Toronto, Canada, June 6, 2014 – Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) (“Eloro”) announces that it has sold its remaining 43% equity interest in the Simkar and Louvicourt Properties (collectively the “Simkar Gold Project”) to Monarques Resources Inc. (“Monarques”), who previously held a 57% interest in the Simkar Gold Project, pursuant to a joint venture agreement with Eloro.
As consideration for the sale, Eloro has been granted a 1.5% NSR on Monarques’ wholly-owned Tex-Sol, Regcourt, Plator I, Plator II, Plator III, Plator IV and Plator V properties in addition to a 1.5% NSR granted on the Simkar Property and a 0.5% NSR on the Louvicourt Property. Excluding the Louvicourt Property, Monarques can redeem one-third (0.5%) of the NSR by paying Eloro $1 million. All of the foregoing properties are located in the highly prospective Val d’Or gold mining camp.
About Eloro Resources Ltd.
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 recently entered into an agreement granting it an option to acquire a 50% interest in La Victoria property, located in the North-Central Mineral Belt of Peru.
For further information please contact 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.