Elray Resources Provides Overview to Analhi Project Located in Mineral-Rich Region
Posted on: Monday, 29 September 2008, 06:00 CDT
Elray Resources, Inc. (OTCBB: ELRA), a technically driven gold and precious mineral exploration company, is pleased to provide an overview of the Analhi Project, located in a mineral-rich region of Sinaloa, Mexico.
The Analhi Project is located 50 kilometers to the east of Guasave City at Sinaloa state, about 10 kilometers from water and power supplies, 30 kilometers away from a railroad station and about 120 kilometers from the pacific sea port of Topolobampo.
Mexico is amongst the world's largest metal producers and represents a major mineral exploration ground. In a report on the mining industry written by Cecilia Costero, she describes Mexico as almost entirely mineralized with an estimate of 85% of mineral reserves yet untouched despite the 10,380 mines which have already been exploited.
And, Ned W. Schmidt, publisher of The Value View Gold Report, predicted that gold may well benefit from the proposed government financial bailout plan. "With the Federal Reserve now forced to monetize vast quantities of U.S. government debt, Federal Reserve credit will grow rapidly. As that is base from which money is created, quantity of dollars will grow. As quantity of dollars rises, the value or price of those dollars will decline."
He continued, "As that happens, the dollar value of gold will rise. The U.S. financial bailout plan in essence puts a rising floor under the dollar price of gold."
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 primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties. Elray Resources 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.
Investor Relations: Jake Harris Phone: (347) 410 9782 Email: Email Contact
SOURCE: Elray Resources, Inc.
Source: MARKET WIRE
Related Articles
- Elray's Zircon Mineral Project Located in One of the Most Heavily Mineralized Areas in the World
- Elray Resources: GPX Aeroscience to Execute Aeromagnetic &Amp; Radiometric Survey on Heavily Mineralized Cambodian Property
- Elray Resources Building Presence in Areas of Known Gold Deposits
- Immediate High-Value Drill Targets Identified on Elray Resource's Angkor Wat Project
- Elray Resources: Works Program to Prove Up Gold Reserve Estimates Announced
- Background Info on Elray Resource's Estimated Million Tonnes Gold Bearing Outcrop
- Elray Resources Provides Overview of Senator Project in Area Known to Host a Number of Base Metal and Gold Occurrences
- Elray Resources Appoints Project Consultants for Gold Mining Ventures
- Elray Resources Builds Portfolio With Heavily Mineralized Properties in SE Asia, N. America
 |
 |
User Comments (0)
RSS Feeds