Eloro Resources Ltd. Executes Definitive Option Agreement to Acquire the Iska Iska Polymetallic Property, Potosi Department, Southern Bolivia

TORONTO, Jan. 09, 2020 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”, or the “Company”) is pleased to announce the signing of the Definitive Option Agreement on the Iska Iska polymetallic epithermal project, in the Potosí Department, southern Bolivia by Minera Tupiza S.R.L., Eloro’s wholly-owned Bolivian subsidiary.

“We are very pleased to complete the signing of the Definitive Agreement granting Eloro Resources Ltd. the option to acquire a 99% interest in the highly prospective Iska Iska polymetallic property,” stated Tom Larsen, Eloro’s President and CEO. “As previously reported, (see press release of October 8, 2019) Eloro carried out preliminary evaluation work at Iska Iska that included geological mapping and channel sampling of the underground and on surface workings which returned very positive results.  Planning is in progress to develop a multifaceted exploration program focused on evaluating known mineralized areas to define high priority drill targets as well as outline potential new mineralized areas. Consultations will also be carried out with the local community to ensure that as the project progresses, it delivers economic and social benefits to the community.”

Pursuant to the signed definitive agreement and pending the receipt of all required regulatory approval, Eloro Resources Ltd. will issue 250,000 common shares within 30 days of the date of the agreement and can elect to issue a further 250,000 common shares within 2 years thereafter and have the option of paying US$10 million to Empresa Minera Villegas S.R.L., within 4 full years of the date of the agreement. During the 4 year option period, Minera Tupiza S.R.L. will undertake an exploration and development program on the property, to be conducted under the supervision of Dr. Osvaldo Arce, Ph.D., P. Geo. and Dr. Bill Pearson, Ph.D., P. Geo., each a Qualified Person in the context of National Instrument 43-101. Under the program, Minera Tupiza S.R.L. will carry out a multidisciplinary exploration strategy involving advanced geological mapping, geochemical sampling and conceptual modelling of the area’s sedimentary and volcanic rocks, which will have the fundamental purpose of identifying new geological and geochemical objectives, focusing on developing high priority drill targets.