Gold Futures Continue to Rise on Uncertainty in Markets
LAS VEGAS, NV, Sep 26, 2008 (MARKET WIRE via COMTEX) -- Elray Resources, Inc. (ELRA:
elray res inc com 
ELRA 0.65, +0.03, +4.8%) , a technically driven gold and precious mineral exploration company, announced today that it has appointed a project team responsible for its ventures in Cambodia and worldwide to be led by Mr. Grant Roberts and Mr. Tony McDougal.
Mr. Grant Roberts is a geologist with 28 years experience in geology, mineral exploration and geophysics. He has executed and managed geological and geophysical programs including large global corporations such as BHP, Riotinto and Xstrata.
Mr. Tony McDougal is a geologist with 15 years experience in geology and mineral exploration. He has worked in New Zealand Australia, South America and SE Asia. He has managed and supervised regional scale exploration programs in base metals, precious minerals and coal.
The project team has spent August in Cambodia developing a project plan and orienting themselves in respect to the Cambodian projects. This plan includes regional geological and geophysical surveys over the next 2 years.
Australian equity research firm Resource Capital Research (RCR) believes deteriorating economic conditions in the US could see the gold price potentially tick up from its current levels. "The near term outlook for the gold price remains closely tied to expectations of the direction of the US dollar and, behind this, the performance of the US economy relative to the rest of the world," states the company's September quarter research report on junior and mid-tier gold companies.
About Elray Resources, Inc.
Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico. Elray Resources, primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties. Elray Resources 100% controlled entity in Cambodia is Angkor Wat Minerals Ltd.
For more information please visit www.ElrayMining.com.
This announcement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 and the Private Securities Litigation Reform Act of 1995. Actual results may differ from management's expectations. These forward-looking statements involve risks and uncertainties that include, among others, risks associated with gold & precious mineral exploration risks related to competition, management of growth, new products, services and technologies, potential fluctuations in operating results, international expansion, commercial agreements, acquisitions and strategic transactions, government regulation and taxation. More information about factors that potentially could affect the Company's financial results is included in its filings with the Securities and Exchange Commission.
Investor Relations:
Jake Harris
Phone: (347) 410 9782
Email: Email Contact
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