Elray Resources Inc. (OTCBB: ELRA) is a precious mineral exploration company with a portfolio of four highly prospective, heavily mineralized mining tenements in Cambodia and Mexico. The company today announced positive news on one of its properties south of the border.
Elray found the presence of a million-tonne gold bearing outcrop in the Analhi Project, located in Sinola state, Mexico. The site is known to be heavily mineralized, and is ideally located within seven miles of water and power supplies. According to the company, these resources significantly contribute to the viability of the project.
The company’s stated mission is to become a multi-region, multi-property mining company, focused on the exploitation of mineral resources to maximize shareholder value. The company is getting its geological staff started on a proposed budgeting report for the site, and plans to update its investors on a regular basis.
“This outcrop has attracted a lot of interest,” Barry J. Lucas, executive chairman of Elray stated in the press release. “Our Geo team’s report, which is currently being prepared, will include the dollars to be spent on the Works Program for the site and the most appropriate extraction method. We will be providing regular updates to shareholders.”
Current assay reports on the property show significant values of copper, gold, silver, rare earths and lead. The company has a 120-day option agreement during which it can conduct a geological survey. From there, the company can decide whether or not to commit to a purchase agreement.
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