Developing GOLD Assets in
North America

Ely Gold Closes Private Placement/Schedules AGM

May 1, 2013

Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is pleased to announce that it has completed 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. Solitario Exploration & Royalty Corp. (NYSE:XPL; TSX: SLR), "Solitario", the Company's joint venture partner on the Mt. Hamilton project was the sole subscriber. The securities will be subject to a four-month hold period ending on August 30, 2013 as required under applicable securities laws. 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, which is 80% owned by Solitario and 20% owned by Ely Gold.

The Company would also like to announce that it has scheduled its Annual General Meeting of shareholders for Thursday, June 27, 2013. The Company's annual audited financial statements for its financial year ended December 31, 2012, which will be presented at the AGM, are now available on SEDAR.

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.