January 5, 2011 (FinancialWire) (The Small Cap News Leader http://www.financialwire.net/) — Eloro Resources, Ltd. (ELO – TSX-V) (P2Q – Frankfurt) said it has closed the final tranche of the sale of non-flow-through units pursuant to its November 11 and December 23, 2010, announcements of unit financing, with the sale of 2,720,000 non-flow-through share units at a price of $0.08 per unit for gross proceeds of $217,600.

In the aggregate, Eloro has raised $2,000,000 in gross proceeds from the sale of 13,020,000 flow-through units at a price of $0.10 per flow-through unit and the sale of 8,725,000 non-flow-through units at a price of $0.08 per unit.

The company said net proceeds from the private placement will be used to finance exploration at the Simkar Gold property near Val d'Or, Quebec, as well as for general corporate purposes.

All the securities issued pursuant to the private placement are subject to a four month hold period. The private placement remains subject to TSX Venture final acceptance.

Eloro is a junior exploration company focused on discovering and developing precious metals in the Val-d'Or mining camp, as well as precious and base metal resources in the James Bay region of northern Quebec.

Exchange Links: Eloro Resources, Ltd. (ELO – TSX-V) (P2Q – Frankfurt)

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