Eloro Resources Ltd. and Tartisan Resources Corp. Amend Option Agreement to Increase Eloro's Earn-In to 60% of the La Victoria Polymetallic Project, Peru
TORONTO, ONTARIO--(Marketwired - June 5, 2015) - Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro") and Tartisan Resources Corp. (CSE:TTC) ("Tartisan") are pleased to announce that they have amended the terms of the option and joint venture agreement (the "Agreement"), whereby Eloro has been granted the right to acquire an additional 10% in the option to now earn a 60% interest in the royalty-free La Victoria Polymetallic Project, Ancash, Peru, wholly-owned by Tartisan.
The consideration for the additional 10% earn-in interest is the payment of CDN$120,000 to Tartisan, payable in two instalments; CDN$75,000 upon signing (paid) and CDN$45,000 payable on or before September 1, 2015.
The Agreement now states that Eloro can earn a 60% interest in the La Victoria Polymetallic Project with CDN$1,500,000 in exploration expenditures, including CDN$250,000 by January 2016 and the remainder by January 2019, as well as the payment of CDN$270,000 in cash, of which CDN$175,000 has been paid to date.
Pursuant to the amended terms of the Agreement, Eloro has also now been designated Operator for the earn-in phase of the option period, as well as the joint venture phase, upon Eloro completing its earn-in obligations.
"This additional earn-in option interest underlies our confidence that the La Victoria Polymetallic Project is one of discovery merit," said Eloro Chairman and C.E.O. Mr. Tom Larsen, "and we look forward to commencing our drill program as soon as possible."
A detailed program of geological mapping, mechanized trenching, and diamond drilling is planned for 2015 on the La Victoria Polymetallic Project once the Declaración de Impacto Ambiental ("DIA") project environmental permit has been approved by the Peruvian Ministry of the Environment.
About Eloro Resources Ltd.
Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern and western Quebec. Eloro has been granted an option to acquire a 60% interest in La Victoria property, located in the North-Central Mineral Belt of Peru. The La Victoria Property is free of royalties and consists of two adjacent, but not contiguous, properties totalling nine mining concessions encompassing approximately 35 square kilometres. The La Victoria Property is within 50 kilometres of several producing mines, with three producers visible from the property which has good infrastructure with road-access and nearby sources of water and electricity.
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 Corporation'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 Corporation. 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 or the CSE nor its Regulation Services Provider (as that term is defined in the policies of the TSXV and CSE) accepts responsibility for the adequacy or accuracy of this release.
Jim Steel MBA, P.Geo., a Qualified Person in the context of NI 43-101 has reviewed and approved the technical content of this news release
Contact
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 361-1333
(416) 868-9168
www.elororesources.com
Tartisan Resources Corp.
Mark Appleby
President
(416) 804-0280
