Developing GOLD Assets in
North America

Private Placement Closed

January 29, 2010

Ely Gold & Minerals Inc, (the "Company") is pleased to announce that is has closed the non-brokered private placement announced on December 29, 2009. The Company raised $300,000 by issuing 2,000,000 common shares at a price of $0.15 per share. There were no warrants issued, and no commissions or finder's fees were paid in conjunction with this private placement.

The common shares issued pursuant to the private placement are subject to a hold period that expires on May 29, 2010, in accordance with applicable Canadian securities laws and the policies of the TSX Venture Exchange. The funds will be used for general working capital.

On Behalf of the Board of Directors

Signed "Stephen Kenwood"

Stephen Kenwood, President

For further information, please contact Ely Gold & Minerals at 604-488-1104.

E-mail: [email protected]; Website: www.elygoldandminerals.com

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.