TORONTO, Dec. 20, 2017 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V:ELO) (FSE:P2Q) (“Eloro”) announces that EHR Resources Limited (“EHR”) (ASX:EHX) has completed the requirements to earn a ten (10%) interest (“10% Earn-In”) in Eloro’s La Victoria Gold-Silver Project (“La Victoria”) in the north-central mineral belt of Peru.
In connection with the 10% Earn-In, EHR was required to spend C$2 million on exploration and this expenditure requirement has been satisfied. EHR also holds an option to acquire an additional 15% interest in La Victoria by spending a further C$3 million on exploration at La Victoria by July 31, 2018.
The maiden drilling programme at La Victoria is continuing and Eloro expects to provide an update on recent exploration activities in the near future.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Peru and Quebec. Eloro owns a 90% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick's Lagunas Norte Gold Mine and Tahoe's La Arena Gold Mine. The Property consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. The Property has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,100 m to 4,200 m above sea level.