On February 28, 2011 Eloro Resources Ltd. (TSX-V: ELO, FSE: P2Q) completed the acquisition of the Simkar Gold Property, a former gold producer located approximately 20 km east of Val d’Or, Quebec. The Simkar property consists of two contiguous mining concessions (2.26 km2) within the prolific Abitibi Greenstone Belt and hosts a thick sequence of east-west trending, near vertical dipping volcanic flows and pyroclastics of the Malartic Group. The higher gold grade, intrusion-centered gold-quartz-tourmaline vein system is geologically similar to the 9 million ounce Sigma-Lamaque Gold Deposit in Val-d’Or and many other gold deposits in the Abitibi Belt.

Simkar Gold Project Presentation Compilation Map Location Map

43-101 Technical Report Composite Cross Section Longitudinal Section

Eloro acquired its 100% interest in the Simkar property through the issuance of 70,000,000 common shares to the vendor, Megastar Development Corp. (TSX-V: MDV), and pursuant to a plan of arrangement, Megastar will distribute the 70,000,000 Eloro common shares to its shareholders.

Since optioning the Simkar property in 2009, Eloro has completed 8,325 m of diamond-drilling and intersected a previously unknown mineralized zone, below the Simkar’s historic mine workings. The 2010 drilling program demonstrated the potential for down-plunge continuation of the known and new mineralized zones. Highlights of the previously announced 2010 Eloro drilling campaign results include:

Eloro announced on February 9, 2011 that it had commenced a two-phase 10,000 m diamond drilling program at Simkar. Eloro’s 2011 drilling program will target the up- and down-plunge projections of the “new zone” and of the historic “A”, “B” and “East” zones, as well as the projected along-strike extensions of these structures, in previously undrilled areas of the Simkar property. Results will be incorporated into a 3-D Gemcom® mine model to help delineate the gold structures below the -200 m level historic workings and along strike.

Drill sites have been prepared for the 14 holes proposed for the first phase of the drilling program. The Phase I program will test targets from drill sites best accessed during winter months and will allow evaluation of Phase I results for prioritizing Phase II targets.

The Simkar property has been the subject of four NI 43-101 compliant technical reports including a 2008 mineral resource estimate (to a vertical depth of -200m) outlined below:

Hurdman

The Hurdman Property is located approximately 120 kilometers north of Timmins, in northeastern Ontario.

Eloro's interest in the Hurdman Property stems from the occurrence of concentrations of base metals within pyrrhotite-pyrite mineralization in biotite-garnet gneiss and pegmatites. The property has been explored for base metals sporadically between 1960 and 1998 by previous operators. Sub-economic zinc-silver values were intersected over widths varying from 0.5 to 30 meters. In general, the focus was put on a group of EM anomalies (C, G-H and I) from which zinc values were obtained.

Significant assay results from the Hurdman Property were released by Eloro throughout 2006-2008. Results indicate that the pyrrhotite(-pyrite)-sphalerite semi-massive to massive sulphide zones contain higher zinc grades and have been intersected in areas not previously known for their higher zinc grades. The sphalerite is extremely coarse grained. The presence of significant gold grades is primarily linked to very coarse pegmatite veins (or dykes), generally with higher silver grades and lower zinc grades (with the exception in ELO-06-12), located at the margins of the semi-massive horizons. Erratic scattered high gold and silver values need to be further investigated, since this is the first time gold and high gold grades have been recognized on the property. Drill holes ELO-06-12, and ELO-06-04 and 05 have extended the higher grade zinc (greater than 3%) and silver (greater than 15 g/t) corridor by 25 meters to the west and east; however, the Hurdman mineralization has only been tested to a vertical depth of 80 meters with 18 drill holes in 2005-2006 and remains open in all directions.

Claim Map

Location Map

Regional Geology

Typical Cross Section

2005 NI 43-101 Report

2005 Drill Logs

2006 Compilation Map

2006 Drill Coordinates

2006 Drill Logs

2006 Assay Results

2006 Airborne Geophysics

Hurdman Compilation Map

Hurdman 2007 Assays

Hurdman 2009 Assays

Hurdman Mag EM

MCARTHUR LAKE NICKEL PROPERTY

The McArthur Lake Nickel Property consists of 154 contiguous claims totaling approximately 30 km2 in McArthur, Bartlett and Douglas Townships, located 2 km north of the Texmont Nickel Deposit and 35km south of Timmins, Ontario.

On April 8, 2008, Eloro granted Fletcher Nickel Inc. an option to acquire a majority operating interest in the McArthur Lake Nickel Property. In order to earn its interest, Fletcher must issue 200,00 common shares and incur $1,000,000 in exploration expenditures by July 2012.

Location Map

2007 Airborne Survey

JAMES BAY EXPLORATION

Eloro's properties in the James Bay area are within the highly prospective and under explored Archean Greenstone Belts (La Grande and Eastmain) of northern Quebec. Recent success obtained by Virginia Mines Inc. / Goldcorp Inc. through the discovery and development of the Eleanore deposit has ensured that this will become one of Canada's premier emerging exploration and mining camps. Also see the Company's Simkar Gold Project.

Regional Location Map Regional Geological Compilation

Regional Assay Results Regional Airborne Magnetic Map [ 12 Mb ]

The Company's James Bay property holdings consist of 19 mineral properties (865 claims) representing 42,500 hectares (425 km²) in the highly prospective La Grande and Eastmain greenstone belts. Eloro's Summit-Gabbre Project (Copper, Gold, Silver, Platinum, Palladium) is adjacent to Virginia Mines' Summit property and the Lemoyne North Project (Gold, Copper, Silver) is immediately north and adjacent to Virginia’s Poste Lemoyne property. Lemoyne North Project (Gold, Copper, Silver) is immediately north and adjacent to Virginia Mines' Poste Lemoyne property.

Compilation work is currently underway on all of Eloro’s James Bay properties. Significant preliminary results from the ground sampling program at the Summit-Gabbre property were released September 2006. Eloro currently has crews in the field on several of its exploration prospects.

Eloro Resources Announces Completion of Acquisition of Louvicourt Township Gold Property near Val d'Or, Québec

Toronto, Ontario: December 21, 2011. Eloro Resources Ltd. (TSX-V: ELO; FSE: P2Q) ("Eloro" or the "Company") is pleased to announce that it has completed the acquisition (the "Acquisition") of all of the outstanding shares of 6949541 Canada Inc. ("6949541") from KWG Resources Inc. in exchange for shares and warrants of Eloro (see press release dated December 12, 2011). 6949541 holds eleven contiguous mineral claims in Louvicourt Township (the "Louvicourt Property"), adjacent to Eloro's wholly-owned Simkar Gold Property near Val d'Or, Quebec.