Eloro Resources Increases Financing to $400,000 and Closes First Tranche for Proceeds of $350,000

May 3, 2016

Toronto, Canada, May 3, 2016 - Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) ("Eloro" or the "Corporation") is pleased to announce that further to its announcement dated April 29, 2016, it is increasing the amount of its non-brokered private placement (the "Private Placement") by up to 294,118 units ("Units") of Eloro at a price of $0.17 per unit ("Units") for additional proceeds of up to $50,000 for total proceeds of up to $400,000.

Each Unit will consist of one Common Share and one half of one Common Share purchase warrant (a "Warrant"). Each whole Warrant will entitle the holder to purchase one Common Share at a price of $0.30 per share for a term of 24 months following the closing of the Private Placement.

Eloro is pleased to announce that in connection with the Private Placement, it has closed the first tranche and issued 2,058,824 Units for proceeds of $350,000.

The proceeds of the Private Placement will be used for working capital purposes and to finance exploration efforts on Eloro's optioned and wholly-owned properties. The Private Placement is subject to final approval by the TSX Venture Exchange. Certain directors and officers of the Corporation participated in the Private Placement. The securities issued pursuant to the Private Placement are subject to the applicable statutory four month hold period.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold properties in Peru 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 eight 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.

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 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 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.