September 30, 2008
Elray Resources Provides Overview of Senator Project in Area Known to Host a Number of Base Metal and Gold Occurrences
Elray Resources, Inc. (OTCBB: ELRA), a technically driven gold and precious mineral exploration company, is pleased to provide an overview of the Senator Project, located in a mineral-rich region of Cambodia.
The Senator Mine Project is a very good exploration target with the reported underground working, map reference by the French mapping and reporting of the 1970s and observed mineral and waste materials on the surface.The project has a reported 105 meters long adit following an average 1.5-meter wide multi-metallic massive sulfide vein with recoverable free gold. The initial target appears to be a multi-metallic quartz vein system up to about a reportedly 1.5 meters width.
Small, local miners are working saprolitized (weathered) quartz vein with high-grade gold contents four kilometers ESE of the historical workings on the property, which support the potential for additional styles and occurrences of mineralization on the project ground.
Mr. Barry Lucas, Chairman of Elray, commented, "This demonstrates an area of extensive intrusive activity and it is dated as a late staged event that would allow alteration of the surrounding country rocks. This environment is favorable for various styles of mineralization and always is an attractive target for regional exploration activity. The area is known to host a number of base metal and gold occurrences as published on various mineral resource maps of Cambodia."
Gold traded up on Monday, as the Chairman of the London Bullion Market Association, Jeremy Charles, said that due to chaotic market conditions over the past two weeks, investors are returning to gold, "in a major way."
Charles noted that "with confidence in the dollar and other investment classes decidedly shaky," investors are piling back in to the yellow metal. He added: "Those who have traditionally shied away from gold as part of an investment portfolio can no longer afford to ignore this unique asset." He continued saying that "despite many comments to the contrary, higher gold prices are likely to be the norm."
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.