(PublicWire.com News Release) Elray Resources, Inc. (OTCBB: ELRA), a global exploration and production mining company with a portfolio of valuable properties, is pleased to report that numerous agencies and institutions expect that Ecuador’s Mining sector will be a major engine of growth in the coming years.
The current investment climate in Ecuador is extremely favorable, as compared to other Latin American countries. A dollarized economy, combined with a stable political culture and low wage levels, create many opportunities for foreign investors. Other investment advantages include an abundance of natural resources and the fastest growing economy in the region, with a non-oil GDP growth rate of 6% for 2010.
Some key facts include:
* Geological studies performed by the British, Swedish and Ecuadorian Geological Surveys through the late 1990s have suggested that Ecuador has tremendous potential for discovery of new economic ore deposits.
* There are new laws protecting the Ecuadorian Economy and Environment seen as progressive.
* Ecuador’s Minister of Production Nathalie Cely Suarez, in talks with Bloomberg, commented that the Country’s non-oil GDP expected to rise 6% in 2010.
* In January 2010, Agencia de Regulacion y Control Minero (“ARCM”) was established to be responsible for compliance of resource companies and their activities with Ecuador’s new mining law. A prerequisite of the new mining law is the confirmation of the mining company’s concession titles in Ecuador.
* All business in Ecuador is transacted in US currency, encouraging stability and inward investment.
* Oil and Mining are valued at 27% of the economy of Ecuador and the government recognizes their value and is working to develop more investment.
* There is a good labor pool available in Ecuador, which makes investing in Ecuador particularly attractive.
“We believe Ecuador has key elements required to see its mining sector explode,” commented Barry Lucas, Elray’s Executive Chairman. “These include excellent geological potential, stable economy and a business-oriented government.”
About Elray Resources, Inc.
Elray Resources, Inc. 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.OB) Elray Resources, Inc. Reports On Engine Of Growth For Coming Years
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