TriStar Gold

Eloro Resources Grants Stock Options

TORONTO, Feb. 01, 2021 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF FSE: P2QM) (“Eloro”, or the “Company”) announces the grant of options to directors, officers, employees and consultants to purchase an aggregate of 1,030,000 common shares of Eloro, exercisable at $4.45 per share at any time on or before February 1, 2026. The grant is subject to TSX Venture Exchange (“TSX-V”) acceptance and is made in accordance with and subject to the terms of Eloro’s stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

Additional Disclosure

In accordance with requirements of the TSX-V, the Company notes that, further to its January 5, 2021 news release announcing the closing of the Company’s bought deal financing, the 7% cash commission and 7% compensation options issued to the underwriters, as reported in that news release, represented total cash commissions of CDN$442,751.61 and a total of 285,646 compensation options.  

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 commissioned a NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited and is available on Eloro’s website and under its filings on SEDAR. Iska Iska 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, Chairman 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
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