LAS VEGAS, NV, Sep 22, 2008 (MARKET WIRE via COMTEX) -- Gold continued to go from strength to strength as gold and mineral exploration company Elray Resources, Inc. (ELRA:
ELRA announced Mr. Barry Lucas has been appointed Chairman of the Company's board.
Gold is currently trading in the $850 to $900/oz range, up from the $700-$720 range a year ago, but many analysts believe that prices could continue their upward trend. According to London-based researcher GFMS Ltd., gold may rise to $950 an ounce by the end of the year. Gold had its largest ever one day price advance last week.
In appointing Mr. Barry Lucas as Chairman of the Board, Elray continues to build a top caliber team ready to maximize value for its shareholders in the current bull market.
Mr. Lucas is an Australian national with over 25 years of experience in the mining industry. He has extensive experience in South East Asia and has served on the Board of Directors for several mining companies. In addition, Mr. Lucas was one of the founders of Angkor Wat Minerals Ltd., in Cambodia, which Elray Resources, Inc. acquired 100% control of in August 2008. Grab samples from these properties have returned values of up to 71.9 grams/tonne of gold, and the company intends to aggressively pursue these targets in the coming months.
In the last ten years, Mr. Lucas has been actively involved in sourcing new mineral deposits throughout Asia for a number of companies. He has considerable experience working with the government of Cambodia and the Ministry of Industry, Mines and Energy (MIME). He brings to Elray Resources a distinguished track record in exploration, feasibility studies, mining geology and corporate management.
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, Inc.'s primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties. Elray Resources, Inc.'s 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.
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