Ely Gold Reports 4.57 G/T Gold Over 41.1 Meters at Green Springs Project

November 30, 2015

Ely Gold & Minerals Inc. ("Ely Gold") is pleased to announce results from its initial 14 hole, 2,065 meter reverse circulation (RC) drilling program at its 100% owned Green Springs Property, located in White Pine County, Nevada. The program was spread over 3.2 kilometers of strike length and tested mainly near surface, oxidized Chainman Shale.

Drill highlights include:

  • 1.18 grams per tonne gold ("g/t") over 47.2 meters (oxidized Chainman Shale host from 21-69 meters)

  • 4.57 g/t over 41.1 meters (oxidized Chainman Shale host from 64-105 meters)

  • 1.21 g/t over 35.1 meters (oxidized Chainman Shale host from 37-72 meters)

  • 1.35 g/t over 24.4 meters (oxidized Chainman Shale host from 43-67 meters)

This limited first phase drilling program was initiated primarily to test the validity of older data that Ely Gold previously acquired. This older data indicated there were several areas of known gold resource that may be expanded with further work. Surface mapping of old open pits and surrounding areas was also done during this drilling program to aid in further exploration of the property. Overall the program has shown that Ely Gold controls a property that has significant shallow oxidized gold mineralization in the Chainman Shale with large areas untested by drilling. The known mineralization trend extends generally north-south for over 5 kilometers of strike length. Past mining and exploration has not tested or mined significant portions of this trend.

In addition to the validation of older data, a few of the holes were targeted to expand the knowledge base for potential deeper resources. Holes GS15-12, 13 & 14 were sited in a drill fan on the east side of the C Pit to test the stratigraphy and dip of the Joanna Limestone and Pilot Shale. Hole GS15-14 intersected low grade but significant gold mineralization in the lower Pilot Shale, under the C pit, just above the contact with the Guilmette Limestone. This intercept proves that the Pilot Shale has been mineralized by the gold system at Green Springs. This low grade mineralization zone was also partially oxidized. The Pilot Shale hosts other gold deposits in the region and the entire mineralization trend at Green Springs is essentially unexplored in the Pilot Shale.

Green Springs is prospective for Carlin-style gold and silver mineralization, and was originally explored and developed by U.S. Minerals Exploration Company ("USMX") from 1980-1990, who ultimately produced 1.1 million metric tons of ore averaging 2.1 g/t gold between 1988 and 1990, mostly from the C Pit During this time, USMX drilled about 650 RC holes, outlining six mineralized deposits throughout the property currently owned by the Company. Mining commenced on three of these deposits in 1988 and operated as an open pit heap leach operation until 1990. Three of the deposits were left un-mined and all six mineralized deposits remain open for further delineation. Historic recoveries are reported to be over 85%. The property consists of 76 unpatented mineral claims and 2 mining claims covering an area of 1,500 acres. Ely Gold also has an option to acquire a 100% interest in the Cathedral Well Property, which surrounds Green Springs to the east and west, from Eurasia Minerals.

Hole # Depth (m.) Dip (°) Az. (°) Area Overall Au Intercept (m.) Included Au Intercepts (m.)
From To Interval Au (g/t) From To Interval Au (g/t)
GS15-01 79 -90 0 North C 21.4 68.6 47.2 1.18 21.4 35.1 13.7 2.16
GS15-02 239 -90 0 North C 36.6 71.6 35.0 1.21 45.7 64.0 18.3 1.75
GS15-03 108 -90 0 North C 47.2 82.3 35.1 0.84 74.7 82.3 7.6 1.45
GS15-04 91 -90 0 B 13.7 22.8 9.1 1.23
GS15-05 84 -90 0 B 33.5 35.0 1.5 0.31
GS15-06 105 -90 0 E 64.0 105.1 41.1 4.57 * 70.1 94.5 24.4 6.77
GS15-07 98 -90 0 E 71.6 77.7 6.1 0.23
GS15-08 99 -90 0 E 76.2 99.1 22.9 0.34** 76.2 86.9 10.7 0.57
GS15-09 198 -70 70 E 42.7 67.1 24.4 1.35 45.7 59.4 13.7 1.98
GS15-10 190 -75 64 E 44.2 48.8 4.6 0.17
GS15-11 157 -70 63 E 13.7 44.2 30.5 0.62 18.3 33.5 15.2 0.87
GS15-12 178 -90 0 C No significant results
GS15-13 198 -80 250 C No significant results
GS15-14 239 -70 250 C 201.2 208.8 7.6 0.29

*Hole ended in mineralization

** Hole ended in anomalous mineralization

Trey Wasser, Ely Gold's President & CEO commented on the program, "We are very excited to see these first results from Green Springs. This is the first drill program at the Green Springs property since the 1980's and these assays begin to validate and even enhance the historic data. Overall this drill program has shown that Ely Gold controls a property that has significant shallow oxidized gold mineralization in the Chainman Shale with large areas of the property untested by drilling. We want to thank John Cox for his diligence and hard work overseeing the drill program. We would also like to acknowledge John Zimmerman from Genesis Gold and David Johnson from Eurasia Minerals for their geological input and data."

The contents of this news release was reviewed and approved by Stephen Kenwood, P. Geo., a Director of the Company, recognized as a Qualified Person ("QP") under the guidelines of National Instrument 43-101. Drilled intersections were reported as drilled intervals and are interpreted to be about 90% of True Thicknesses. Sampling and Quality Assurance/Quality Control ("QA/QC") protocol were followed to ensure the best practices in sampling and analysis of the drill samples. QA/QC samples were inserted into the sampling stream at intervals of one every 20 samples. All samples were collected on site by Inspectorate America Corporation ("Inspectorate") personnel and shipped by truck to their prep facility in Elko, Nevada. Samples were dried, crushed, split, and pulverized, resulting in 250 gram samples at 200 mesh. These samples were then shipped to Inspectorate's Sparks lab for assay. Thirty grams of material was analyzed for gold via fire assay with an atomic absorption spectroscopy (AAS) finish. Silver was also analyzed for using aqua regia digestion and AAS finish. Inspectorate operates according to ISO 17025 standards and institutes a full QA/QC program consisting of regular insertion of blanks, standard reference material, repeats and reject splits. Mr. Kenwood has reviewed and approved the technical information in this press release.

About Ely Gold

Ely Gold is focused on the acquisition and development of gold resources in North America. The Company is currently focused on its Green Springs Project, located in White Pine County, Nevada. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online at www.elygoldandminerals.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

For further information on Genesis Gold, please contact John Zimmerman at 801-520-4583

Website: www.genesisgoldcorp.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.