Ely Gold Royalties Announces Closing Of The Jerritt Canyon NSR Purchase

VANCOUVER, BC - Ely Gold Royalties Inc. has completed the Purchase Agreement of a 0.5% net smelter returns royalty on the Jerritt Canyon Mine (JC Royalty), located in Elko Nevada. With the closing of the Transaction with Eric Sprott (Sprott), Ely Gold has now purchased its third producing royalty. Sprott originally acquired the JC Royalty from Veris Gold USA Inc. in 2014, pursuant to an April 9, 2014 agreement concerning the Jerritt Canyon Mine wherein Veris was obligated to convey and grant the JC Royalty to Sprott. In addition to the JC Royalty, Ely Gold also holds a per ton royalty interest on the Jerritt Canyon processing facilities, acquired in a private transaction in 2019 and a 0.75% producing royalty on the Isabella Pearl Mine in Mineral County, Nevada operated by Gold Resource Corp.

Trey Wasser, President & CEO said, "Jerritt Canyon is a great producing asset and includes some of the best exploration ground in Nevada. The JC Royalty payments began to accrue in February which, when received, will be almost a full year of royalty payments for 2020.  We also expect to see significant upside in the production profile at Jerritt Canyon".