Option Agreement On The Olympic Gold Project In Nevada

VANCOUVER - Ely Gold Royalties Inc. reported that Nevada Select Royalties Inc., a subsidiary of Ely Gold, has entered into an Option to Purchase Agreement with Great Western Mining Corporation Inc., to acquire 48 unpatented lode mineral claims on the Olympic Gold Project located in Mineral County, Nevada. At the conclusion of the Option Agreement, Ely Gold retains a three (3.0%) Net Smelter Returns Royalty on any future production at the Olympic Gold Project.

Great Western becomes responsible for all lease costs associated with the Property and is entitled to carry out a full exploration program with right of access to all historic data. Completion of the acquisition may be accelerated by bringing forward annual option payments. There are no work commitments associated with the Option Agreement. Relinquishment can be affected by Great Western during the Option Period without penalty. The Option Agreement includes a one mile area of interest. Upon Option Exercise, Ely Gold will retain a three percent (3.0%) net smelter returns royalty which includes a $15,000 annual advance minimum royalty payment.

The Olympic Gold Project is located 30km south-east of Gabbs, Nevada within the Bell Mining District and consists of 48 unpatented lode claims located on federal land managed by The Bureau of Land Management, covering approximately 825 acres. The Property is a past producing mine that encompasses a large volcanic-hosted epithermal precious metal (gold and silver) system that includes both high-grade veins and lower grade disseminated mineralization.