Eloro Resources Ltd

Eloro Resources and Tartisan Resources Announce Execution of Definitive Agreement

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Toronto, ON (pta023/08.08.2016/14:00) - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (" Eloro") and Tartisan Resources Corp. (CSE:TTC) (" Tartisan") are pleased to announce the execution and delivery of a binding Purchase and Sale Agreement (the "Agreement") with respect to the proposed purchase by Eloro (the "Transaction") of Tartisan's 100% interest in La Victoria property ("La Victoria" or the "Property") as previously announced on May 30, 2016. The Property, currently consisting of 8 mineral concessions totalling approximately 35.9 square kilometres together with 3 mineral claims totalling 15 square kilometres, is held by a Peruvian-based Tartisan subsidiary and is located in Huandoval District, Pallasca Province, Ancash Department, in the North-Central Mineral Belt of Peru.

Pursuant to the terms of the Agreement and as consideration for the Property, Eloro has agreed to: i) issue 6 million common shares (the "Shares") and 3,000,000 warrants (the "Warrants") with limited transferability, ii) make staged cash payments totalling C$350,000, and iii) grant Tartisan a 2% royalty interest (the "Royalty"), half of which can be repurchased by Eloro for C$3 million to reduce the Royalty to 1%.

Transaction Highlights

* Acquisition of Tartisan's 100% interest in the Property (which is currently governed by the La Victoria Option and Joint Venture Agreement dated July 3, 2014 (the "Option and Joint Venture Agreement"), as amended) in consideration of: i) the issuance of 6,000,000 Shares and 3,000,000 Warrants of Eloro, ii) a cash payment of C$250,000 on the first closing, with a further payment of C$100,000 within nine months from the first closing (the San Markito mineral claim will not be transferred by Tartisan to Eloro until such time that the final C$100,000 payment is made). The Option and Joint Venture Agreement will be terminated upon completion of the Transaction.

* Each Warrant will give Tartisan the right to purchase one Share of Eloro at a price of $0.40 for a period of three years after closing, subject to acceleration in certain circumstances.

* All securities issued to Tartisan in the Transaction will be subject to a lock-up agreement whereby Tartisan will be restricted from transferring securities of Eloro for a period of 18 months following the closing date of the Transaction, subject to certain exceptions, and transfers subsequent to that period will be restricted for a period of four and one half years after the first closing will be subject to further restrictions whereby, should Tartisan wish to proceed with a disposition, it would be restricted to selling a maximum of 1 million Shares every six months and would agree to provide Eloro 45 days' notice prior to any sale, during which time Eloro could identify a purchaser or purchasers for the Shares and would have the right of first refusal to place the Shares with such purchasers pursuant to the terms of a mutually agreeable sale.