Firm Buys Royalty on Nevada Properties Next to Producing Mine

Most recent exploration work, specifically a drill program, was done there between 2005 and 2007.

Ely Gold Royalties Inc. (ELY:TSX.V; ELYGF:OTCQB) announced in a news release that its subsidiary Nevada Select Royalty acquired 100% of the Scoonover Royalty in Nevada for $25,000 from a third party.

The Schoonover royalty is a 1% net smelter return royalty covering 110 unpatented mining claims on two different properties in the Battle Mountain-Eureka Trend.

"This asset is yet another example of our strategy of acquiring or generating royalties that are 'at or near' producing mines," Ely Gold President and CEO Trey Wasser said in the release, referring to McEwen Mining's adjacent Gold Bar mine that achieved production earlier this year.

The only historical exploration on the claims was done by Atlas Precious Metals in 1985 through 1995 and Romarco Minerals from 2005 to 2007. The latter consisted of 10 holes being drilled over 7,210 feet. Four of those holes demonstrated thick intervals of gold mineralization along with noteworthy northeast and northwest structural zones.

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