TORONTO, May 03, 2018 (GLOBE NEWSWIRE) -- Thomas G. Larsen (the “Acquiror”) announces that on May 3, 2018, he acquired 157,500 common shares of Eloro Resources Ltd. (“Eloro”) via the exercise of 157,500 Eloro warrants (the “Acquisition”), with an exercise price of $0.30 per warrant.

Prior to the Acquisition, the Acquiror owned directly and indirectly and or controlled 3,376,664 common shares of Eloro, representing approximately 9.71% of the issued and outstanding common shares of Eloro. Immediately after the Acquisition, the Acquiror owns directly and indirectly and or controls 3,534,164 common shares representing approximately 10.12% of the issued and outstanding common shares of Eloro.

The Eloro common shares were acquired for investment purposes and the right has been reserved to acquire additional securities of Eloro. Depending upon an evaluation of the business, prospects and financial condition of Eloro, the market for Eloro’s securities, general economic and tax conditions and other factors, the Acquiror and/or joint actors may acquire more securities of Eloro and/or may sell holdings of Eloro securities. Further details regarding the early warning report may be obtained from an Early Warning Report filed in respect of this transaction under Eloro’s profile on www.sedar.com.

For further information please contact Jorge Estepa, Vice-President of Eloro Resources Ltd., at (416) 868-9168.

The statements made 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.