The Property is being explored pursuant to an option and joint venture agreement (the "Agreement") with Virginia Mines Inc. whereby Eloro was granted the right to earn an undivided 50% interest in the Amelie Lake, Sakami, and Gaber properties, by making C$50,000 in option payments in either cash or shares, and by spending C$1million in exploration work (see Eloro press release dated November 23, 2006). Under the terms of the Agreement, Eloro is the project operator during the earn-in phase and has the right to decide where to allocate the exploration efforts which must total C$1 million by November, 2011. The AmelieLake property is located 5 kilometers north of Eloro's wholly-owned Summit-Gabbre property and contains polymetallic soil anomalies in gold, copper (up to 11,800 ppm), nickel and cobalt.

The priority targets are associated with a hematite magnetite iron formation located along a 3 kilometer strike length. This geological formation has been documented to contain coinciding Induced Potential (IP) and magnetic anomalies within an area where soil sampling work yielded anomalous polymetallic values (up to 11 800 ppm Cu). Surface rock samples (grab samples) of stringer type mineralization adjacent to the iron formation also returned values of up to 4.6% Copper and 16.9 g/t Silver (Source: MRNF GM-55906 Noranda Exploration, November 1997).

A total of 1000 meters of surface diamond drilling in 7 drill holes will be drilled using a helicopter supported program to investigate the source of the  polymetallic mineralization identified in previous work by Noranda Exploration (MRNF GM-55906).