SOURCE: Elray Resources, Inc.

Elray Resources, Inc.

December 07, 2009 07:00 ET

Elray Resources, Inc. Executes Letter of Intent to Acquire Prime Property in the Prolific Gold Region, El Oro Province of Ecuador

Prolific Mining District Has Produced Over 4.5 Million Ounces of Gold Historically

LAS VEGAS, NV--(Marketwire - December 7, 2009) - Elray Resources, Inc. (OTCBB: ELRA), a technically-driven mining and exploration company with operations in S.E. Asia and South America, is pleased to announce that it has entered into a Letter of Intent to secure a prime exploration property, known as Picacho, in Ecuador's prolific and legendary El Oro Province, located in the south eastern region of the country.

"This area has been mined for centuries, with the district of Portovelo-Zaruma-Ayapamba in continuous mining for over 450 years," commented Mr. Barry Lucas, Executive Chairman of Elray Resources, Inc. "We are extremely pleased to have secured this strategic property and are optimistic that our exploration efforts will reward our shareholders."

The Company reports that official records reveal that the major regional mining company, SADCO, extracted over 4.5 million ounces of gold from the region between 1905 and 1950, marking the area as prolific, with an average grade of 14.5 grams/ton of gold. Active projects in the area include Dynasty's Zaruma, Dynasty and Jerusalem projects which between the three projects have over 2 million measured and indicated ounces of gold with over 3 million ounces inferred.

About Elray Resources, Inc.

Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of highly prospective, heavily mineralized mining tenements in South East Asia and South America. Elray Resources, Inc.'s, primary objectives are to source projects, conduct geological assessments and seek Joint Venture partners to develop the properties. Please visit

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.

Contact Information

  • Contact:
    Elray Resources, Inc.
    Barry Lucas
    Email Contact