Elray Resources' Ecuador Property Has Infrastructure to Sustain Large Mining Production
April 21 2010 - 6:30AM
Marketwired
Elray Resources, Inc.(OTCBB: ELRA), a global exploration and
production mining company with a portfolio of valuable properties,
is pleased to confirm that the infrastructure is in place to allow
aggressive development of the company's Picacho property in
south-eastern Ecuador.
And the price of gold continues to hover above $1,100 with
Societe Generale's commodity analysts recently commenting that
there is a long-term endemic bullishness about gold in India and
rising concerns about inflation in China. Therefore, they are still
expecting gold to rise even further, forecasting a $1,400 average
for 2011.
The Picacho area is now fully accessible by four wheel drive
vehicles, with a total journey time of less than three hours from
Machala, the regional capital. Machala is a growing city that is
not very far from the country's largest city, Guayaquil. In
addition, the city is very close to Puerto Bolivar, one of the
world's largest shipment points and deep sea ports.
The region has a good electrical grid in place with high voltage
lines within range of the development. In addition, there are
sufficient water resources with the nearby Amarillo and Calera
rivers being able to supply project needs.
"Good quality infrastructure such as we have around Picacho
significantly decreases the costs associated with both exploration
and going into production," commented Mr. Barry Lucas, Elray's
Executive Chairman. "Project viability is hugely influenced by the
quality of infrastructure, and we are happy to report Picacho and
surrounding areas are very well served."
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 and South America. Elray Resources, Inc.'s, primary
objectives are to source projects, conduct geological assessments
and seek Joint Venture partners to develop the properties.
Please visit www.ElrayMining.com for more information.
This press release may contain "forward-looking statements" as
defined in the Private Securities Litigation Reform Act of 1995
including, without limitation, statements regarding the company's
expectations, objectives, anticipations, plans, hopes, beliefs,
intentions, or strategies regarding the future. Actual results may
differ materially from the results predicted, and reported results
should not be considered as an indication of future performance.
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: Barry Lucas 702.940.9714 Email Contact
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