Ely Gold Announces Closing of Private Placement and Final Payment for Mt. Hamilton Acquisition

December 3, 2013

Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is pleased to announce that the Company has closed the previously announced non-brokered private placement of 13,571,354 common shares of the Company, all of which were subscribed for by Solitario Exploration & Royalty Corp. (NYSE: XPL, TSX: SLR) ("Solitario"), at the price of C$0.10 per share, for gross proceeds of CAN$1,357,135 (the "Financing").

After the acquisition of the shares in this private placement, Solitario now holds 15,732,274 common shares of Ely Gold, or approximately 19.6% of their common shares. The proceeds from the Financing have been used to fund the final payment of US$1,300,000 due to Augusta Resource Corporation (TSX: AZC) ("Augusta"), completing the acquisition of the Mt. Hamilton project pursuant to the amendment to the Company's November 15, 2007 share purchase agreement with Augusta announced by the Company on November 20, 2013.

No warrants were issued and no finder's fees were payable in connection with the Financing. All shares issued pursuant to the Financing are subject to a four-month hold period expiring on March 28, 2014.

Mt. Hamilton LLC

Solitario and Ely Gold formed the Mt. Hamilton LLC ("MH-LLC"), a limited liability company which holds 100% of the Mt. Hamilton project assets under an Operating Agreement ("MH-Agreement"). Per the terms of the MH-Agreement, DHI-US, Ely Gold's wholly owned US subsidiary, has a 20% interest in the MH-LLC and Solitario has an 80% interest.

Further information on the Mt. Hamilton project and the Company's agreements with Augusta and Solitario are available under the Company's profile on SEDAR at www.sedar.com.

On Behalf of the Board of Directors

Signed "Trey Wasser"

Trey Wasser, President & CEO

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.