Ely Gold & Minerals Inc. announced that it has entered into a definitive purchase and option agreement with Platoro West Incorporated and William Sheriff to purchase Platoro West's portfolio of 14 highly prospective mineral properties in Nevada and the western United States (the 'Properties'), a portfolio of 8 deeded royalties (the 'Royalty Portfolio') and legal and beneficial rights to geological information covering precious metals properties throughout the western United States (the 'Data Base'). Sheriff is the legal and beneficial owner of 100% of the stock in Platoro West. The majority of the Properties are precious metal exploration projects in the most desirable gold trends in Nevada, with an additional two properties in New Mexico and one in Arizona. Four of the Nevada Properties are currently leased or optioned to third parties (the 'Leases') and are being actively explored. The Leases on are precious metal properties with the exception of one tungsten-copper-silver asset. The Royalty Portfolio includes eight deeded royalties on precious metals properties in Nevada, currently being developed by third parties, with the exception of the Quartz Mountain property in eastern Oregon. Quartz Mountain is being developed by Alamos Gold Inc. The Data Base includes historic exploration and production data from Atlas Gold Mining Inc., UV Industries Inc., USSRAM (U.S. Smelting and Refining and Mining Company) and Union Carbide Corporation. Closing is expected to take place on or about June 15, 2017 and is subject to TSXV acceptance of a filing to be made by the company. Under the terms of the Agreement, the company will pay Platoro West a total purchase price of $500,000 (the 'Purchase Price'). The Purchase Price will be paid as to $25,000 upon signing the Agreement, $225,000 on Closing, and $112,500 paid on the first and second anniversaries of Closing, together with a 5% per annum interest compounded quarterly from Closing.

William Sheriff will be joining the Board of Directors of Ely Gold upon closing of the transaction (the 'Closing'). Sheriff is an entrepreneur and visionary with over 30 years' experience in the minerals industry and the securities industry. Sheriff is the founder and Executive Chairman of Golden Predator Corp.