ELO Eloro Resources Ltd

Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro" or the "Company")
is pleased to announce that it has closed the previously announced private
placement of flow-through units (see Eloro news release dated September 1,
2011). Eloro closed the sale of 4,625,000 flow-through units at a price of $0.20
per unit for gross proceeds of $925,000. Eloro did not proceed with the sale of
any non-flow-through units at a price of $0.18 per unit, as detailed in the
September 1, 2011 press release.


Each flow-through unit is comprised of one Common Share issued on a
"flow-through" basis under the Income Tax Act (Canada) ("ITA") and one half of
one Common Share purchase warrant (the "F-T Warrants") issued on a
"flow-through" basis under the ITA. Each whole F-T Warrant entitles the holder
to purchase one non-flow-through Common Share of the Company at a price of $0.40
per share for a term of 18 months provided that, if the average closing price
for the Common Shares on the TSX Venture Exchange is at least $0.60 per share
for 20 consecutive trading days (following the expiry of the four month hold
period), the F-T Warrants will expire unless they are exercised within ten
business days (or such longer period of time as the Company may provide) after
the Company provides notice to accelerate the expiry date.


In connection with the private placement, two arm's length finders received as
compensation 7% cash commission aggregating $57,400 and 287,000 finder's
warrants entitling the holders to purchase 287,000 Eloro Common Shares at a
price of $0.40 per share for a term of 18 months, subject to the same
acceleration provisions as the F-T Warrants.


The net proceeds from the private placement will be used to finance continued
exploration at the Simkar Gold Property near Val d'Or, Quebec (the "Simkar
Property"). One officer of the Company participated in the financing by
subscribing for 125,000 flow-through units. All the securities issued pursuant
to the private placement are subject to a four (4) month hold period. The
private placement remains subject to TSX Venture Exchange final acceptance.


About Eloro Resources Inc.

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
focused on expanding the historic gold resources at its wholly-owned
past-producing Simkar gold mine property ("Simkar Property"). The Simkar
Property consists of two contiguous mining concessions totaling 226 hectares in
Louvicourt Township, approximately 20 km east of Val-d'Or, Quebec. Since 2009,
Eloro has completed 15,035 m of drilling on the Simkar Property and has
identified two new mineralized zones below the historic workings and two near
surface zones in a diorite unit south of the historic workings. 


Eloro plans to pursue exploration work at the Simkar Property with the objective
to outline quality gold resources in an established mining camp.


Information in this news release respecting the financing and the use of the
proceeds therefrom constitutes forward-looking information. Statements
containing forward-looking information express, as at the date of this news
release, the companies' 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. Forward-looking
statements and information are based on assumptions that financing and personnel
will be available when required and on reasonable terms, and all necessary
regulatory approvals will be obtained, none of which are assured and each of
which is subject to a number of other risks and uncertainties. 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.

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