Developing GOLD Assets in
North America

Stock Options Granted

September 22, 2011

Ely Gold & Minerals Inc. (the "Company") announces that the Board of Directors have granted, under its Stock Option Plan, incentive stock options to directors of the Company to purchase 1,500,000 common shares of the Company, subject to regulatory approval. The options vest immediately and expire on September 22, 2021 at an exercise price of $0.20 per share.

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in North America. The Company is currently working toward production from the Centennial Gold Deposit, a project located on the Company's 100% owned Mount Hamilton property. More recently, Ely Gold has entered into a series of transactions to acquire a portfolio of assets in the Abitibi Gold Camp in Quebec. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.com

On Behalf of the Board of Directors

Signed "Trey Wasser"

Trey Wasser, President & CEO


For More Information Contact:

Trey Wasser, President & CEO (972)803-3087

Steve Kenwood, Director (604)488-1104

e-mail: [email protected]


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.