Ely Gold Royalties Inc. through its wholly owned subsidiary, Nevada Select Royalty Inc. announced that it has entered into a definitive option agreement with Intermont Exploration LLC., and Fremont Gold Ltd. whereby Fremont has the option to acquire a 100% interest in the Gold Canyon Project, located in Eureka County, Nevada. The total Option consideration (if exercised by Fremont) is $802,500 and Nevada Select will retain a net smelter returns royalty ("NSR"). The Option Agreement was executed December 29, 2017. The Gold Canyon Claims consists of twenty-six (26) unpatented mining claims (460 acres) and is part of the original Gold Bar mining complex operated by Atlas Gold Mining Corp. from 1986 to 1994 ("Atlas"). The claims are located only 900 meters northwest of McEwen Mining Inc.'s Gold Ridge ore body and are surrounded by the Gold Bar mine development. Gold Bar is scheduled to produce 65,000 ounces of gold for eight years starting in the first quarter of 2019. Nevada Select acquired the Gold Canyon claims through staking. Under the terms of the Option Agreement, Fremont can acquire a 100% interest in the Property by making an initial payment of: $15,000 (paid), followed by: $37,500 six months after the Effective Date;$150,000 one year after the Effective Date; $112,500 two years after the Effective Date; $112,500 three years after the Effective Date; $112,500 four years after the Effective Date; and $300,000 five years after the Effective Date. Fremont may terminate the Option Agreement at any time without further liability for future Option payments. In addition to the payments, Fremont must pay advance royalty payments as follows: $25,000.00 on the first, second and third anniversary of the Final Option Payment; and $35,000.00 on the fourth anniversary of the Final Option Payment and on each anniversary thereafter. There are no work commitments or additional expenditures required other than Fremont's obligation to maintain the claim maintenance fees. If the Option is exercised by Fremont, Nevada Select will retain a 2% NSR on the Gold Canyon Claims and a 1% NSR on any acquired or staked additional claims located within a one-mile area of interest. Fremont will have the right to buy-down 1% of the underlying royalties on all the claims for an aggregate purchase price of $3,000,000.