Ely Gold Receives Conditional TSX-V Approval for Nevada Acquisition
March 11, 2016
Ely Gold & Minerals Inc. (the "Company") is pleased to announce that it has received conditional acceptance from the TSX Venture Exchange (the "TSX-V") for the Company's proposed purchase of a portfolio of thirty one highly prospective mineral properties in Nevada and the Western U.S. (the "Properties") and related assets from Nevada Eagle LLP, a private U.S. corporation, pursuant to an agreement previously announced on February 26, 2016.
Most of the Properties are precious metal exploration projects in some of the most desirable gold trends in Nevada. Fifteen of the properties are in the prospective Walker Lane of western Nevada. Nine of the properties are in the Cortez Trend, one in the Austin-Lovelock, one in the Carlin Trend, one in the Getchell Trend and the balance are unique situations throughout Nevada with a few in contiguous states. Eight of the Properties are currently leased or optioned to third parties (the "Third Party Agreements") and the assets acquired include two deeded royalties.
The Properties are primarily unpatented mining claims staked on Bureau of Land Management or US Forest Service lands and, as such, have no existing royalties, work commitments or lease payments. After closing, the Company, through its wholly owned subsidiary, Nevada Select Royalty Inc. ("Nevada Select") will own 100% of twenty nine properties, 50% of two properties, the Third Party Agreements and the deeded royalties. Several of the properties have had recommended work programs completed on them which will form the basis of future NI 43-101 technical reports.
The Company also announces that a total of 250,000 stock options to purchase Ely Gold & Minerals Inc. common shares have been granted to a director of the Company at an exercise price of $0.09 per share, expiring on March 11, 2026. The grant of options is subject to Exchange approval.
Completion of the Nevada acquisition is subject to a number of conditions, including final TSX-V approval. There can be no assurance that the acquisition will be completed as proposed or at all.
About Ely Gold
Ely Gold is focused on the acquisition, development, and marketing of North American precious metal resource properties to maximize their acquisition value. The Company's business model is to sell or option its portfolio properties, while reserving royalties. Ely Gold is traded on the TSX Venture Exchange ("ELY"). Additional information about Ely Gold is available online atwww.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.