Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro", or the
"Company") reports that Monarques Resources Inc. ("Monarques") announced an
updated Mineral Resource Estimate ("MRE") for the Simkar Gold Project ("Simkar"
or, the "Project"), in accordance with National Instrument 43-101 standards. The
Project, which is owned 50% by Eloro and 50% by Monarques, comprises two
contiguous mining concessions and eleven mineral claims in the prolific Val-
d'Or Gold Mining Camp, approximately 20 km east of Val-d'Or.


The Project overlies a gold-bearing, fault-fill and extensional quartz vein
system, characteristic of nearby gold deposits in the Val-d'Or Gold Mining Camp,
and hosts a former gold producer (Louvicourt Goldfield). As announced by Eloro
on October 10, 2013, Simkar is currently being explored pursuant to an 8,000
metre drilling program conducted by Monarques.


As reported by Monarques earlier today, the updated MRE, summarized in Table 1,
was completed by MRB & Associates ("MRB") of Val-d'Or, Quebec, and is based on
590 surface and underground diamond-drill holes, comprising 79,590.13 total
metres, and results from 14,506 sampled intervals.


Table 1: Updated Mineral Resource Estimate



----------------------------------------------------------------------------
                            Measured                     Indicated          
----------------------------------------------------------------------------
Cut off: grams      Tonnes    Grade     Ounces    Tonnes    Grade     Ounces
per tonne (gpt)    (x1000)    (gpt)              (x1000)    (gpt)           
----------------------------------------------------------------------------
2.0                  34.10     4.84   5,125.12    214.53     3.82  23,909.37
----------------------------------------------------------------------------
3.0                  19.04     6.08   3,950.62     91.10     4.99  14,314.46
----------------------------------------------------------------------------
4.0                  14.37     6.73   3,420.27     50.93     5.86   9,865.79
----------------------------------------------------------------------------

----------------------------------------------------------------------------
                      Measured + Indicated                Inferred          
----------------------------------------------------------------------------
Cut off: grams      Tonnes    Grade     Ounces   Tonnes     Grade     Ounces
per tonne (gpt)    (x1000)    (gpt)             (x1000)     (gpt)           
----------------------------------------------------------------------------
2.0                 248.62     4.36  29,034.49   550.87      3.73  74,473.13
----------------------------------------------------------------------------
3.0                 110.14     5.54  18,265.08   321.21      4.76  57,324.50
----------------------------------------------------------------------------
4.0                  65.30     6.30  13,286.06   183.48      6.50  42,430.01
----------------------------------------------------------------------------



The current Mineral Resource Estimate was calculated using the Canadian
Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral
Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing
Committee on Reserve Definitions. Mineral resources, which are not mineral
reserves, do not have demonstrated economic viability. The mineral resource
estimate may be materially affected by environmental, permitting, legal, title,
taxation, socio-political, marketing, or other relevant issues. Furthermore, the
quantity and grade of estimated Inferred Resource reported herein are uncertain
and there has been insufficient exploration to categorize them as an Indicated
or Measured Resource. It is uncertain if further exploration will result in
reclassification of Inferred Mineral Resources to the Indicated or Measured
Mineral Resource categories. The tonnage numbers are rounded according to NI
43-101 standards. Grades are calculated from Au concentrations determined from
sample assays completed by ALS Minerals using conventional Fire Assaying with 30
g fusions and AAS finish.


Technical parameters used for the MRE, as reported by Monarques:



--  The Block Model utilizes blocks that are 10m x 1m x 10m in size; 
--  Underground resources were compiled at, 2.0, 3.0 and 4.0 gpt Au cut-off
    grades; 
--  Cut-off grades must be re-evaluated in light of prevailing market
    conditions (gold price, exchange rate and mining cost); 
--  Since this is an underground project - a minimum true thickness of 1.6
    m. was applied, using the grade of the adjacent material when assayed,
    or a value of zero when not assayed; 
--  A fixed density of 2.7 grams per cm3was used in mineralized zones and
    the enclosing envelope; 
--  Underground - compositing was not done over entire drill-hole lengths,
    but rather on the drill-hole intervals that were within the mineralized
    zone envelopes (composite = 0.8 metres); 
--  Resources were evaluated from drill-hole samples using the ordinary
    kriging interpolation method; 
--  Ounce (troy) = (Metric Tons x Grade)/31.1035. Calculations used metric
    units (metres, tonnes and gpt); 
--  MRB is not aware of any known environmental, permitting, legal, title-
    related, taxation, socio-political, marketing or other relevant issue
    that could materially affect the Mineral Resource Estimate. 



As reported by Monarques, the MRE was prepared by Abderrazak Ladidi, B.Sc.,
M.Eng., P.Geo., of MRB & Associates, and is an Independent Qualified Person for
the MRE, as defined by National Instrument 43-101.


About Eloro Resources Ltd.

Eloro Resources is an exploration and mine development company with a portfolio
of gold and basemetal properties in northern and western Quebec. The Company is
focussed on expanding the historic gold resources at the past-producing Simkar
Mine with the objective to outline quality gold resources in the established
Val-d'Or Gold Mining Camp.


The technical information contained in this Press Release has been prepared and
reviewed by Martin Bourgoin, P. Geo, Executive Vice-President, Exploration for
Eloro and Qualified Person according to National Instrument 43-101.


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Eloro Resources Ltd.
Thomas G. Larsen
President and CEO
(416) 868-9168
(416) 361-1333 (FAX)


Eloro Resources Ltd.
Jorge Estepa
Vice-President
(416) 868-9168
(416) 361-1333 (FAX)
www.elororesources.com
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