Developing Royalty Assets
in North America

Ely Gold Announces Closing of Agreement with Solitario

August 27, 2015

Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") is pleased to announce that Solitario Exploration & Royalty Corp. (NYSE MKT: XPL; TSX: SLR) ("Solitario") has returned 15,732,274 Ely Gold common shares to the Company pursuant to the terms of the Consent Agreement announced by the Company on June 11, 2015. The Company has subsequently returned the shares to treasury, thereby reducing its issued and outstanding share capital to 64,580,474 common shares.

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in Nevada, including its Green Springs property in White Pine County, Nevada. Ely Gold is traded on the TSXV. 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

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.