Eloro Resources to Option La Victoria Polymetallic Property, Ancash, Peru
TORONTO, ONTARIO -- (Marketwired) -- 02/14/14 -- Eloro Resources
Ltd. (TSX VENTURE: ELO)(FRANKFURT: 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.
Under the terms of the Agreement, Eloro can earn a 50% interest in
the Property, at the Company's 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
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
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 Compania Minera Aurifera 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 Tartisan's 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.
About Eloro Resources Ltd.
Eloro Resources is an exploration and mine development company with a
portfolio of gold and basemetal 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-d'Or 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.
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.
(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)
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
Eloro Resources Ltd.
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