ELRA and AEM Covers A Lot of Ground! By PennyGovernance.com

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) August 10, 2010 -- Elray Resources Inc. (ELRA.OB) knows that the country is making a statement when it comes to its future in mining.

ELRA reports that official records reveal that the regional mining company, SADCO, extracted over 4,5 million ounces of gold from the Picacho region between 1905 and 1950, marking the area as prolific, with an average grade of 14.5 grams/tons of gold. The company recently announced that the infrastructure is in place to allow aggressive development of its Picacho property in southeastern Ecuador. It recently entered into a Letter of Intent to secure the prime exploration property in Ecuador's prolific and legendary El Oro province in the southeastern area of the country. Oro is Spanish for gold.

As part of the continuing search for gold as gold prices continue to rise, a new are of interest is Ecuador. The economic climate in Ecuador is favorable to development at this time and its business is conducted in US currency, eliminating issues of the country’s currency stabilization.

One company interested in mining gold in Ecuador is ELRA which has entered into a letter of intent to acquire a 99% interest in a gold property located in El Oro Province, Canton Atahualpa in Ecuador.

Agnico-Eagle Mines Limited (NYSE:AEM), through its subsidiaries, engages in the exploration, development, and production of gold in Canada, Finland, Mexico, the United States, and Argentina. It also explores for silver, zinc, copper, and lead. The company holds interests in the LaRonde, Goldex, and Lapa mines located in the Quebec region; the Kittila mine in Finland; the Pinos Altos mine located in Mexico; and the Meadowbank mine in Nunavut. As of December 31, 2009, the company?s land holdings in Canada consisted of 78 projects comprised of 2,911 mineral titles covering an aggregate of 222,825 hectares. Land holdings in the United States consisted of 11 properties comprised of 3,058 mineral titles covering an aggregate of 26,176 hectares. Land holdings in Finland consisted of 3 properties comprised of 168 mineral titles covering an aggregate of 20,030 hectares. Land holdings in Mexico consisted of 4 projects comprised of 47 mining concession titles covering an aggregate of 63,990 hectares. Land holdings in Argentina consisted of 1 project with 2 mineral titles covering an aggregate of 2,691 hectares. The company was founded in 1953 and is based in Toronto, Canada.









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