ALORO MINING CORP. – (the “Company” or “Aloro”) announces that it intends to settle debt (the “Debt Settlement”) in the amount of $211,262.50 owed by the Company to various insiders of the Company by the issuance of 3,841,134 common shares (each, a “Share”) of the Company at a deemed price of $0.055 per Share. The Debt Settlement is subject to the approval of the TSX Venture Exchange and entry into debt settlement agreements with each of the creditors.