Eloro Resources Ltd.             PRESS RELEASE

Eloro Announces Additional $3,000,000 Financing with MineralFields Group

Toronto, Canada: November 9, 2007 - Eloro Resources Ltd. (ELO: TSX Venture Exchange) (the "Company" or "Eloro") is pleased to announce that al non-brokered private placement (the "Private Placement") of 5,000,000 Flow-Through Units of Eloro at a price of $0.60 per unit to be issued on a "flow-through" basis under the Income Tax Act (Canada) for total proceeds of up to $3,000,000 has been arranged with MineralFields Group. This represents the fifth "flow-through" private placement financing that Eloro is completing with MineralFields Group, having already completed four placements since December 2005 at price levels ranging from $0.17 to $0.80 for aggregate proceeds to Eloro totaling $2,750,000.

Each Flow-Through Unit will consist of one common share (the "Common Shares") to be issued on a "flow-through" basis under the Income Tax Act (Canada) and one half of one common share purchase warrant of the Company (the "Unit Warrants"). Each Unit Warrant has a term of 24 months (the "Term") and will entitle the holder to purchase one Common Share at a price of $0.90 per share in the first year of the Term and $1.10 in the second year of the Term. Pursuant to the Private Placement, if the average closing price of the Common Shares is over $1.10 for a period of 20 consecutive trading days (following the expiry of the hold period) in the first year of the Term, or $1.30 in the second year of the Term, the Unit Warrants must be exercised within ten business days of receiving written notice from Eloro or they are to be terminated.

The net proceeds of the Private Placement will be used to finance continued exploration programs at Eloro's projects located in the James Bay District of northern Quebec and the Hurdman Silver-Zinc-Gold Property in Ontario. The Private Placement is subject to approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement will subject to a four month hold period.

"We are very pleased to be furthering our relationship with MineralFields Group", said Thomas Larsen, Eloro's President and CEO.  "This is an important milestone in the growth of Eloro and we look forward to working with MineralFields Group as we develop our holdings both in the James Bay district of Quebec and in northern Ontario."

About MineralFields, Pathway and First Canadian Securities^�

MineralFields Group (a division of Pathway Asset Management) is a Toronto-based mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada during most of the calendar year, as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds. Information about MineralFields Group is available at www.mineralfields.com First Canadian Securities^� is active in leading resource financings (both flow-through and hard dollar) on competitive, effective and service-friendly terms, with investors both within, and outside of, MineralFields Group.