/NOT FOR DISTRIBUTION TO US WIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES OF AMERICA/
Trading Symbol: TSX-V: ERA
Shares Issued: 17,403,163
HALIFAX, July 19, 2013 /CNW/ - Elcora Resources Corp. ("Elcora" or the
"Company") is pleased to announce that it has commenced its Phase I
exploration program at the Cree Lake Gold Property located in Swayze
Township, Ontario. The Cree Lake Gold Property consists of 18 mining
claims covering approximately 3,904 hectares (the "Cree Lake Claims"),
which claims are subject to a 1.5% net smelter return royalty on mining
claim numbers 4203295, 4203275, 4203296 and 4209811.
The Cree Lake Claims are located 195-kilometers north-northwest of
Sudbury, Ontario in Swayze Township. The Cree Lake Claims are located
on the south-western portion of the Abitibi greenstone belt of
Precambrian rocks. Mineralized trends were established from historic
results undertaking stripping, trenching, sampling and drilling
programs for both precious and base metals.
Elcora has entered into a Memorandum of Understanding with Flying Post
First Nation(s) whereby Elcora will be permitted to complete mineral
exploration on the traditional territory of Flying Post First Nation(s)
pursuant to inherent and treaty rights. The Cree Lake Claims are within
the traditional territory of Flying Post First Nation(s). In
consideration for the grant of exploration rights, Elcora will issue to
Flying Post First Nation(s) 50,000 common shares of the Company and
50,000 warrants of the Company, each warrant entitling the holder to
acquire one common share of the Company for $0.20 for one year from
July 18, 2013. This Memorandum of Understanding is subject to approval
of the TSX Venture Exchange (the "Exchange") and any other required
In accordance with the terms of Exchange Policy 4.3, Shares for Debt,
Elcora will issue common shares of the Company to Troy Grant, the
Company's President and CEO, to settle outstanding debt in the amount
of $25,000 for outstanding management fees and to Theo van der Linde,
the Company's CFO, in the amount of $15,000 for outstanding management
fees. This issuance of common shares for debt is subject to the
approval of the Exchange, disinterested shareholder approval and any
other required regulatory approval.
Elcora has closed a non-brokered private placement financing of
$245,500. The private placement comprises the sale of 4,910,000 common
shares of the Company at a price of $0.05 per share and the issuance of
4,910,000 warrants of the Company, with each warrant entitling the
holder to acquire one common share of the Company for two years at an
exercise price of $0.15 per common share (the "Private Placement"). The
common shares and any shares issued pursuant to the warrants from this
Private Placement will be subject to a 4 month hold period ending
November 20, 2013. The proceeds from the Private Placement will be
used for corporate overhead and working capital.
This press release was prepared under the supervision of Don Hawke, P.
Geo., who is a Qualified Person as defined under National Instrument
43-101. Don Hawke has reviewed the scientific and technical information
in this press release.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release. No stock Exchange, securities commission
or other regulatory authority has approved or disapproved the
information contained herein. This News Release includes certain
"forward-looking statements". All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Elcora, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Elcora's expectations are exploration risks detailed herein and from
time to time in the filings made by Elcora with securities regulators.
Investors are cautioned that, except as disclosed in the filing
statement prepared in connection with the transaction, any information
released or received with respect to the transaction may not be
accurate or complete and should not be relied upon.
(Not for distribution to US wire services or for dissemination in the
United States of America)
SOURCE: Elcora Resources Corp.
For further information:
Troy Grant, Director, President and CEO, Elcora Resources Corp., T: 902 802-8847 F: 902 446-2001.