Company Builds Solid Foundation With Heavily Mineralized Mining Properties in Cambodia and Mexico as Gold Bull Market Continues
LAS VEGAS, NV, Sep 19, 2008 (MARKET WIRE via COMTEX) -- Elray Resources, Inc. (ELRA 0.79, +0.01, +1.3%) , a technically-driven gold and precious mineral exploration company, is pleased to provide shareholders with the following update on its recent activities.
The company has successfully assembled a portfolio of heavily mineralized and highly prospective target properties in strategic locations in South East Asia and North America. The portfolio includes three properties totaling over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. Mining has exploded in mineral-rich Cambodia, and was only recently opened up to exploration using modern techniques. Cambodia has emerged as a stable and pro-business country in the region, with annual GDP growth expected to be 7.5% in 2008, according to the Asian Development Bank.
The Company's portfolio includes multiple areas with history of small scale mining. Grab samples on these properties have ranged up to 71.9grams/tonne gold. The Company holds 100% of the license for these properties.
In addition the Company has also acquired an option on a highly prospective property in Mexico, one of the most prolific gold and silver producing countries in the world. The Company's Analhi Project is situated in Sinaloa State.
With these properties in its portfolio, the Company believes it has built solid foundations on which to move onto its next phase: adding to its top caliber team, finalizing the details of its aggressive work program for the coming months, and assessing further mining and exploration opportunities in South East Asia and elsewhere.
"Given the strong bull market we have seen in gold recently, we are very pleased with the potential of these properties," commented Mr. Michael Malbourne, Director of Elray Resources. "We believe the recent upward trend in the price of gold will continue as investors seek safe haven."
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
SOURCE: Elray Resources, Inc.
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