ELO Eloro Resources Ltd

Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro", or the
"Company") is pleased to announce it has completed the sale of a 50% equity
interest in its Simkar Gold Project (the "Property") to Monarques Resources Inc.
("Monarques") (TSX VENTURE:MQR) and the issuance to Monarques of 8 million
shares of Eloro by way of private placement. The Property comprises two
contiguous mining concessions and eleven mineral claims in the Val-d'Or Gold
Mining Camp, approximately 20 km east of Val-d'Or. 


Under the terms of the agreement entered into with Monarques, the Company has
sold an undivided 50% interest in the Property in exchange for a commitment by
Monarques to perform $750,000 of exploration work on the Property. Following the
fulfillment of the exploration work commitment, the Company and Monarques will
form a joint venture with respect to the Property which will be operated by
Monarques. If the exploration work commitment is not completed on or before June
30, 2014, the Company will have the right to rescind the sale and take back the
interest in the Property sold to Monarques. 


The Company has also issued 8 million common shares to Monarques by way of
private placement at a price of $0.015 per share. In a concurrent transaction,
the Company has also issued 3 million shares to an arm's length creditor at a
deemed value of $0.05 per share. Following the completion of the private
placement and the shares for debt issuance, Monarques holds approximately 12.8%
of the issued and outstanding common shares of Eloro. Monarques has undertaken,
for a period of 18 months following the closing of the transactions, to vote the
votes attached to the common shares issued to Monarques in favour of the
election of the nominees to the board of directors proposed by the board of
directors of the Company. 


The Company will use $35,000 of the private placement proceeds for transaction
related costs and $85,000 to pay certain creditors for services previously
rendered, including approximately $35,000 to MRB & Associates. MRB & Associates
is a "related party" (as defined in Multilateral Instrument 61-101-Takeover Bids
and Special Transactions) of the Company as it is controlled by Martin Bourgoin,
an Executive Vice President of the Company. MRB & Associates provides geological
consulting services to the Company. 


The transactions are subject to final approval by the TSXV. The private
placement has been approved by the Company's board of directors, none of whom
have a direct interest in the private placement to Monarques. All of the shares
issued by Eloro in connection with the private placement and shares for debt
issuance transactions are subject to a four (4) month hold period which will
expire January 21, 2014. 


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. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
(416) 361-1333 (FAX)


Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com

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