Tuesday, 14th February 2006 (2920 views)

Junior resource explorer Eloro has pushed on with its acquisition strategy in northern Canada with the purchase of three gold, silver and copper properties in the La Grande and Eastmain Belts.

The shopping spree ensures Eloro will control 16 properties covering 225 square kilometres in the James Bay district of Quebec.

Eloro is taking a 100 per cent stake in the Eastmain 1, Eastmain 2 and Taiga West properties in a joint cash and paper deal.

The company will issue 600,000 common shares and $50,000 to the private owner, Mr JS Lavallee, in order to fund the buys.

Additionally, Eloro will purchase a 100 per cent stake in the Delta Property, which will also be funded through a mixture of cash and shares.

Claiming the region is fast becoming one of the country's premier emerging exploration camps, Eloro plans to execute a two-pronged exploration programme in 2006.

The company recently completed a private placement that netted it gross proceeds of $150,000. The money will be invested into future exploration activities.

 

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