Eloro Clarifies Proposed Royalty in Previously Announced Acquisition of Louvicourt Township Gold Property
TORONTO, ONTARIO -- (Marketwire) -- 09/14/11 -- Eloro Resources Ltd. (TSX VENTURE: ELO)(FRANKFURT: P2Q) ('Eloro' or the 'Company') wishes to clarify the terms of the proposed royalty in connection with the acquisition of the Louvicourt Township property (the 'Property') which were inaccurately described in Eloro's press release issued earlier today on September 14, 2011.
The proposed net smelter returns ('NSR') royalty on gold production from the Property is 1% of the NSR, plus an additional 1% of the NSR exceeding $2,000 per troy ounce, plus an additional 1% of the NSR exceeding $3,000 per troy ounce. Using this sliding scale, the NSR is 2% when the price of gold is $5,000 per troy ounce and reaches 2.5% when the price of gold is $10,000 per troy ounce.
The Company regrets any confusion in connection with the inaccurately stated proposed terms of the Property's royalty.
About Eloro Resources
Eloro Resources is an exploration and mine development company with a portfolio of gold and base metal properties in northern and western Quebec. The Company is focused on expanding the historic gold resources at its wholly-owned past-producing Simkar gold mine property ('Simkar Property'). The Simkar Property consists of two contiguous mining concessions totaling 226 hectares in Louvicourt Township, approximately 20 km east of Val-d'Or, Quebec. Since 2009, Eloro has completed 15,035 m of drilling on the Simkar Property and has identified two new mineralized zones below the historic workings and two near surface zones in a diorite unit south of the historic workings.
Eloro plans to pursue exploration work at the Simkar Property with the objective to outline quality gold resources in an established mining camp.
Information in this news release respecting the proposed financing and the proceeds that may be realized therefrom constitutes forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the companies' 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. Forward-looking statements and information are based on assumptions that financing and personnel will be available when required and on reasonable terms, and all necessary regulatory approvals will be obtained, none of which are assured and each of which is subject to a number of other risks and uncertainties. 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.
Contacts:
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168