🕐14.02.14 - 13:54 Uhr
ELORO RESOURCES TO OPTION LA VICTORIA POLYMETALLIC PROPERTY, ANCASH, PERU
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NEWS RELEASE - ELORO RESOURCES LTD.
TSX-V:ELO
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Press Release
For Immediate Release
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Eloro Resources to Option La Victoria Polymetallic Property, Ancash, Peru
Toronto, Canada, February 14, 2014 - Eloro Resources Ltd.
(TSX-V: ELO; FSE: P2Q)
("Eloro", or the "Company") is pleased to announce it has signed a letter agreement
(the "Agreement") with Tartisan Resources Corp.
("Tartisan")(CSE: TTC), granting
Eloro an option to acquire a 50% interest in La Victoria property ("La Victoria"
or the "Property"), consisting of 8 mineral concessions totalling 33.6 km2.
The
Property 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.
The Agreement
Under the terms of the Agreement, Eloro can earn a 50% interest in the Property,
at the Companys option, by expending C$1.5 million in staged exploration and work
expenditures on the Property and making cash payments to Tartisan totalling C$150,000
- all over a 4-year period.
Eloro and Tartisan have agreed to proceed to the execution and delivery of a definitive
agreement ("Definitive Agreement"), incorporating the terms contained in the Agreement.
The execution of the Definitive Agreement is subject to the satisfactory completion
by Eloro of its ongoing due diligence investigation of the Property and also subject
to the approval by the Boards of Directors of Eloro and Tartisan, and the approval
of the TSX Venture Exchange and the Canadian Securities Exchange.
La Victoria Property, Peru
La Victoria is a royalty-free property, wholly-owned by Tartisan, consisting of
eight claims totalling 3,360 hectares in size and located in northern Ancash Department,
Peru.
The property has good infrastructure with access to road, water and electricity.
It is located at an altitude that ranges 3,100 m to 4,200 m above sea level.
La Victoria is located within 50 km of several producing mines including: La Arena
owned by Rio Alto Mining Ltd., Lagunas Norte (Alto Chicama) owned by Barrick Gold
Corporation and Santa Rosa owned by Compaia Minera Aurfera Santa Rosa (COMARSA).
The Property has seen over US$800,000 spent to date by Tartisan in connection with
exploration and infrastructure development.
This exploration work includes: topographic,
ground magnetic and Induced Polarization geophysical surveys; over 600 samples taken
for Geochemistry; construction of access roads; and, completion of a National Instrument
43-101-compliant Technical Report[1] (available under Tartisans filings on SEDAR
at www.sedar.com).
The property has numerous historical adits and surface workings.
The NI 43-101 Technical Report concludes that La Victoria possesses excellent potential
for finding high-grade oxide and sulphide epithermal Au-Ag vein systems and low-grade,
large-tonnage, disseminated Cu-Au-Ag (porphyry-type) mineralization.
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[1]NI 43-101 Technical Report on the Victoria Ag, Au, Cu, Mo, Pb, Zn, W Polymetallic
Property, Ancash, Peru, by Luc Pigeon, B.Sc., M.Sc., P.
Geo.
(June 2, 2011)
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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 is
focussed on expanding the historic gold resources at the past-producing Simkar
Mine with the objective to outline quality gold resources in the established Val-dOr
Gold Mining Camp.
Eloro also 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 either Thomas G.
Larsen, President and CEO
or 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 Companys 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.
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