Developing GOLD Assets in
North America

Ely Gold Completes Financing

April 13, 2011

Ely Gold & Minerals Inc. (the "Company") is pleased to report it has completed its non-brokered private placement announced on February 18, 2011. The Company issued 9,856,000 units ("Units") at $0.25 per Unit for aggregate gross proceeds of to $2,464,000. Each Unit is comprised of one common share and one-half of one share purchase warrant (each full warrant a "Warrant"). One Warrant will entitle the holder to purchase one common share for a period of two years after closing at the price of $0.40; 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$0.50 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.

The Company has agreed to pay finders' fees totalling $49,175 in cash, 400,000 shares and 176,000 share purchase warrants, subject to final acceptance by the TSX Venture Exchange. The finders' fee warrants have the same exercise terms and conditions as the private placement warrants.

All of the securities issued in connection with the Offering, and any shares issued on exercise of any Warrants or finders' warrants, are subject to a hold period and may not be traded until July 29, 2011. The funds will be used to advance the Company's projects, to fund acquisitions and for general corporate expenses..

On Behalf of the Board of Directors

Signed "Trey Wasser"

Trey Wasser

For further information, please contact Ely Gold & Minerals Inc. 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.