Eloro Resources Ltd T.ELO

ELO completes Financing and Acquisition

[lhynes]

Eloro Completes Financing, Closes Property Acquisition 13:22 EST Friday, March 10, 2006 TORONTO, ONTARIO--(CCNMatthews - March 10, 2006) - 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") of 400,000 common shares (the "Shares") of the Company at a price of $0.30 per Share for proceeds of $120,000. The Shares issued pursuant to the Private Placement will be subject to a hold period which expires July 11, 2006. The net proceeds of the Private Placement will be used to finance continued exploration programs at Eloro's exploration projects located in the James Bay region of Quebec, and the Company's Hurdman Zinc Silver Property, located in northeastern Ontario and for working capital. The Private Placement is subject to final approval by the TSX Venture Exchange (the "Exchange"). Eloro is also pleased to announce that it has received final approval from the Exchange in connection with the previously announced acquisition (the "Acquisition") of a 100% interest in the Eastmain 1, Eastmain 2, Taiga West and Delta properties, all located in the James Bay region of northern Quebec, for an aggregate purchase price of $80,000 cash and 800,000 Shares of the Company. The Shares issued pursuant to the Acquisition are subject to a hold period which expires July 11, 2006. About Eloro Eloro is a publicly traded resource exploration and development company based in Toronto, Ontario and Val D'Or, Quebec. Eloro controls 16 strategically located properties totaling 225 square kilometers in the highly prospective La Grande and Eastmain Belts of the James Bay region of Quebec. Together with Eloro's current portfolio of precious and base metal properties in Ontario, these projects provide Eloro with an extensive land package consisting of precious and base metal and uranium properties at various stages of exploration and development at a time when commodity prices and metal demand has improved. 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.