
6/12/2008(Charlevoix Property)Signs Agreement to Acquire a Strategic Hydrocarbon (Gas) Lan...
5/5/2008(Hurdman)DEEP-EM SURVEY INITIATED ON ELORO'S HURDMAN ZINC-SILVER PROP...
1/22/2008(Lemoyne North)Drilling Commences on Gold Bearing Massive Sulphide Target a...
5/15/2007(Hurdman)Continues Intersecting Zinc-Silver-Gold at Hurdman Property,...
Corporate news of Eloro Resources Ltd
7/7/2016Eloro Resources Retains European Investor Relations Firm
6/10/2016Eloro Resources Commences Exploration on La Victoria Gold-Si...
6/3/2016Eloro Resources Announces Changes to Management
5/24/2016Eloro Resources Sells Royalty Interests in the Val d'Or Gold...
5/11/2016Eloro Resources Completes $400,000 Financing
5/9/2016Eloro Resources Announces $350,000 Financing
5/9/2016Eloro Resources Increases Financing to $400,000 and Closes F...
10/8/2015Eloro Extends Rufina East and West Mineralized Zones
8/28/2015Eloro Resources Announces Financing and Proposed Shares-for-...
8/12/2015Eloro Reports Assays from Rufina East New Mineralized Zone C...
3/30/2015DNI Metals Inc. and Great Lakes Graphite Provide Supply Agre...
3/23/2015DNI Metals Inc. Signs Graphite Supply Agreement with Great L...
3/2/2015Eloro Resources and Tartisan Resources Announce Sample Assay...
3/2/2015and Tartisan Resources Announce Sample Assay Results Contain...
2/27/2015Eloro Resources Grants Stock Options
2/19/2015Eloro Resources Completes Financing
2/5/2015Eloro Resources Announces Financing
1/29/2015Eloro Resources Grants Stock Options
1/26/2015Eloro Resources Closes Shares-for-Debt Transactions
12/19/2014Eloro Resources Announces Proposed Shares-For-Debt Transacti...
12/9/2014Eloro Reports on Discovery of Polymetallic Boulders by Visib...
9/30/2014Eloro Resources Announces Completion of Consolidation of Sha...
9/23/2014Eloro Resources Announces Consolidation of Its Shares
7/3/2014Eloro Resources Signs Definitive Agreement to Option La Vict...
6/6/2014Eloro Sells Remaining Interest in the Simkar Gold Project
10/17/2013(Simkar)d Mineral Resource Estimate at Simkar Gold Project
10/17/2013(Simkar)d Mineral Resource Estimate at Simkar Gold Project
9/23/2013(Simkar)Closes Transactions with Monarques Resources-Sells 50% Inter...
8/8/2013(Simkar)Enters Into Transactions With Monarques Resources-Agrees to ...
4/29/2011Appoints Director of Investor Relations
6/5/2008from Eloro Resources Ltd. and NFX Gold Inc. from Streetwise ...
4/9/2008Options Property to Fletcher Nickel
3/26/2008 Drills Significant Sulphide Mineralization at Delta Propert...
1/30/2008Options Otish Uranium Properties, Announces Sale of Addition...
12/7/2007Completes $3,000,000 Financing with MineralFields Group
11/14/2007 Announces Additional $1,000,000 Financing
11/12/2007 Announces Additional $3,000,000 Financing with MineralField...
11/2/2007COMMENCES DRILLING AT AMELIE LAKE
10/18/2007EXPANDS ITS URANIUM PROPERTY HOLDINGS IN THE OTISH MOUNTAINS...
10/11/2007Updates Delta Project
9/20/2007Retains AGORACOM to Provide Online Investor Relations and So...
7/5/2007Acquires Otish Uranium Properties Near Strateco's Matoush Di...
2/27/2007Completes $500,000 Financing with MineralFields Group
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (ELO.V)Other OTC (ELRRF)
3.65+1.11%2.72+1.87%
TSX-V
CA$ 3.65
12/05 15:59 0.040
1.11%
Prev close Open
3.61 3.60
Low High
3.34 3.75
Year l/h YTD var.
2.96 -  5.34 -6.89%
52 week l/h 52 week var.
2.96 -  5.34 14.78%
Volume 1 month var.
94,857 18.51%
24hGold TrendPower© : 41
Produces
Develops
Explores for Gold - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-9.88%5.442.85
202195.65%5.881.73
2020820.00%2.390.20
2019-41.56%0.480.15
2018-63.68%1.270.33
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.25-1.23%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.37-6.93%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.74-6.92%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.01-1.95%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.43-1.40%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.31+3.33%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.38-4.80%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 66.55-2.79%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+3.45%Trend Power :