Developing Royalty Assets
in North America

Ely Gold Announces Private Placement

April 23, 2013

Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is pleased to announce that it has arranged a non-brokered private placement consisting of 5,131,150 shares at a price of CDN $0.10 per share, for gross proceeds of US$500,000 (the "Offering"). Solitario Exploration & Royalty Corp. (NYSE:XPL; TSX: SLR), "Solitario", the Company's joint venture partner on the Mt. Hamilton project is the sole subscriber. The Offering fulfills Solitario's Third Tranche funding requirement as mandated by the Letter of Intent dated August 26, 2010 signed by Solitario and Ely Gold. The Mt Hamilton Gold project is held by Mt Hamilton LLC ("MH LLC"), which is 80% owned by Solitario and 20% owned by Ely Gold.

The Offering is subject to TSX Venture Exchange acceptance. All securities issued pursuant to the Offering will be subject to a four-month hold period from the closing date. All of the proceeds from the Offering will go towards making the 2013 payment under the Share Purchase Agreement, dated April 20, 2005 between the Company and Augusta Resource Corporation (NYSE: AZC) for acquisition of the Mt. Hamilton project.

Subsequent to the offering, the Management Committee of MH LLC has authorized a distribution of $250,000 from Partnership funds. These funds will be distributed according to ownership in MH LLC resulting in a $50,000 distribution to Ely Gold and a $200,000 distribution to Solitario. In addition to the offering proceeds and the MH LLC distribution, Ely Gold will pay $200,000 from its treasury for a total Mt. Hamilton property payment of $750,000.

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.