Developing GOLD Assets in
North America

Ely Gold Completes Environmental Assessment Process on Its Green Springs Project, Nevada

November 25, 2014

Ely Gold & Minerals Inc. ("Ely Gold;" TSX.V: ELY) is pleased to announce that the Environmental Assessment ("EA") process undertaken by the U.S. Department of Agriculture--Forest Service ("USFS") has been completed. The USFS issued a Decision Notice with a Finding of No Significant Impact on September 2, 2014. Ely Gold has posted the initial bond for the project and the USFS has given final approval to the Plan of Operations filed on November 22, 2013. The EA evaluated environmental impacts and developed operational guidance and mandates to mitigate project impacts. Ely Gold has also received final approval of its Nevada Reclamation Permit from the Nevada Department of Environmental Protection.

Green Springs is strategically located approximately 10 miles south of Ely Gold's Mt. Hamilton project and 14 miles southeast of Midway Gold's ("Midway") Pan Mine. Midway's Goldrock project is 7 miles northwest and Pilot Gold's Griffon project is 10 miles southeast. The Mt, Hamilton Project is being managed by Solitario Exploration & Royalty Corp. ("Solitario") under a joint venture agreement with Ely Gold whereby Solitario owns 80% and Ely Gold owns 20%. Green Springs is owned 100% by Ely Gold and is not part of the joint venture with Solitario. Midway's Pan Mine is nearing completion, while Mt. Hamilton and Goldrock are currently in the permitting process for mine development. A map of the proposed project area is available on the Ely Gold website at www.elygoldandminerals.com.

Ely Gold, in conjunction with SRK Consulting, has now compiled all the historical data including previous work by U.S. Minerals Exploration Company ("USMX"), extensive ground sampling, mapping and the CSMAT geophysical surveys completed by previous owners and Eurasian Minerals Inc. ("EMX"). An option agreement between Ely Gold and EMX on the surrounding Cathedral Well property was announced in a press release dated, July 7, 2014. The USMX work outlined six zones of gold mineralization from approximately 680 reverse circulation drill holes. Using a cut off grade of 0.7g/t Au, USMX developed and produced from three of these mineralized zones. Historic production records, from 1988-1990, indicates that 1.1 million metric tons of ore averaging 2.1 g/t gold were mined by open pit mining and heap leaching. Gold recoveries of approximately 90% were obtained from a relatively coarse crush. USMX abruptly ceased production when they purchased Alligator Ridge in 1990. Three mineralized zones remained un-mined and very little exploration work has been done on peripheral or deeper targets after the initial discoveries. The Company has identified drill targets designed to twin USMX holes, test the extensions of the existing pits and test deeper targets. These targets will test the Chainman Shale, Joanna Limestone, Pilot Shale and Guilmette formations. Drilling is anticipated in spring of 2015.

"We have now consolidated the Green Springs District and we are anxious to begin a drill program in 2015", stated Trey Wasser, Ely Gold's President & CEO. "Having reviewed the historic mineralized zones and compiled the other data we have identified multiple targets that stretch the entire length of the property. Our EA and Plan of Operations covers over 75 acres and will allow us to confirm historic resources and test other formations which host gold mineralization in the District".

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in Nevada, including its Green Springs property, 10 miles south of Mt. Hamilton. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.com.

FOR MORE INFORMATION AT ELY GOLD, CONTACT:

Steve Kenwood
Director
(604) 488-1104
Trey Wasser
President & CEO
(972) 803-3087

This press release includes certain "Forward-Looking Statements" within the meaning of section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein, including without limitation, statements regarding potential mineralization and reserves, exploration results and future plans and objectives of Ely Gold, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Completion and approval of all federal, state and local permitting activities is not assured. Legal challenges could materially delay or change currently planned operations, which may have an adverse effect on the Company. Development of Ely Gold's properties are subject to the success of exploration, completion and implementation of an economically viable mining plan, obtaining the necessary permits and approvals from various regulatory authorities, compliance with operating parameters established by such authorities and political risks such as higher tax and royalty rates, foreign ownership controls and our ability to finance in countries that may become politically unstable. Important factors that could cause actual results to differ materially from Ely Gold's expectations are disclosed under the heading "Risk Factors" and elsewhere in Ely Gold's documents filed from time to time with Canadian Securities Commissions and the United States Securities and Exchange Commission.

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.