Eloro Acquires Claims Adjacent to Lithium One Inc.'s Cyr Lithium Discovery, in the James Bay Mining District of

TORONTO, ONTARIO, Aug 27 (MARKET WIRE) --
Eloro Resources Ltd. (TSX VENTURE: ELO) (the "Company" or "Eloro") is
pleased to announce the acquisition of two claim groups (the
"Agreement"), from arm's length vendors (the "Vendors"), the Cyr East and
Cyr West claim groups (the "Property") comprising 146 claims totaling
7,710 hectares (or 77.1 km2) in the James Bay Mining District of northern
Quebec. The Cyr East claim group consists of 109 claims covering 5,755
hectares (or 57.6 km2); whereas the Cyr West claim group consists of 37
claims covering 1,955 hectares (or 19.5 km2). The registration of the
claims by the Quebec government is still pending, but should be confirmed
shortly.

The Property is located adjacent to the east and west of the Lithium One
Inc. -property containing the Cyr Lithium discovery which hosts
significant drill intersections of 1.59% Li2O over 10.27 m (JBL09-01).
1.72% Li2O over 9.87 m (JBL09-02) and 1.43% Li2O over 22.50 m (JBL09-11)
(www.lithium1.com); and is also 75 km due south of Goldcorp's Eleonore
Gold Deposit (2.3 million ounces of Gold in Indicated Mineral Resources
at a grade of 10.05 g/t Gold and 3 million ounces of Gold in Inferred
Mineral Resources at a grade of 12.75 g/t Gold; www.goldcorp.com), and
finally 80 km west of Eastmain Resources Clearwater Gold Project (310,00
ounces of Gold grading 9.46 g/t Gold in Indicated Mineral Resources and
680,000 ounces of Gold grading 6.90 g/t Gold; www.eastmain.com). In
addition, Eloro's Delta/Eastmain 1, Eastmain 2 and Eastmain 3 base and
precious metal properties are located 30 km east, 30 km northwest and 45
km west, respectively, from the Property. All are situated in the
prolific Eastmain Greenstone Belt.

Boisvert (1989) describes the region as containing biotite schists and
gneisses; volcanic and sedimentary lithologies and mafic intrusive rocks;
as well as granites and particularly pegmatites. The Property area hosts
pegmatites, occurring as irregular but generally continuous lenses within
the biotite schists. Individual pegmatites can attain up to 60 m in width
and more than 100 m in length, collectively forming part of a much larger
bodies having kilometric lengths and widths up to 300 m. Additional work
by the Ministere des ressources naturelles et de la faune Quebec (the
"MRNFQ") uncovered a number of lithium showings in the region with a
similar metallogenic context to that of the Cyr Lithium Discovery of
Lithium One Inc. linked to spodumene (a lithium bearing aluminum
silicate) pegmatites. This type of pegmatite is also associated with the
Preissac-Lacorne Batholith located further south in the Abitibi
Greenstone Belt (near Val-d'Or, Quebec) where Canada Lithium Corporation
is developing the Quebec Lithium Project containing historical ore
reserves(i) of 15,612,300 tonnes at a grade of 1.14% Li2O.

Historical work on Lithium One Inc.'s Cyr Lithium Discovery has
demonstrated significant lithium potential, identifying a resource
potential(i) of 12 million tonnes (45,000 m2 by 100 m deep) grading 1.7%
Li2O (www.lithium1.com).

Thomas Larsen, President and CEO of Eloro commented, "As stated by the
Fraser Institute, Quebec is one of the best places in the world for
exploration based on its geological endowment, title and land ownership,
and fiscal regimes and that is why Eloro is focusing on the James Bay
region. The sector hosts a variety of metals, from Gold, Copper, Zinc,
Uranium and Lithium. We are fortunate to find key mineral claims so close
to a major lithium discovery. Eloro plans a field program in the near
term to rapidly evaluate the lithium targets on the Property.

Pursuant to the Agreement, Eloro will acquire a 100% ownership in the
Property by; i) making cash payments of $30,000 within 6 months of the
Agreement date and ii) upon receipt of of all required regulatory
approval, including that of the TSX Venture Exchange, issue a total of
1.65 million Eloro shares to the Vendors, subject to the required hold
period. The Vendors will retain a 2% Net Smelter Returns Royalty (the
"NSR") of which 1% can be purchased by Eloro for $1 million. The
Agreement is subject to the claims being registered with the Quebec
government.

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 both the
Timmins and Val-d'Or mining camps of northern Ontario and Quebec.

James Bay, Quebec

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.

Val-d'Or, Quebec

Eloro recently signed an option agreement with Megastar Development
Corporation to earn a 50% interest in the advanced Simkar Gold property
located 20km east of Val-d'Or Quebec.

Timmins, Ontario

The Timmins area holdings include both the prospective Hurdman Zinc
Silver Property, and the 30 km2 McArthur Lake Nickel Property under
option to Fletcher Nickel Inc.

The information contained in this news release was prepared and revised
by Mr. Martin Bourgoin, P. Geo., Eloro's Executive VP, and a Qualified
Person as defined by National Instrument 43-101.

(i) The resource potential and "ore reserve" estimates are considered
historical, should not be relied on and are not considered National
Instrument ("NI") 43-101 compliant. A Qualified Person has not reviewed
and evaluated the resource potential and "ore reserve" estimates to
outline NI 43-101 Mineral Resources. It is uncertain that any future
exploration and development work will result in any of the resource
potential and "ore reserve" estimates to be considered as NI 43-101
Mineral Resources. Resource potential and "ore reserve" estimates should
only be considered as an indication of the lithium mineralization.

Statements made 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.

Claim map illustrating Eloro's newly acquired Cyr East and West Claim
Blocks in the Eastmain Greenstone Belt, James Bay Mining District of
northern Quebec. The map details the proximity of Lithium One Inc.'s
neighboring Cyr Lithium Discovery and Eloro's Delta/Eastmain 1, Eastmain
2 and Eastmain 3 properties in the region.

To view the Claim map, please visit the following link:
http://media3.marketwire.com/docs/EloroClaimmap.pdf

Neither the TSX
Venture Exchange nor its regulation services provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this news release.

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

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

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