SOURCE: Elray Resources, Inc.

Elray Resources, Inc.

December 03, 2009 09:13 ET

Elray Resources Reviews Property Portfolio as Gold Price Continues to Rise as Investors Look to Security

LAS VEGAS, NV--(Marketwire - December 3, 2009) - Elray Resources, Inc. (OTCBB: ELRA), a technically-driven mining and exploration company, is pleased to provide information to its shareholders on its property portfolio as gold prices are propelled to new highs.

The Company is in the business of base metal and energy exploration and development and currently owns a 100% interest in three mining claims located in Cambodia and a 50% interest in a heavy mineral prospect on Kalimantan, Indonesia.

Additionally, the Company is well advanced in finalizing the terms for the "Heads of a Royalty Agreement" over an 8,788 ha coal property on Kalimantan, Indonesia over which there is an exploration license and completing due diligence on a further "operating mine" gold prospect south of Jakarta, Indonesia.

The Company's interests are best described as follows:

--  Senator gold Project;
--  Rom Dey Vein gold Project;
--  Porphyry Creek gold and copper Project;
--  Buntok Indonesian gold, mineral sands and zircon Project;
--  Indonesian Makikit coal "Royalty Agreement" Project; and
--  Completing "due diligence" on the Jakarta South operating gold mine.

The Senator and Rom Dey Vein gold deposits are identified as immediate drill targets. Geological mapping and surface geochemical sampling including soil sampling and trenching along the known strike length of both the known vein systems is being worked at to be completed prior to drilling, in order to optimize drill hole location, orientation and density. A program of bulk sampling of the eluvial gold deposits to test the thickness and grade will also be completed in the near future.

A Company spokesperson noted that, "Gold prices continue to increase and Michael Hewson, an analyst at CMC Markets, said there was 'no reason' why the gold price could not reach $1,500 by the middle of next year."

About Elray Resources, Inc.

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

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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

  • Investor Relations:
    Andrew W. Haag
    Managing Partner
    Hampton Growth Resources, LLC
    Email Contact