Mr. Stone is Chairman and Chief Investment Officer of Stone Asset Management Limited, which he founded in 1999 following the launch of Stone & Co. Limited in 1995, where he continues to oversee the management, operations, and promotion of Stone Funds, Stone Flow-Through Limited Partnerships, and Stone Structured Products as Chief Executive Officer. Richard began his investment career in 1979 as an advisor, working directly with individual investors to help them develop the framework to achieve their long-term financial goals. From 1986 to 1994, Richard moved to the distribution side of the mutual fund industry, where he held senior management positions with leading Canadian investment firms. In 1995, Richard obtained his Canadian Investment Management designation.

"We are delighted to welcome Richard to our Board," said Eloro Chairman and C.E.O. Mr. Tom Larsen. "Richard brings valued knowledge and experience relevant to all aspect of the capital markets which will prove to be greatly beneficial as we work toward advancing the La Victoria Gold/Silver Project in Peru."

The Corporation also announces the grant of stock options to directors, officers, consultants and an employee to purchase 1,275,000 common shares of Eloro, exercisable at $0.55 per share at any time on or before January 27, 2022. The grant is subject to TSX Venture Exchange acceptance and was made in accordance with and subject to the terms of Eloro's stock option plan. In accordance with securities regulatory requirements, any shares issued pursuant to the exercise of such options will be subject to a resale restriction for a period of four months from the date of the grant.

Additionally, further to the press release dated January 17, 2017, whereby Eloro announced that it had retained the services of Integral Wealth Securities to provide market making services, the Corporation notes that the agreement is for an open-ended term of at least three months at a monthly fee of $5,000.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company which recently acquired a 100% undivided interest in the La Victoria Gold/Silver Project, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Gold/Silver Project covers 80.4 square kilometres and is within 50 km of several large, low-cost producing gold mines, with three producers visible from the property. Infrastructure in the area is good with access to road, water, and electricity and is located at an altitude that ranges from 3,100m to 4,200m above sea level. Eloro also holds a portfolio of gold and base-metal properties in northern and western Quebec.

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 Corporation'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 Corporation. 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.