Sauron's existence was bound to the existence of the One Ring. As long as it survived, he would survive. Many people (including Gandalf) thought that the Ring had been destroyed after the Last Alliance defeated Sauron, but that was not so. Elrond knew that the Ring was still abroad, because he had been there the day that Isildur had refused to destroy the One Ring. It's a bit of foreshadowing for Lord of the Rings and the future struggle over the One Ring.
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But Melkor also was there, and he came to the house of Fëanor, and there he slew Finwë King of the Noldor before his doors, and spilled the first blood in the Blessed Realm; for Finwë alone had not fled from the horror of the Dark.
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