Eloro Announces Sale of 10 Mining Claims in the Timmins Area in Northeastern Ontario

TORONTO, ONTARIO, Apr 20 (MARKET WIRE) --
Eloro Resources Ltd. (TSX VENTURE: ELO) (the "Company" or "Eloro") is
pleased to announce it has entered into an agreement (the "Agreement")
with Nebu Resources Inc. (TSX VENTURE: NBU)("Nebu") pursuant to which the
Company agreed to sell up to a 90% interest in ten mining claims
(collectively the "Properties") located in the Timmins area in
northeastern Ontario.

The Properties consist of 10 mining claims in three separate claim groups
comprising 59 claim units. The Properties are currently subject to a 1%
net smelter returns royalty pursuant to an agreement dated November 20,
2004 between the Company and Don McHoldings Ltd. and 2060014 Ontario Inc.

Pursuant to the Agreement, Nebu has agreed to acquire up to a 90%
interest in the Properties by issuing 300,000 common shares of Nebu to
the Company and by also completing $200,000 in exploration work on the
Properties by March 31, 2011, of which $100,000 must be spent prior to
March 31, 2010. In order to earn its initial 50% interest in the
Properties, Nebu must issue 150,000 common shares of Nebu to the Company
and incur $100,000 in work expenditures prior to March 31, 2010. Once
Nebu has earned its proportionate interest in the Properties, the two
companies will form a joint venture to further develop the Properties, or
if Nebu has earned a 90% interest in the Properties the Company may elect
to revert to a 1% net smelter returns royalty. This transaction is
subject to regulatory approval.

About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and
developing precious and base metal quality resources in the James Bay
region of northern Quebec, and base and precious metals in the Timmins
Camp of northern Ontario. Eloro currently has eleven gold-copper-silver
properties (1,062 claims) covering 548 km2 in the La Grande and Eastmain
Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project. Eloro
also has an option to earn a 50% interest in 31 claims held by Virginia
Mines Inc. also located in James Bay, Quebec. The Timmins area holdings
include both the prospective Hurdman Property, and the 30 km2 McArthur
Lake Nickel Property under option to Fletcher Nickel Inc.

For all Eloro investor relations needs, investors are asked to visit the
Eloro Resources IR Hub at http://www.agoracom.com/ir/eloro where they can
post questions and receive answers within the same day, or simply review
questions and answers posted by other investors. Alternatively, investors
are able to e-mail all questions and correspondence to elo@agoracom.com
where they can also request addition to the investor e-mail list to
receive all future press releases and updates in real time.

Statements in this news release that are not historical facts are
"forward-looking statements" and readers are cautioned that any such
statements are not guarantees of future performance, and that actual
developments or results, may vary materially from those in these
"forward-looking" statements.

The TSX Venture Exchange has not
reviewed and does not accept responsibility for the adequacy or accuracy
of this release.

Contacts:
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168

Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168

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