Eloro Resources Ltd. said Jan. 9 that it signed a definitive option agreement for its subsidiary Minera Tupiza Srl to acquire 99% of the Iska Iska polymetallic property in Bolivia from Empresa Minera Villegas Srl.

Under the deal, the company will issue 250,000 common shares within 30 days of the date of the agreement and can choose to issue additional 250,000 common shares within two years thereafter.

The company will have the option to pay US$10 million to Empresa within four full years of the date of the agreement. During that four-year period, Minera Tupiza will undertake an exploration and development program on the property.

Under the program, Minera Tupiza will carry out a multidisciplinary exploration strategy involving advanced geological mapping, geochemical sampling and conceptual modeling of the area's sedimentary and volcanic rocks.

Anomalous values of silver, gold, zinc, lead, copper, bismuth and indium were found in the property.