TSX-V:ELY
VANCOUVER, Nov. 4, 2016 /CNW/ - Ely Gold & Minerals Inc. ("Ely Gold"
or the "Company") (TSX-V: ELY, OTC: ELYGF) is pleased to
announce that it has completed a property exchange (the
"Exchange") with Columbus Gold Corp. (TSX: CGT, OTCQX:
CBDGF) and its wholly owned subsidiary Columbus Gold (USA) Corp. (collectively "Columbus").
Ely Gold, through its wholly owned
subsidiary, Nevada Select Royalty, Inc. ("Nevada Select")
has acquired a 100% interest in 66 unpatented mining claims in
Esmeralda County, Nevada (the
"Claims"). The Claims are contiguous to claims currently
held by Ely Gold known as the Weepah
Project ("Weepah") Columbus has done significant exploration
on the Claims, including multiple drill campaigns. Columbus
acquired the Claims in 2011 from Cordex Exploration Company
("Cordex"). The Claims will be subject to a 2% net smelter
returns royalty to Cordex. Ely
Gold will also acquire all the data from Columbus'
exploration programs.
In the Exchange, Nevada Select has conveyed, to Columbus, a
royalty on the Bolo/Wood property in Nye
County, Nevada which was acquired by Nevada Select in a
transaction with Till Capital and press released by Ely Gold on August 12,
2016. Columbus acquired the Bolo/Wood property from Cordex
in 2012.
The Weepah Project is located 20 miles southwest of Tonapah.
Historic production occurred from 1904-1935 from the Weepah Pit and
underground mining from the high-grade Weepah Vein. Subsequent
production in 1986 and 1987, by Sunshine Mining Company
("Sunshine"), was from the Weepah Pit. Ely Gold filed a NI 43-101 report on SEDAR on
May 4, 2016. The report identifies
two high priority targets based on historic drill data and
highlights the drill programs conducted by Columbus and it
partners. The report is available on the Company's website at
www.elygoldinc.com.
Trey Wasser, President and CEO of
Ely Gold commented on the Exchange,
"We are very pleased to complete this transaction with Columbus.
The consolidation of the Weepah property creates one of the best
under-explored projects in Nevada.
Once the consolidation of the data is completed, this will be a
very important focus property in the Nevada Select portfolio".
"According to a report published by the US Geological
Survey1, the Weepah Project was the largest primary gold
producer in Nevada during
production in 1937" stated Jerry
Baughman, President of Nevada Select. "Historic reports also
indicate that Sunshine successfully tested the down-dip extension
of the high-grade Weepah Vein. The results confirm that this area
remains a high priority target. The addition of the Columbus Claims
will allow this target to be expanded over one half mile on
strike."
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
On Behalf of the Board of Directors
Signed "Trey Wasser"
Trey
Wasser, President & CEO
1 Shamberger, H.A. Weepah. Early History, Development and
Water Supply. Nevada Department of Conservation and Natural
Resources and U.S. Geological Survey. 1975.
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.
SOURCE Ely Gold & Minerals
Inc.