PR-USA.net
Friday, 10 April 2009
Elray Resources, Inc. (OTCBB: ELRA), a technically-driven gold and precious metal mineral exploration company, is pleased to provide shareholders with an update into its gold exploration properties.
The portfolio includes three properties totaling over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. Mining has exploded in mineral-rich Cambodia, and was only recently opened up to exploration using modern techniques.
The Company's portfolio includes multiple areas with history of small scale mining. Grab samples on these properties have ranged up to 71.9grams/tonne gold. The Company holds 100% of the license for these properties.
Investment demand for gold will rise to an all-time high of 52.3 million ounces this year, New York-based commodity researcher CPM said today in its annual outlook report. That compares with 43.3 million ounces in 2008. Demand for gold to make jewelry will drop 7.1 percent to 56.5 million ounces as consumer spending weakens, the group said.
Gold prices have gained for eight straight years as a declining dollar and instability in financial markets boosted the metal's appeal as an alternative asset. The price touched a record $1,033.90 on March 17, 2008.
"Continued volatile and weak financial and economic conditions are expected to be supportive of strong investment demand this year," CPM said today in a summary of some parts of the outlook report. "Gold prices are expected to surpass last year's record."
About Elray Resources, Inc.
Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of 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.
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.
Friday, 10 April 2009
Elray Resources, Inc. (OTCBB: ELRA), a technically-driven gold and precious metal mineral exploration company, is pleased to provide shareholders with an update into its gold exploration properties.
The portfolio includes three properties totaling over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. Mining has exploded in mineral-rich Cambodia, and was only recently opened up to exploration using modern techniques.
The Company's portfolio includes multiple areas with history of small scale mining. Grab samples on these properties have ranged up to 71.9grams/tonne gold. The Company holds 100% of the license for these properties.
Investment demand for gold will rise to an all-time high of 52.3 million ounces this year, New York-based commodity researcher CPM said today in its annual outlook report. That compares with 43.3 million ounces in 2008. Demand for gold to make jewelry will drop 7.1 percent to 56.5 million ounces as consumer spending weakens, the group said.
Gold prices have gained for eight straight years as a declining dollar and instability in financial markets boosted the metal's appeal as an alternative asset. The price touched a record $1,033.90 on March 17, 2008.
"Continued volatile and weak financial and economic conditions are expected to be supportive of strong investment demand this year," CPM said today in a summary of some parts of the outlook report. "Gold prices are expected to surpass last year's record."
About Elray Resources, Inc.
Elray Resources, Inc. is a junior exploration and development Corporation which has successfully accumulated a portfolio of 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.
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.
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