Eloro Appoints Martin Bourgoin, P. Geo. as Executive Vice President, Exploration.

TORONTO -- Eloro Resources Ltd. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to announce that Mr. Martin Bourgoin, P. Geo. has been appointed as Executive Vice President, Exploration. Mr. Bourgoin is a Professional Geologist with over 21 years of experience in various capacities, and is the founder and President of MRB & Associates, a Val d'Or, Quebec based geological consulting firm. Mr. Bourgoin also held the position of Chief Geologist with McWatters Mining Inc. (Sigma Mines division), a 100,000 ounce per year producing gold mine located in Val D'Or. While at McWatters, Mr. Bourgoin played an instrumental role in the preliminary stages of the assessment of the near surface gold resource for open pit potential of the 63 year old underground gold mine. The resulting open pit operation is currently in its fourth year of commercial production. Mr. Bourgoin was also employed as a geologist for a wide range of industry leading companies including Placer Dome Inc. and Agnico Eagle Mines Ltd. Within the mineral exploration field Mr. Bourgoin's experience includes; ore reserve and resource estimation using geostatistical Bloc model evaluation, Bloc model evaluation using Gemcom software and subsequent open pit and underground mine design, mine planning and production, preparation and supervision of exploration programs and the preparation of Qualifying Reports in accordance to National Instrument 43-101 standards.

"On behalf of the board of directors and management team at Eloro, I would like to welcome Mr. Bourgoin to the Company, knowing that he brings a proven track record in mineral exploration and strategic planning which will be put to good use on all of Eloro's current projects, particularly as Eloro's James Bay exploration program advances," stated Thomas Larsen, President and CEO of Eloro.

In connection with the appointment of Mr. Bourgoin, the Company announces that it has reserved a price of $0.25 per share for the grant of stock options to Mr. Bourgoin to acquire up to 250,000 common shares of the Corporation (the "Stock Options"). Each Stock Option entitles the holder thereof to acquire one (1) common share of the Corporation at an exercise price of $0.25 per common share prior to the close of business on February 1, 2011. The grant of the Stock Options is subject to regulatory approval.

The TSX Venture Exchange Inc. has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.

Eloro Resources Ltd. (TSX VENTURE:ELO)