E79 Resources

Eloro Resources Completes Financing

TORONTO, May 20, 2020 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro” or the “Corporation”) is pleased to announce it has completed a previously announced non-brokered private placement (the “Private Placement”) of 2,200,000 units of Eloro at a price of $0.25 per unit (“Units”) for gross proceeds of $550,000.

Each Unit consists of one Common Share and one half of one Common Share purchase warrant (a “Warrant”). Each whole Warrant entitles the holder to purchase one Common Share at a price of $0.50 per share for a term of 18 months, expiring November 20, 2021.

In connection with the Private Placement, arm’s length finders received as compensation 7% cash commissions aggregating $5,687.50 and 22,750 finder’s warrants entitling the holders to purchase 22,750 Eloro common shares at a price of $0.50 per share for a term of 18 months.

The proceeds of the Private Placement will be used for working capital purposes and to fund exploration at its properties. Directors and officers of the Corporation subscribed for 245,000 units for proceeds of $61,250. The Private Placement is subject to final approval by the TSX Venture Exchange. All securities issued pursuant to the Private Placement are subject to the applicable statutory four month hold period.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. Eloro has completed a NI 43-101 Technical Report on Iska Iska, which is a road-accessible, royalty-free property. Eloro also owns an 82% 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 Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, President and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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Eloro Resources

Last Trade: C$4.44
Daily Change: -0.03 -0.67
Daily Volume: 137,920
Market Cap: C$267.730M
Eloro Resources’ First Drill Hole at the Iska Iska Project’s Central Breccia Pipe Encounters Multiple Mineralized Intercepts including 196 Grams Silver Equivalent/tonne (g Ag eq/t) over 56.2m and containing 343 g Ag eq/t
Eloro Resources reports 442 grams silver equivalent/tonne (Ag eq/t) over 166m including 1,092 g Ag eq/t (446 g Ag/t, 9.03%Pb and 1.16%Sn) over 56.2m in Continuous Channel Sampling of Santa Barbara Adit, Iska Iska Silver-Tin Polymetallic Project
Eloro Resources Provides Update on Iska Iska Silver-Tin Polymetallic Project, Potosi Department, Southern Bolivia
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Eloro Resources Announces Filing of Preliminary Short Form Prospectus
Eloro Resources Announces Upsize to Previously Announced Bought Deal Financing to C$21.75 Million
Eloro Resources Announces C$12,900,000 Bought Deal Financing
Eloro Resources Continues to See Long Intercepts of Polymetallic Mineralization at the Santa Barbara Breccia Pipe, Potosi Department, Southern Bolivia
Eloro Resources Adds Second Rig to Accelerate the Diamond Drill Program at its Iska Iska Property, Potosi Department, Southern Bolivia
Eloro Resources Grants Stock Options
Eloro Resources Intersects 129.6 Grams Silver Equivalent per Tonne over 257.5m in Extensive Silver-Polymetallic Mineralization in Santa Barbara Breccia Pipe, at its Iska Iska Property, Potosi Department, Southern Bolivia

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