Eloro Resources Ltd T.ELO

Eloro completes Financings

[lhynes]

18:21 EST Friday, December 30, 2005 Advertisement Hide advertisement TORONTO, ONTARIO--(CCNMatthews - Dec. 30, 2005) - Not for dissemination in the United States of America. Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that it has completed its previously announced non-brokered private placement (the "Private Placement") with MineralFields Group of 1,470,588 flow-through units ("FT Units") of the Company at a price of $0.17 per FT Unit for gross proceeds of $250,000. Each FT Unit consists of one common share issued on a "flow through" basis under the Income Tax Act (Canada), and one-half of one common share purchase warrant of the Company (the "Warrants"). Each whole Warrant entitles the holder thereof to purchase one common share of the Company at a price of $0.22 at any time on or before June 30, 2007. The common shares and the Warrants to be issued pursuant to the Private Placement will be subject to a hold period which expires May 1, 2006. In connection with the Private Placement the Company paid a finder's fee to Limited Market Dealer Inc., an arm's length party ("LMD"), equal to 5% of the completed Private Placement, and also issued to LMD 147,058 finder's fee share purchase warrants, with each whole warrant entitling the holder to purchase an aggregate of 147,058 common shares at a price of $0.22 per share at any time on or before June 30, 2007. The Company also reports that it has completed a second previously announced non-brokered private placement of 823,529 FT Units for additional gross proceeds to the Company of $140,000. The FT Units are identical in both non-brokered Private Placements completed by the Company. The net proceeds of the Private Placements will be used to finance continued exploration programs at Eloro's exploration projects located in the James Bay area of Quebec, and the Company's Hurdman Zinc Silver Property, located in northeastern Ontario. The Private Placements are subject to final approval by the TSX Venture Exchange. FOR FURTHER INFORMATION PLEASE CONTACT: Eloro Resources Ltd. Thomas G. Larsen President [phone] [phone] (FAX) or Eloro Resources Ltd. Jorge Estepa Vice President [phone] [phone] (FAX) www.elororesources.com The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. © CCNMatthews