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File: Feb 5 Corporate Update.docx

NEWS RELEASE - ELY GOLD ISSUES CORPORATE UPDATE

February 5, 2016 Trading Symbol: ELY (TSX.V)

Ely Gold & Minerals 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, 20
--->15, 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 

The Company has signed confidentiality agreements with several companies and is currently evaluating the possibility o
--->f a joint venture to advance the Green Springs Project. Meanwhile, the Company is also using the data acquired from th
--->e 2015 drill program to evaluate an additional drill program in late spring 2016.

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 experie
--->nce in start-up, development and financing of early stage companies. He has served as CFO, CEO and Board member for va
--->rious 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 port
--->folio 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 interr
--->upted late in 2015 due to differences over the formal agreement and the matter was referred to the Second Judicial Cou
--->rt for Washoe County for a determination (Case No. CV12-02023). A hearing was held on February 3, 2016 and an Order wa
--->s issued in the Company's favour on February 4 (Transaction #5354550) regarding certain non-Nevada properties. No fina
--->l 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 opti
--->mistic that the outstanding deal points can be resolved and a formal agreement can be concluded in the near future.  T
--->he 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 f
--->ocused on its Green Springs Project, located in White Pine County, Nevada. Ely Gold is traded on the TSX Venture Excha
--->nge ("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 f
--->orward-looking statements including but not limited to comments regarding the timing and content of upcoming work prog
--->rams, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looki
--->ng statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual res
--->ults may differ materially from those currently anticipated in such statements.