VMS Vortex Metals Inc

ELORO RESOURCES LTD. (TSX VENTURE:ELO) (the "Company" or "Eloro") is pleased to
announce that it has entered into a Letter of Intent ("LOI") with Shield Gold
Inc. ("Shield"), a capital pool company, granting Shield an option to acquire a
50% interest (the "Option") in Eloro's Summit-Gaber Property (the "Property") in
the La Grande Greenstone Belt, northwestern Quebec.


Pursuant to the LOI, the Option will be earned over a 3 year period (the
"Transaction") and initially requires a payment of $75,000 by Shield to Eloro
and the issuance of 100,000 common shares of Shield to Eloro. Thereafter Shield
is required to incur aggregate exploration and development expenditures of
$1,500,000 and issue to Eloro a total of 500,000 common shares of Shield over
the next three years. The Transaction will serve as Shield's Qualifying
Transaction, as defined in Policy 2.4 of the TSX Venture Exchange (the
"Exchange") and is subject to the approval of the Exchange.


Information about the Property

The Property is centered on NTS map sheet 33F/09 in the La Grande Greenstone
Belt, northwestern Quebec. Eloro wholly owns the 100 contiguous claims (5,109
hectares or 51.09 square kilometers) comprising the Property.


Five mineral occurrences (Summit 1 to 5) were discovered in 1996 by Noranda.
These Copper-Silver showings are associated with pyrite-rich bands hosted by
mafic volcanics. In 1997 four other mineralized occurrences were discovered. The
latter are associated with calcite-hematite veins and pyrite-rich bands. Very
high copper and silver assay results were obtained from grab samples. Moreover,
three grab samples grading between 1.62 and 35.8 g/t Gold, 0.34 and 15.4 g/t
Platinum, 0.19 and 10.5 g/t Palladium and, 768 and 1,500 g/t Silver, were
collected on the Cartouche occurrence (Eloro, 2006). Some of the Summit
Copper-Silver occurrences are related to volcanogenic massive sulphide ("VMS")
mineralization. They are associated with a metric to decametric wide pyrite and
pyrrhotite horizon that follows the contact between chloritic and epidotized
basalts and dacites. These zones may represent remnants of black smoker chimneys
typically found under VMS mounts. Another type of mineralizing event is related
to Nickel-Cobalt-Silver found on Summit IV. This mineralization is possibly
analogous to silver-rich deposits in the Cobalt Mining Camp. Both VMS and the
Cobalt-type models are being proposed as guidelines for future exploration work.


To date, work performed on the Property includes; regional lake-bottom sediment
sampling; regional scale (1:50,000) and detailed (1:5,000) mapping over the
central portion of the Property; Airborne Electro-magnetic and Magnetic surveys;
ground Electromagnetic and Magnetic surveys over 40 line-kilometers; lineament
study; followed by lithogeochemical sampling; extensive litho-geochemical and
grab sampling (1,725 samples); portable Winkie drilling (± 330m) on the Summit
IV and Cartouche Copper-Silver occurrences, and finally, a high resolution
Heliborne Magnetic survey which was completed over the entire Property in April
2009.


The Property is at an early stage of exploration as the Summit occurrences are
covering only 4km out of 13km of prospective lithologies (for the VMS model) and
structures (Cobalt-type model containing Bismuth-Cobalt-Nickel-Silver-Uranium).
As a comparative, the entire Cobalt Mining Camp covers approximately 5 square
kilometers, which is about one-half the area covered by the Summit-Gaber
favorable mineralization corridor. For this reason, a two-phase exploration
program is recommended on the Property. During the Phase 1 exploration, an
extensive B Horizon soil sampling survey is recommended covering the Property
along the extensions of the Summit occurrences. This type of survey was
successfully used by Virginia Mines Inc. in the La Grande Greenstone Belt as it
helped generate new drilling targets.


Phase 2 will consist mostly of detailed prospecting work (mapping, channel
sampling) around the Summit occurrences, and ultimately, the completion of a
surface diamond drilling program designed to test all geochemical and
geophysical anomalies.


A National Instrument 43-101 compliant Technical Report (the "Report") is
currently being prepared for the Property and will summarize the historic work,
geology, mineralization, upside potential and final recommendations. The Report
is being prepared by J.P Berube, P.Eng of MRB & Associates Geological
Consultants, and will be available for review on SEDAR at www.sedar.com.


The technical information contained in this news release was prepared and
revised by Martin Bourgoin, P. Geo., Eloro's Executive VP, and a Qualified
Person as defined by National Instrument 43-101.


About Eloro Resources Ltd.

Eloro is a junior exploration company focused on discovering and developing
precious metal quality resources in eastern Canada. Eloro currently has eleven
gold (-copper-silver) properties covering 548 km2 in the La Grande and Eastmain
Greenstone Belts, proximal to Goldcorp's Eleonore Gold Project, in Quebec. Eloro
also has an option to earn a 50% interest in 31 claims held by Virginia Mines
Inc. also located in James Bay. The Timmins area holdings include both the
prospective Hurdman Zinc-Silver Property, and the 30 km2 McArthur Lake Nickel
Property under option to Fletcher Nickel Inc.


Statements in this news release that are not historical facts are
"forward-looking statements", and readers are cautioned that any such statements
are not guarantees of future performance, and that actual developments or
results, may vary materially from those in these "forward-looking" statements.

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