red Orbit
Wednesday, 1 October 2008
Elray Resources, Inc. (OTCBB: ELRA), a technically-driven gold and precious mineral exploration company, today announced details of its 24-month staged exploration and drilling works program, which is intended to prove up the reported reserves estimates of gold and other precious metals on the Company's properties in South East Asia.
If the works program confirms management's expectations and is successful in proving up estimated reserves, the value of Elray's properties, and shares, can be expected to experience rapid growth. Investors continued to seek safe haven with gold and the metal saw its largest ever one day price advance on Wednesday, 17th September.
"I am pleased to report to shareholders that Elray is entering an aggressive expansion period," commented Elray Chairman Mr. Barry Lucas. "We have a top caliber team, detailed work program and properties with excellent potential."
Initial focus for the Company's works program will be on Cambodia, where the Company has over 15,000 hectares with multiple areas with historical small scale mines and grab samples that have returned up to 71.9 grams/tonne of gold.
Work on the ground will commence during the month of October 2008, at the beginning of the Cambodian dry season. The three selected priority projects are Senator, Angkor Wat and Porphyry Creek, with Senator and Angkor Wat containing immediate drill targets. The works plan includes completing exploration drilling, preliminary metallurgical test work and scoping studies. Running in parallel on the projects will be completions on data compilation, geological mapping, surface geological sampling and geological surveys to define drill targets.
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The works program was developed by Mr. Grant Roberts and Mr. Tony McDougal, who head the Project Management Team for the Company.
Mr. Roberts is a geologist with 28 years' experience in geology, mineral exploration and geophysics. He has executed and managed geological and geophysical programs including for large global corporations such as BHP, Riotinto and Xstrata.
Mr. Tony McDougal is a geologist with 15 years' experience in geology and mineral exploration. He has worked in New Zealand, Australia, South America and SE Asia managing and supervising regional scale exploration programs in base metals, precious minerals and coal.
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, Inc.'s primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties.
Please visit www.ElrayMining.com for more information.
Wednesday, 1 October 2008
Elray Resources, Inc. (OTCBB: ELRA), a technically-driven gold and precious mineral exploration company, today announced details of its 24-month staged exploration and drilling works program, which is intended to prove up the reported reserves estimates of gold and other precious metals on the Company's properties in South East Asia.
If the works program confirms management's expectations and is successful in proving up estimated reserves, the value of Elray's properties, and shares, can be expected to experience rapid growth. Investors continued to seek safe haven with gold and the metal saw its largest ever one day price advance on Wednesday, 17th September.
"I am pleased to report to shareholders that Elray is entering an aggressive expansion period," commented Elray Chairman Mr. Barry Lucas. "We have a top caliber team, detailed work program and properties with excellent potential."
Initial focus for the Company's works program will be on Cambodia, where the Company has over 15,000 hectares with multiple areas with historical small scale mines and grab samples that have returned up to 71.9 grams/tonne of gold.
Work on the ground will commence during the month of October 2008, at the beginning of the Cambodian dry season. The three selected priority projects are Senator, Angkor Wat and Porphyry Creek, with Senator and Angkor Wat containing immediate drill targets. The works plan includes completing exploration drilling, preliminary metallurgical test work and scoping studies. Running in parallel on the projects will be completions on data compilation, geological mapping, surface geological sampling and geological surveys to define drill targets.
GA_googleFillSlotWithSize("ca-pub-5440138744487553", "News_Main_300x250", 300, 250);
The works program was developed by Mr. Grant Roberts and Mr. Tony McDougal, who head the Project Management Team for the Company.
Mr. Roberts is a geologist with 28 years' experience in geology, mineral exploration and geophysics. He has executed and managed geological and geophysical programs including for large global corporations such as BHP, Riotinto and Xstrata.
Mr. Tony McDougal is a geologist with 15 years' experience in geology and mineral exploration. He has worked in New Zealand, Australia, South America and SE Asia managing and supervising regional scale exploration programs in base metals, precious minerals and coal.
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, Inc.'s primary objective is to source potential and viable projects, conduct geological assessments and seek Joint Venture partners to develop the properties.
Please visit www.ElrayMining.com for more information.
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