Profinnotiv and the Company entered into a 12 month contracting agreement that provides for Profinnotiv to be the Company's point of contact in Europe. Profinnotiv and its affiliates are at arm's length to the Company. The Company will pay Profinnotiv a fee of EUR2,500 for the 12 month period and grant Profinnotiv 100,000 stock options, each exerciseable at $0.30 for a five year term.

About Eloro Resources Ltd.

Eloro is an exploration and mine development company with a portfolio of gold and base-metal properties in northern Peru and western Quebec. Eloro recently announced its proposed acquisition of a 100% undivided interest in the La Victoria property, located in the prolific North-Central Mineral Belt of Peru. The La Victoria Property consists of two adjacent, but not contiguous, properties totalling eight mining concessions encompassing approximately 35 square kilometres. The Property is within 50 kilometres of several 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 3,100 m to 4,200 m above sea level.

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