Ely Gold & Minerals Inc. (the "Company") is pleased to report it has
closed the final tranche of its non-brokered private placement
announced on July 7, 2010. The Company issued 275,000 units ("Units")
at $0.15 per Unit for aggregate gross proceeds of to $41,250. Each Unit
is comprised of one common share and one-half of one share purchase
warrant (a "Warrant"). One whole Warrant will entitle the holder to
purchase one common share for a period of two years after closing at the
price of $0.25; provided that if at any time after four months after
closing the Company's shares have a closing price equal to or higher
than CDN$0.35 per Share for twenty (20) consecutive trading days, the
Corporation may give notice to the holders of Warrants, by news release
and letter sent to the most recent addresses of the holders on the
Company's records, that the Warrants will expire at 4:30 p.m. (Vancouver
time) on that date which is 10 days after the date of such news
release. In addition to a cash payment of $3,300 as a finder's fee, the
Company issued compensation warrants entitling the holders thereof to
acquire 22,000 common shares of the Company at $0.25 per share for a
period of two years, subject to the same acceleration exercise
provisions as are contained in the Warrants. All of the securities
issued in connection with the Offering are subject to a hold period
expiring on January 1, 2011.
On Behalf of the Board of Directors
Signed "Stephen Kenwood"
For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.
Neither TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements including but
not limited to comments regarding the timing and content of upcoming
work programs, geological interpretations, receipt of property titles,
potential mineral recovery processes, etc. Forward-looking statements
address future events and conditions and therefore, involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements.