Eloro Resources Ltd T.ELO

Eloro Increases its James Bay holdings

[lhynes]

Eloro Acquires Strategic Properties in James Bay Region of Quebec TORONTO, ONTARIO, Feb 14, 2006 (CCNMatthews via COMTEX) -- Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that it has enhanced its mineral property holdings in the highly prospective James Bay region of Quebec by purchasing three gold, copper and silver properties from two arm's length parties in the La Grande and Eastmain Belts of northern Quebec (collectively, the "Property Acquisitions"). The Eastmain Belt hosts Virginia Gold Mines Inc.'s Eleonore Gold Prospect, as well as Eastmain Resources' Clearwater Deposit. Goldcorp Inc. and Virginia Gold Mines Inc. have recently signed an agreement whereby Goldcorp Inc. would acquire the Eleonore Gold Prospect in a transaction valued at approximately C$ 500 million. Eloro has agreed to acquire a 100% interest in the Eastmain 1, Eastmain 2 and Taiga West properties by issuing 600,000 common shares of Eloro and paying $50,000 to Mr. J.S. Lavallee (the "Vendor"). The Vendor retains a 1% Net Smelter Returns royalty, of which Eloro can purchase 0.5% for $500,000. Eloro has also agreed to acquire a 100% interest in the Delta Property by issuing 200,000 common shares of Eloro and paying $30,000 to Carat Exploration ("Carat"). Carat retains a 1% Net Smelter Returns royalty on the Delta Property, of which Eloro can purchase 0.5% for $500,000. The Property Acquisitions are subject to receiving all necessary regulatory and exchange approval, including that of the TSX Venture Exchange. The Taiga West property consists of 6.6 square kilometers along the La Grande Belt, while the Eastmain 1 and 2 properties consist of 26.5 square kilometers in the Eastmain Belt. Eloro has staked an additional 32.6 square kilometers contiguous with the Eastmain 1 property, in addition to its current Eastmain 3 property which Eloro acquired October 2005. The Delta Property is located approximately 40 kilometers west of the Clearwater Deposit (Eastmain Resources) which hosts Indicated resources of 1,029,332 tonnes grading 9.46 g/t Au (or 0.28 ounces of gold per ton) and Inferred resources of 3,049,660 tonnes grading 6.90 g/t gold (0.20 ounces of gold per ton) (from Eastmain Resources' website). A surface grab sample from the Delta Property taken by the Ministere des Ressources Naturelles of Quebec in 2002 yielded 6.56 % Cu and 20 g/t Ag (from report ET-2002-06) in a quartz-chalcopyrite vein exposed on surface for a distance of 25 meters. Eloro now controls 16 strategic and well located properties representing 225 square kilometers in the highly prospective James Bay district (refer to Figure 1), which includes 92 square kilometers in the Eastmain Belt, and 133 square kilometers in the La Grande Belt, as well as an additional 10 square kilometers of uranium, gold and copper prospects in the Rupert Belt. The Company plans a two-phase exploration program in 2006, consisting of initial data synthesis followed by diamond drilling of priority targets. The contents of this press release have been reviewed by Martin Bourgoin, P. Geo., a qualified person under the guidelines of National Instrument 43-101. Note: To view the Eloro Resources Property Holdings, western James Bay Region, Quebec, please click on the following link: https://www.ccnmatthews.com/docs/elo14.pdf SOURCE: Eloro Resources Ltd. Eloro Resources Ltd. Thomas G. Larsen President [phone] [phone] (FAX) Eloro Resources Ltd. Jorge Estepa Vice President [phone] [phone] (FAX) www.elororesources.com