Vancouver, British Columbia, May 26, 2017- Ely Gold & Minerals Inc. (“Ely Gold” or the “Company”) (TSX-V: ELY, OTC: ELYGF) and its wholly owned subsidiary, Nevada Select Royalty, Inc. (“Nevada Select”) are pleased to announce that they have entered into a definitive purchase agreement with Eastfield Resources Ltd (TSX-V: ETF) (“Eastfield”), through their wholly owned U.S subsidiary, Eastfield Resources (USA) Inc., whereby Ely Gold has acquired an interest in the 18 patented mining claims, located in Esmeralda and Nye Counties, Nevada. (the “Transaction”) The closing of the Transaction is subject to further due diligence by Ely Gold and approval of the TSX-V.
The Tonopah-Hughes claims consists of eleven (11) patented lode claims and seven (7) fractional patented lode claims. (the “Property”). Ten of the claims are subject to an underlying net smelters royalty of two percent (2%) and the remaining eight (8) claims are subject to an underlying net smelters royalty of three percent (3%). Pursuant to the terms of the Transaction, Nevada Select will purchase Eastfield’s interest in and to the Property by making a single cash payment of CAN$50,000 and by Ely Gold issuing of 300,000 of its common shares to Eastfield.
Trey Wasser, President and CEO of Ely Gold commented on the Transaction, “The consolidation of these patented claims with the unpatented claims currently held in the Nevada Select portfolio, creates another valuable project in an important historic mining district in Nevada”
Stephen Kenwood, P. Geo, is director of the Company and a Qualified Person as defined by NI 43-101. Mr. Kenwood has reviewed and approved the technical information in this press release.
About Ely Gold
Ely Gold is focused on developing recurring cash flow streams through the acquisition, consolidation, enhancement, and resale of highly prospective, un-encumbered North American precious metals properties. Ely’s property development efforts maximize each property’s potential for acquisition, while reserving significant royalty interests. Additional information about Ely Gold is available at the Company’s website, at www.elygoldinc.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 due diligence and TSX Venture Exchange conditions to the closing of the Transaction, 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.