ELY GOLD ROYALTIES INC . (the 'Company') is pleased to issue the following corporate update. Following the closing of the sale of its interest in the Mt. Hamilton joint venture in August 2015, the Company has completed an initial drill program on its 100% owned Green Springs Property in White Pine County, Nevada. In a news release dated November 30, 2015, the results of the drill program were released.
Drill highlights included:
- 4.57 grams per tonne gold ('g/t') over 41.1 meters
- 1.18 g/t over 47.2 meters
As a result of the Mt. Hamilton sale agreements, the Company returned 15,732,274 common shares to the treasury and now has a total of 64,580,474 shares outstanding. Following the payment of all expenses related to the drill program, the Company has a cash balance of $4.84MM which is equal to $.075 per share. The Company has no debt.
Subsequent to the Company's AGM, Tom Wharton was appointed to the Board of Directors. Tom has over 30 years of experience in start-up, development and financing of early stage companies. He has served as CFO, CEO and Board member for various private & public companies. He is currently on the board of Angel Gold, DV Resources and Dolly Varden Silver.
The Company has been actively seeking to acquire and/or stake additional properties in Nevada to build a property portfolio in anticipation of a rebound in the resource sector. Management has reviewed several opportunities and has been engaged in serious negotiations with a privately owned company in that regard since mid-2015. Negotiations were interrupted late in 2015 due to differences over the formal agreement and the matter was referred to the Second Judicial Court for Washoe County for a determination (Case No. CV12-02023). A hearing was held on February 3, 2016 and an Order was issued in the Company's favour on February 4 (Transaction #5354550) regarding certain non-Nevada properties. No final Order was made regarding the other issues in question. Prior to the hearing, the Company renewed negotiations with the private company and, while there can be no assurance that a transaction will be completed, management remains optimistic that the outstanding deal points can be resolved and a formal agreement can be concluded in the near future. The Company will issue additional updates as circumstances dictate.
About Ely Gold
Ely Gold is focused on the acquisition and development of gold resources in North America. The Company is currently focused on its Green Springs Project, located in White Pine County, Nevada. Ely Gold is traded on the TSX Venture Exchange ('ELY'). Additional information about Ely Gold is available online at www.elygoldandminerals.com
On Behalf of the Board of Directors
Signed 'Trey Wasser'
Trey Wasser, President & CEO
For further information, please contact Ely Gold & Minerals Inc. at 604-488-1104.
E-mail: trey@elygoldandminerals.com; Website: www.elygoldandminerals.com
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.
Ely Gold & Minerals Inc. issued this content on 05 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 05 February 2016 22:12:26 UTC
Original Document: http://www.elygoldandminerals.com/s/NewsReleases.asp?ReportID=738806&_Type=News-Releases&_Title=Ely-Gold-Issues-Corporate-Update
