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FREE Daily Stock Alerts From DrStockPick.com

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Wednesday Dec. 9, 2009

DrStockPick.com Stock Report!

ELRA, Elray Resources, Inc., ELRA.OB

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Elray Resources, Inc. Executes Letter of Intent to Acquire Prime Property in the Prolific Gold Region, El Oro Province of Ecuador

- Prolific Mining District Has Produced Over 4.5 Million Ounces of Gold Historically -

Elray Resources, Inc. (OTC.BB:ELRA), 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.

ELRA entered into a Letter of Intent to secure a prime exploration property, known as Picacho, in Ecuador’s prolific and legendary El Oro Province, located in the south eastern region of the country.

“This area has been mined for centuries, with the district of Portovelo-Zaruma-Ayapamba in continuous mining for over 450 years,” commented Mr. Barry Lucas, Executive Chairman of Elray Resources, Inc. “We are extremely pleased to have secured this strategic property and are optimistic that our exploration efforts will reward our shareholders.”

ELRA reports that official records reveal that the major regional mining company, SADCO, extracted over 4.5 million ounces of gold from the region between 1905 and 1950, marking the area as prolific, with an average grade of 14.5 grams/ton of gold. Active projects in the area include Dynasty’s Zaruma, Dynasty and Jerusalem projects which between the three projects have over 2 million measured and indicated ounces of gold with over 3 million ounces inferred.

Furthermore, ELRA owns a 100% interest in three mining claims located in Cambodia and a 50% interest in a heavy mineral prospect on Kalimantan, Indonesia.

Additionally, the Company is well advanced in finalizing the terms for the “Heads of a Royalty Agreement” over an 8,788 ha coal property on Kalimantan, Indonesia over which there is an exploration license and completing due diligence on a further “operating mine” gold prospect south of Jakarta, Indonesia.

The Company’s interests are best described as follows:

– Senator gold Project;
– Rom Dey Vein gold Project;
– Porphyry Creek gold and copper Project;
– Buntok Indonesian gold, mineral sands and zircon Project;
– Indonesian Makikit coal “Royalty Agreement” Project; and
– Completing “due diligence” on the Jakarta South operating gold mine.

The Senator and Rom Dey Vein gold deposits are identified as immediate drill targets. Geological mapping and surface geochemical sampling including soil sampling and trenching along the known strike length of both the known vein systems is being worked at to be completed prior to drilling, in order to optimize drill hole location, orientation and density. A program of bulk sampling of the eluvial gold deposits to test the thickness and grade will also be completed in the near future.

A Company spokesperson noted that, “Gold prices continue to increase and Michael Hewson, an analyst at CMC Markets, said there was ‘no reason’ why the gold price could not reach $1,500 by the middle of next year.”

Contact:
Elray Resources, Inc.
Barry Lucas
(702)-940-9714

More about ELRA at www.elraymining.com

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Keep a close eye on ELRA, do your homework, and like always BE READY for the ACTION!

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