Vancouver, British Columbia, May 26, 2017- Eastfield Resources Ltd (TSX-V: ETF) ("Eastfield"), through their wholly owned U.S subsidiary, Eastfield Resources (USA) Inc. are pleased to announce that they have entered into a definitive purchase agreement with Ely Gold & Minerals Inc. ("Ely Gold" or the "Company") (TSX-V: ELY, OTC: ELYGF) and its wholly owned subsidiary, Nevada Select Royalty, Inc. ("Nevada Select"), whereby Ely Gold has acquired an interest in the 18 patented mining claims, located in Esmeralda and Nye Counties, Nevada. (the "Transaction") The closing of the Transaction is subject to further due diligence by Ely Gold and approval of the TSX-V.
The Tonopah-Hughes claims consists of eleven (11) patented lode claims and seven (7) fractional patented lode claims. (the "Property"). Ten of the claims are subject to an underlying net smelters royalty of two percent (2%) and the remaining eight (8) claims are subject to an underlying net smelters royalty of three percent (3%). Pursuant to the terms of the Transaction, Nevada Select will purchase Eastfield's interest in and to the Property by making a single cash payment of CAN$50,000 and by Ely Gold issuing of 300,000 of its common shares to Eastfield.
Glen Garratt,P. Geo.
Eastfield Resources Ltd.
Contact: (604) 681-7913 or Toll Free: 888-656-6611
Neither the 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 news release.
About Eastfield Resources:
Eastfield Resources is a well-funded Canadian mineral exploration company focused on the discovery of large gold and copper deposits with several highly prospective projects in British Columbia. Eastfield owns a 100% interest in seven mineral projects in British. Eastfield trades on the TSX Venture exchange under the symbol "ETF". For more information, please visit the company's website at www.eastfieldresources.com.