Ely Gold Completes the Consolidation of Tonopah Mining Claims
Vancouver, British Columbia--(Newsfile Corp. - June 29, 2017) - Ely Gold & Minerals Inc. (TSXV: ELY) (OTC Pink: ELYGF) ("Ely Gold" or the "Company") and its wholly owned subsidiary, Nevada Select Royalty, Inc. ("Nevada Select") has closed the transaction with Eastfield Resources Ltd (TSXV: ETF) ("Eastfield") whereby Ely Gold has acquired an interest in the 18 patented mining claims, located in Esmeralda and Nye Counties, Nevada. (the "Tonopah-Hughes Claims"). The terms of the Transaction were announced in a press release dated May 26, 2017.
In two separate transactions, Ely Gold has acquired an additional five (5) patented mining claims (the "West End Claims") and the Company has purchased an existing 1% net smelter returns royalty on eight (8) of the Tonopah-Hughes Claims. Both were all cash transactions with separate private parties. The West End Claims are adjacent to the Tonopah-Hughes claims and are also adjacent to the Three Hills Project being developed by West Kirkland Mining Inc. The West End Claims have no underlying royalties. All three transactions included historic exploration data.
Nevada Select's Tonopah project is now made up of 23 patented mining claims, 16 unpatented claims and a complete data room. The historic mines in the Tonopah Mining District produced 1.8 million ounces of gold and 175 million ounces of silver from approximately 8.2 million tons. The silver rich high-grade mineralization occurs as discreet banded quartz fissure veins and large stock-work zones generally emplaced along an east-west structural zone.
"The consolidation of these patented claims with our unpatented claims creates another valuable project in an important historic mining district in Nevada", commented Trey Wasser, President and CEO of Ely Gold. "We continue to see significant interest, from exploration companies, for this type of high-grade vein property".
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. Ely's property development efforts maximize each property's potential for acquisition, while reserving significant royalty interests. The Company's current portfolio contains 16 optioned properties, 15 deeded royalties and over 24 properties available for option. Additional information about Ely Gold is available at the Company's website, at www.elygoldinc.com Additional information about Ely Gold is available at the Company's website, at www.elygoldinc.com
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey Wasser, President & CEO
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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.