Eloro Resources Announces Annual Meeting Voting Results

TORONTO, Sept. 28, 2022 (GLOBE NEWSWIRE) -- Eloro Resources Ltd. (TSX-V: ELO; OTCQX: ELRRF; FSE: P2QM) (“Eloro”, or the “Company”) is pleased to announce that in connection with the annual and special meeting of the Company's shareholders (the “Meeting”), that was held virtually on September 27, 2022, the following voting results were obtained.

A total of 31,830,069 common shares representing 45.55% of the Company's issued and outstanding common shares were voted in connection with the Meeting. Shareholders voted in favour of the election of the six director nominees as follows:

Shareholders also voted in favour of the other items of business considered at the Meeting, being the re-appointment of RSM Canada LLP, as the Company’s auditors, the adoption of new Company by-laws, and the approval of the Company’s new Long-Term Incentive Plan (“LTIP”).

The LTIP provides for broad-based equity awards to directors, officers, consultants and employees. The LTIP permits the granting of options, performance share units, restricted share units and/or deferred share units. The aggregate number of common shares of the Company to be reserved and set aside for issuance for option awards will not exceed 10% of the issued and outstanding common shares of the Company at the time of granting the award (on a non-diluted basis). The aggregate number of common shares of the Company to be reserved and set aside for issuance for non-option awards, will not exceed 10% of the issued and outstanding common shares of the Company at the time of shareholder approval of the LTIP. The LTIP is subject to final approval by the TSX Venture Exchange. A copy of the LTIP is available in the management information circular for the Meeting, which is available at www.sedar.com.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in Bolivia, Peru and Quebec. Eloro has an option to acquire a 99% interest in the highly prospective Iska Iska Property, which can be classified as a polymetallic epithermal-porphyry complex, a significant mineral deposit type in the Potosi Department, in southern Bolivia. A recent NI 43-101 Technical Report on Iska Iska, which was completed by Micon International Limited, is available on Eloro’s website and under its filings on SEDAR. Iska Iska is a road-accessible, royalty-free property. Eloro also owns an 82% interest in the La Victoria Gold/Silver Project, located in the North-Central Mineral Belt of Peru some 50 km south of Barrick’s Lagunas Norte Gold Mine and Pan American Silver’s La Arena Gold Mine. La Victoria consists of eight mining concessions and eight mining claims encompassing approximately 89 square kilometres. La Victoria has good infrastructure with access to road, water and electricity and is located at an altitude that ranges from 3,150 m to 4,400 m above sea level.

For further information please contact either Thomas G. Larsen, Chairman and CEO or Jorge Estepa, Vice-President at (416) 868-9168.

Information in this news release may contain forward-looking information. Statements containing forward-looking information express, as at the date of this news release, the Company’s plans, estimates, forecasts, projections, expectations, or beliefs as to future events or results and are believed to be reasonable based on information currently available to the Company. There can be no assurance that forward-looking statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Readers should not place undue reliance on forward-looking information.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.