Results Show Up to 14.5% Copper on Elray's Porphyry Creek Project in Cambodia
Wednesday June 3, 10:47 am ET
ca.us.biz.yahoo.com
LAS VEGAS, NEVADA--(MARKET WIRE)--Jun 3, 2009 -- Elray Resources, Inc.(OTC BB:ELRA.OB - News), a technically-driven mining and exploration company is pleased to update shareholders on the results of the recent exploration program it conducted on its fully owned, 9,000 hectare Porphyry Creek Project in Cambodia.
Over 20kg of samples was taken from recently excavated trenches near what is known as "The French Pit" on the property. These samples were sent to Mineral Assay and Services Co Ltd, an internationally accredited lab located in Bangkok, Thailand.
The assay results returned high copper grades of up to 14.5%, and gold grades up to 0.26g/t. The average Cu grade was 5.85%.
"These highly promising results are in line with what both we internally and our consulting geologists expected," commented Mr. Barry J. Lucas, Executive Chairman of Elray Resources Inc. "The trenching program has conclusively demonstrated that the previously discovered copper mineral occurrences in the Porphyry Creek area are not a one off and that there is a good likelihood that future exploration will reveal significant additional occurrences."
Because of these strong results and based on the recommendation of the Company's consulting Geologists, Elray intends to initiate a second phase of exploration to further define the extent and character of the deposit. This may be completed via the extension of existing trenches and the placement of new ones in selected areas.
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.
Contact:
Contacts:
Elray Resources, Inc.
Jake Harris
Investor Relations
(347) 410-9782
Email: ir@ElrayMining.com
Source: Elray Resources, Inc. |
