By: Marketwire .
Apr. 21, 2009
LAS VEGAS, NEVADA -- (Marketwire) -- 04/21/09 -- Elray Resources, Inc.(OTCBB: ELRA), a technically-driven mining and exploration company is pleased to announce that initial findings on its 9,000 hectare Porphyry Creek Project in Cambodia indicate that there are multiple mineralized zones on the property.
The Company recently completed two exploratory trenches on the property. Trench 1 was cut on a line perpendicular to Porphyry Creek, and commenced in the area where mineralized outcrop had been observed in the past, in and around the bed of Porphyry Creek. Trench 2 was located immediately adjacent to the area known as "The French Pit". Highlights of the program are as follows:
- A new outcrop was created around the known mineralized zones in the bed of Porphyry Creek, allowing detailed observation of those zones, and collection of samples for assay.
- Approximately 100kg of samples were collected from the two trenches and from the spoil heap surrounding the French Pit.
- Observations were made of the geological structure in the area and this is intimately related to the mineralization.
- The occurrence of additional mineralized zones spaced at regular intervals away from the original outcrop was proven.
"We are extremely pleased with the progress so far on the Porphyry Creek Project," commented Mr. Barry J. Lucas, Executive Chairman of Elray Resources Inc. "Given the close association between the mineralization and the structure, it is highly likely that more mineralized zones will be discovered in the future. Further, the steeply dipping nature of the known mineralized zones suggests likely continuity down dip."
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.
Contacts:
Elray Resources, Inc.
Jake Harris
Investor Relations
(347) 410-9782
Email: ir@ElrayMining.com
Apr. 21, 2009
LAS VEGAS, NEVADA -- (Marketwire) -- 04/21/09 -- Elray Resources, Inc.(OTCBB: ELRA), a technically-driven mining and exploration company is pleased to announce that initial findings on its 9,000 hectare Porphyry Creek Project in Cambodia indicate that there are multiple mineralized zones on the property.
The Company recently completed two exploratory trenches on the property. Trench 1 was cut on a line perpendicular to Porphyry Creek, and commenced in the area where mineralized outcrop had been observed in the past, in and around the bed of Porphyry Creek. Trench 2 was located immediately adjacent to the area known as "The French Pit". Highlights of the program are as follows:
- A new outcrop was created around the known mineralized zones in the bed of Porphyry Creek, allowing detailed observation of those zones, and collection of samples for assay.
- Approximately 100kg of samples were collected from the two trenches and from the spoil heap surrounding the French Pit.
- Observations were made of the geological structure in the area and this is intimately related to the mineralization.
- The occurrence of additional mineralized zones spaced at regular intervals away from the original outcrop was proven.
"We are extremely pleased with the progress so far on the Porphyry Creek Project," commented Mr. Barry J. Lucas, Executive Chairman of Elray Resources Inc. "Given the close association between the mineralization and the structure, it is highly likely that more mineralized zones will be discovered in the future. Further, the steeply dipping nature of the known mineralized zones suggests likely continuity down dip."
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.
Contacts:
Elray Resources, Inc.
Jake Harris
Investor Relations
(347) 410-9782
Email: ir@ElrayMining.com
No comments:
Post a Comment