CNN Money
October 01, 2008
Elray Resources, Inc. (OTCBB: ELRA), a gold and precious mineral exploration company that recently announced the presence of a million tonne gold bearing outcrop on one of its properties, is pleased to provide the following background information on the project.
The outcrop is on a concession (Title No: 230751), known as the Analhi Project, situated 50 kilometers to the east of Guasave City at Sinaloa state, Mexico. It is approximately 10 kilometers from water and power supplies, factors which contribute to the viability of the project. The area is known to be heavily mineralized.
Elray has a 120-day option agreement to conduct a geological survey and, based upon findings, move to a Purchase Agreement over the property.
Existing assay reports on the property show significant values including up to 1.1% copper, up to 9.9gm/tonne of gold, up to 15.3gm/tonne of silver, rare earths and up to 10kg/tonne of lead. These are very interesting values for an outcrop because the cost per g/t can be kept very low. The copper values could result in the discovery of a porphyry which is an easy to get to, large area with low values of copper.
"This outcrop has attracted a lot of interest," commented Mr. Barry J. Lucas, Executive Chairman of Elray Resources. "Our Geo team's report, which is currently being prepared, will include the dollars to be spent on the Works Program for the site and the most appropriate extraction method. We will be providing regular updates to shareholders."
About Elray
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.
October 01, 2008
Elray Resources, Inc. (OTCBB: ELRA), a gold and precious mineral exploration company that recently announced the presence of a million tonne gold bearing outcrop on one of its properties, is pleased to provide the following background information on the project.
The outcrop is on a concession (Title No: 230751), known as the Analhi Project, situated 50 kilometers to the east of Guasave City at Sinaloa state, Mexico. It is approximately 10 kilometers from water and power supplies, factors which contribute to the viability of the project. The area is known to be heavily mineralized.
Elray has a 120-day option agreement to conduct a geological survey and, based upon findings, move to a Purchase Agreement over the property.
Existing assay reports on the property show significant values including up to 1.1% copper, up to 9.9gm/tonne of gold, up to 15.3gm/tonne of silver, rare earths and up to 10kg/tonne of lead. These are very interesting values for an outcrop because the cost per g/t can be kept very low. The copper values could result in the discovery of a porphyry which is an easy to get to, large area with low values of copper.
"This outcrop has attracted a lot of interest," commented Mr. Barry J. Lucas, Executive Chairman of Elray Resources. "Our Geo team's report, which is currently being prepared, will include the dollars to be spent on the Works Program for the site and the most appropriate extraction method. We will be providing regular updates to shareholders."
About Elray
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.
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