TORONTO, ONTARIO -- (Marketwire) -- 11/22/12 -- Eloro Resources Ltd. (TSX VENTURE:ELO)(FRANKFURT:P2Q) ("Eloro", or the "Company") announces the resignation of Mr. Paul Ankcorn as a director of the Company effective immediately. The Company is pleased to announce that Mr. Ankcorn has agreed to remain as a consultant to the Company on an as needed basis. The Company would like to express its thanks to Mr. Ankcorn for his many contributions to the board of directors and audit committee throughout his tenure.

About Eloro Resources Ltd.

Eloro Resources is an exploration and mine development company with a portfolio of gold and base-metal properties in northern and western Quebec. The Company is focussed on expanding the historic gold resources at the past-producing Simkar Mine. The Simkar Property consists of two contiguous mining concessions (2.26 km2) and eleven mineral claims (1.77 km2) in Louvicourt Township, approximately 20 km east of Val-d'Or, Quebec.

Since optioning the Simkar Property in 2009, Eloro has completed 18,915 m of drilling on the Project and has identified two new mineralized zones below the historic workings and two near surface zones in a diorite unit south of the historic workings.

Eloro plans to pursue exploration work at Simkar with the objective to outline quality gold resources in an established mining camp.

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 Company'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 Company. 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.