DGAP-News: Ely Gold & Minerals Inc. / Key word(s): Miscellaneous Ely Gold Purchases Nevada Royalty Portfolio 05.09.2017 / 17:03 The issuer is solely responsible for the content of this announcement. Vancouver, British Columbia--(Newsfile Corp. - September 5, 2017) - Ely Gold & Minerals Inc. (TSXV: ELY) (OTC Pink: ELYGF) ('Ely Gold' or the 'Company') is pleased to announce that its wholly owned subsidiary, Nevada Select Royalty, Inc. ('Nevada Select') has entered into a definitive sale agreement with Wolfpack Gold (Nevada) Corp. ('Wolfpack') a wholly owned subsidiary of Timberline Resources, whereby Nevada Select will acquire a 100% interest in four deeded royalties and one leased property (the 'Transaction') for a cash consideration of US$40,000. The closing date of the Transaction is expected to be on or around September 8, 2017 (the 'Closing'). The deeded royalties include;
The leased property in the Transaction is comprised of 19 unpatented mining claims in Pershing County, Nevada. The claims, known as the Antelope Springs Project, are under a Mining Lease with Purchase Option to Pershing Gold Corporation (the 'Pershing Lease'). There are advance minimum royalty payments, to be paid to Nevada Select, on the Pershing Lease as follows;
At Closing, the deeded royalties will be assigned to Nevada Select, The Antelope Springs claims will be transferred to Nevada Select by mining deed and the Pershing Lease will be assumed by Nevada Select. Also, Nevada Select will receive all Wolfpack's data on Nevada projects. Trey Wasser, President and CEO of Ely Gold commented on the Transaction, 'We are very pleased to add these five quality assets to the Nevada Select portfolio. We are also adding some excellent counter-parties with active exploration teams working on four of the properties and a permitted mine at Mt. Hamilton. In the past twelve months, we have grown our deeded royalty portfolio from five to twenty royalties. In addition, our option portfolio has grown from five to fifteen optioned properties. The counter-parties to our royalty and option portfolio include major gold companies, mid-tier producers and some of the most talented exploration teams 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. On Behalf of the Board of Directors Signed 'Trey Wasser' Trey Wasser, President & CEO For further information, please contact: Trey Wasser, President & CEO trey@elygoldinc.com 972-803-3087 Joanne Jobin, Investor Relations Officer jjobin@elygoldinc.com 604-488-1104 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. Click on, or paste the following link into your web browser, to view the associated documents http://www.newsfilecorp.com/release/2881305.09.2017 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Archive at www.dgap.de |
Language: | English |
Company: | Ely Gold & Minerals Inc. |
Canada | |
ISIN: | CA2905191078 |
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606985 05.09.2017