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Friday, September 19, 2008

Elray Resources Builds Portfolio With Heavily Mineralized Properties in SE Asia, N. America

Company Builds Solid Foundation With Heavily Mineralized Mining Properties in Cambodia and Mexico as Gold Bull Market Continues

A technically-driven gold and precious mineral exploration company, is pleased to provide shareholders with the following update on its recent activities.

The company has successfully assembled a portfolio of heavily mineralized and highly prospective target properties in strategic locations in South East Asia and North America. The portfolio includes three properties totaling over 15,000 hectares in Cambodia, one of the last frontiers for precious/base metal discovery and development. Mining has exploded in mineral-rich Cambodia, and was only recently opened up to exploration using modern techniques. Cambodia has emerged as a stable and pro-business country in the region, with annual GDP growth expected to be 7.5% in 2008, according to the Asian Development Bank.

The Company's portfolio includes multiple areas with history of small scale mining. Grab samples on these properties have ranged up to 71.9grams/tonne gold. The Company holds 100% of the license for these properties.
In addition the Company has also acquired an option on a highly prospective property in Mexico, one of the most prolific gold and silver producing countries in the world. The Company's Analhi Project is situated in Sinaloa State.

With these properties in its portfolio, the Company believes it has built solid foundations on which to move onto its next phase: adding to its top caliber team, finalizing the details of its aggressive work program for the coming months, and assessing further mining and exploration opportunities in South East Asia and elsewhere.

"Given the strong bull market we have seen in gold recently, we are very pleased with the potential of these properties," commented Mr. Michael Malbourne, Director of Elray Resources. "We believe the recent upward trend in the price of gold will continue as investors seek safe haven."

For more information please visit

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.

Investor Relations:
Jake Harris
Phone: (347) 410 9782

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Extended Agreement Further Protects Archaeological Heritage of Cambodia

The Department of State is pleased to announce the extension of a “Memorandum of Understanding Between the Government of the United States of America and the Government of the Kingdom of Cambodia Concerning the Imposition of Import Restrictions on Archaeological Material from Cambodia from the Bronze Age through the Khmer Era” (MOU). This extension, consistent with a recommendation made by the Cultural Property Advisory Committee, represents a continuation of cooperation that began in 1999 when emergency U.S. import restrictions were implemented to stanch the pillage of Cambodia’s rich archaeological heritage and the illicit trafficking in such material.

This U.S. action is in response to a request made by the Government of Cambodia under Article 9 of the 1970 United Nations Educational, Scientific and Cultural Organization (UNESCO) Convention on the Means of Prohibiting and Preventing the Illicit Import, Export and Transfer of Ownership of Cultural Property. The Convention offers a framework of cooperation among State Parties to reduce the further pillage of intact archaeological sites, activity that destroys information about past cultures and places a nation’s cultural heritage in jeopardy. Cambodia is the first country in East Asia to receive the cooperation of the United States in protecting its cultural property in this manner.

The extended MOU expands the scope of the original to include archaeological objects from the Bronze and Iron Ages. It specifically restricts the import into the U.S. of ancient Cambodian stone, metal, and ceramic archaeological material unless an export permit is issued by Cambodia or there is verifiable documentation that the objects left Cambodia prior to the effective date of the restriction.

The Department of Homeland Security has published a Designated List of restricted categories of objects, amending it to include material representing the Paleolithic Era (Stone Age). The restricted objects may enter the United States if accompanied with an export permit issued by Cambodia or documentation verifying its provenance prior to 1993 and if no other applicable U.S. laws are violated. The Designated List and information about the MOU can be found at Read more!

KSL counts on Laos, Cambodia projects

Sugar giant plans for B20bn 2010 revenue


Khon Kaen Sugar Industry Plc (KSL), Thailand's fourth largest sugar producer, hopes its revenue will double to 20 billion baht in 2010, buoyed by returns from its seven-billion-baht investments.

''Revenue this year was projected at 10 billion baht, up 25% from a year earlier on high sugar prices driven by global supply tensions,''said Chanachai Chutimavoraphan, assistant vice-presidhdent of SET-listed KSL.

KSL reported net income of 159 million baht for its third quarter ending July 31, up 10% from 144 million a year earlier. Sales rose 32% to 2.8 billion during the same period. Revenue was 8.92 billion baht for the last fiscal year.

The company is now proceeding with its two-year investment plan ending next year, aimed at integrating the operations of plantations and sugar mills.

To finance the expansion next year, the group plans to issue two billion baht worth of bonds in November. The bonds will be divided into two lots, with maturities of three years and five years, valued at 1.5 billion and 500 million baht respectively.

He said that around three billion of the total seven-billion-baht investment budget will finance sugarcane plantadhtions and processing plants in Cambodia and Laos, both scheduled to start operation next year. The remaining four billion baht was earmarked for domestic investments.

He said these projects would help boost revenue to 12 billion baht in 2009.

The group was granted a 30-year concession to grow sugarcane on 60,000 rai in Laos and a 90-year concession for 120,000 rai in Cambodia.

In the first year of production, both projects would produce at 30% of their total capacities of 150,000 tonnes a year, expected to be achieved in 2010.

Mr Chanachai said the company hoped to benefit from growing sugarcane in the two countries, which as less developed nations have special export quotas from the European Union.

Under the special quotas, EU guarantees the prices 1.6 times higher than the global market prices through 2015.

In 2010, KSL's projects in neighbouring countries would contribute 20% to total revenue. Domestic revenue would drop to 60% from 80% as a result, with the remaining 20% being contributed by power and ethanol businesses. In 2010, its expanded sugar mills in Thailand would run at full capacity of 78,000 tonnes per day from 67,000 tonnes now.

KSL earmaked four billion baht for domestic growth including doubling its power plant's output to 40 megawatts and raising ethanol and fertiliser output to 350,000 from 150,000 litres per day.

As its biomass power plant received a United Nations clean development mechanism (CDM) certificate for cutting carbon emissions by 40,000 tonnes a year, from 2009 KSL could earn US$1 million a year trading carbon credits.

KSL shares closed yesterday on the SET at 8.50 baht, down 10 satang, in trade worth 6.3 million baht.

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