Saturday, December 05, 2009

Elray finalizes Kalimantan coal acquisition

Elray Resources Inc, a junor exploration and development corporation, which has successfully accumulated a portfolio of five highly prospective, heavily mineralized mining tenements in South East Asia, is finalizing the terms for the heads of a royalty agreement over a coal concession in Kalimantan.
Elray is also completing due diligence on the gold prospect in south of Jakarta. Elray controls Buntok gold, mineral sands, and zircon project as well. The coal project in Kalimantan covers an area of 8788 hectares called Makikit project.
With the Makikit Indonesian coal project, upon the execution of a Joint Venture Agreement, the coal deposit will be subject to a full feasibility assessment.

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