Eloro Resources Ltd

Published : April 09th, 2008

Options Property to Fletcher Nickel

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Eloro Resources Ltd.             PRESS RELEASE

Eloro Resources Options Property to Fletcher Nickel

 

eloro logo minToronto, Canada, April 9, 2008 - Eloro Resources Ltd. (TSX-V: ELO) ("Eloro") has granted Fletcher Nickel Inc. (TSX: FL) ("Fletcher Nickel") an option to acquire a majority operating interest in Eloro's McArthur Lake and Douglas Nickel Properties (the "Properties") located in McArthur, Douglas and Bartlett Townships in northern Ontario.The Properties cover 15 claims (183 claim units) in the belt of komatiites extending northward from Fletcher Nickel's Texmont Project, which includes the developed Texmont Nickel Mine to the south, plus extensive mineral claims adjoining the mine leases to the west and south.

 

Fletcher Nickel may earn a 55% joint venture interest in the Properties by completing $1,000,000 of exploration expenditures over four years and issuing 50,000 shares annually to Eloro, until the interest is earned.A minimum of $150,000 of such exploration expenditures must be incurred in the first year; $200,000 in the second year; $250,000 in the third year; and, $400,000 in the fourth year.

 

The completion of the transaction is subject to approval of the formal agreement by the board of directors of both Eloro and Fletcher Nickel and the receipt of all necessary regulatory and exchange approval

 

About Eloro Resources

 

Eloro is a junior exploration company focused on discovering and developing precious and base metal quality resources in James Bay area 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 covering 548 square kilometres in the La Grande and Eastmain Greenstone Belts, proximal to Goldcorp's Eleonore Gold Prospect; has an option to earn a 50% interest in 3 properties held by Virginia Mines Inc.; and the Timmins area holdings include the prospective Silver-Zinc-Gold Hurdman Property, the McArthur Lake Nickel Property and the Douglas Nickel Property. 

 

 

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:  $0.85 - $0.25

Shares Outstanding:  52,308,570

 

 

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

http://rs6.net/on.jsp?t=1102052040482.0.1101098178447.5724&ts=S0331&o=http://ui.constantcontact.com/images1/s.gif

Eloro Resources Ltd

EXPLORATION STAGE
CODE : ELO.V
ISIN : CA2899002018
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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.

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