Eloro Resources Ltd. announced the final results of its bulk metallurgical test program on the Iska Iska silver-tin polymetallic project in the Potosi Department of southwestern Bolivia. Metallurgical tests from a 6.3 tonne PQ drill core bulk sample representative of the higher grade Polymetallic (Ag-Zn-Pb) Domain returned a significantly higher average silver value of 91 g Ag/t compared to the weighted average grade of the original twinned holes at 31 g Ag/t strongly suggesting that the average silver grade is likely significantly underreported in the original twinned holes due to the much smaller sample size The metallurgical tests confirm the viability of ?Ore-Sorting? and Dense Media Separation at Iska Iska Project.

Excellent pre-concentration results from the higher grade Polymetallic (Ag-Zn-Pb) Domain are now proven in a bulk sample. The 91.9% recovery of silver and lead with 76.0% recovery of zinc into a high grade (176g/t Ag, 1.88 Pb, 2.86%Zn = 299.15 g Ag eq/t) potential mill feed stream that contains only 46.6% of the Run of Mine Tonnage. The introduction of the pre-concentration stage allows Eloro to have more operational flexibility based upon conducting economic trade off scenarios between reducing downstream capital-operating costs and optimizing overall metal recoveries.

XRT Ore Sorting is proposed for the coarser size fractions and Dense Media Separation (?DMS?) for treatment of the finer fractions so as to pull on the strengths of both technologies. The size split between the two technologies is unoptimized and the current results support the ability to potentially ?ore sort? slightly coarser rocks than tested which would further increase the overall benefits of pre-concentration.

Tin (Sn), although not included in the 132 million tonnes higher-grade starter pit area (MRE), is expected to potentially contribute to the enhanced values in the initial Preliminary Economic Assessment (?PEA?) with additional metallurgical testing and infill drilling. As previously reported, three metallurgical drill holes totalling 940 m were completed at the Iska Iska project. Two holes targeted the higher-grade Polymetallic (Ag-Pb-Zn) Domain while the third hole sampled the higher-grade Tin Polymetallic (Sn-Ag-Pb) Domain.

These metallurgical holes were drilled using PQ core (~85mm Ø) and were designed to twin previous HQ core drill holes which contained representative mineralization with values for the predominant higher grade Polymetallic (Ag-Zn-Pb) outlined in Table 1. These metallurgical holes were targeted in the potential higher-grade starter pit area at Santa Barbara which contains an estimated mineral resource at a cutoff of NSR US$25/t of 132 million tonnes at 24.3 g Ag/t, 1.11% Zn and 0.50% Pb (72.06 g Ag eq/t). The drill core selected for testing from these holes, which totaled 7.9 tonnes from 519 m of drill core, was shipped to Wardell Armstrong International (?WAI?) in Cornwall, England, for crushing to 60mm and sizing into five different size fractions. The -60 mm+9.5 mm crushed and sized product was sent to TOMRA GmbH based in Wedel, Germany, for separate cascade ?ore-sorting?

tests on -60 mm+25 mm and -25mm+9.5 mm. The testing program reported in this release focussed on the two PQ drill holes in the Polymetallic Domain which contain the majority of the tonnage and metal, namely MET-DSBU-10 and MET-DSB-30. The sample size tested was 6.3 tonnes from 418m of the overall drill core sent to WAI.

Further PQ diamond drilling is planned to obtain a bulk metallurgical sample from the sulphide Tin Domain, in addition to testing MET-DSB-32 which is in the oxide zone of the Tin Domain. The Tin Domain, although it contains an inferred mineral resource of 110 million tonnes grading 0.12% Sn, 14.2 g Ag/t and 0.14% Pb (38.02 g Ag eq/t), is very under drilled especially to the west. The recent definition drilling reported significant Sn results and it is expected that additional definition drilling will expand and upgrade the Sn resource so that it can potentially be included in the PEA in progress.

The -9.5 mm+0.85 mm size fractions were subject to heavy liquid analysis performed on two separate size fractions (-9.5mm+5mm and -5mm+0.85 mm) to identify the amenability of the finer size fractions to Dense Media Separation (?DMS?). The -0.85 mm material and the pre-concentrated products from the ?ore sorting? and heavy liquid tests will provide testwork material for further PEA level grinding and flotation metallurgical testwork at WAI.

This work builds on previous metallurgical test work using representative Iska Iska samples, as summarized in the Company?s National Instrument 43-101 (?NI 43-101?) Technical Report filed on Sedar+. These metallurgical drill holes also provided an important comparative bulk sample test of mineralization grade relative to the weighted average grade of the twinned holes.