Standard & Poor’s announced today that it has commenced Factual Stock Report coverage on Ely Gold & Minerals Inc.
Ely Gold & Minerals Inc. (TXV:ELY) acquires, explores and develops resource properties with a primary focus on exploration properties demonstrating potential for near-term development.
On Nov. 20, 2007, Ely announced that it had signed a formal agreement with Augusta Resource Corp. respecting the company's proposed purchase of Augusta's interest in the Mount Hamilton, Shell and Monte Cristo properties, all of which are contiguous and are located in White Pine County in eastern Nevada. In late February 2008, Ely received TSX Venture Exchange approval for the transaction with Augusta.
The Mount Hamilton property is a 525-acre property located 40 miles west of Ely, NV at the southern end of the Battle Mountain Gold Trend. The main focus on the property is the Centennial deposit, which contains gold mineralization. The Centennial deposit contains an inferred resource at a 0.016 ounce/ton gold cut-off of 12,300,000 tons grading 0.034 ounce/ton gold and 0.177 ounce/ton silver. The inferred resource contains an estimated 415,200 ounces of gold and 2,175,000 ounces of silver.
The company intends to begin drilling on the Mount Hamilton property in August 2008.
The Shell and Monte Cristo properties are located approximately one kilometer from the Mount Hamilton project. The Shell property was last explored in the late 1970s and early 1980s for its gold, molybdenum and tungsten potential.
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Note: All U.S. and Canadian Companies listed on a National Exchange (not covered by S&P’s STARS research) are eligible to obtain this coverage.
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