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Ludlow Research Issues Valuation Alert on ELRA Based on $560,000 Market Cap

NEW YORK, Oct. 24, 2013 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced a research valuation report has been issued on the company based on low market capitalization and pending launch of online gaming projects.

Report Highlights

- Developing Virtual Horse Racing Platform

- 2 Management Contracts for Online Casino Operators

- Developing Bitcoin Casino

- 24 Million Shares Outstanding

- Valuation Target of $0.20 ($4.8 Million Market Cap)

Current Valuation

As of October 01, 2013, the Company had approximately 24 million common shares issued and outstanding, thus giving the stock a market cap valuation of roughly $560,000.

In the report the research firm stated that the recent sell-off in small cap equities due to fear of recent government shutdown has provided investors with unique opportunity as the stock has dropped to market cap level far removed from others within the online gambling sector. The indicators on ELRA chart also signal oversold triggers with their RSI now below 30.

In addition, the Company is currently in process of developing a number of online gaming platforms and casinos utilizing the new and growing virtual currency 'Bitcoin'. Although still in beta testing, the rapid growth of Bitcoin gaming may position the Company to become a player within the rapidly growing market segment.

Now that the Company plans to aggressive launch and market their online gaming project, with target towards Asia, and planned reduction in preferred shares outstanding, the company may provide an opportunity for upside appreciation.

To view the full report, and access risks, disclosures, and potential outlook visit http://www.wallstreetnewscast.com/profile/elra.html

About Elray Gaming, Inc.

Elray Gaming provides a complete turnkey solution for numerous successful online gaming companies as well as performs strategic marketing and consulting services for Online Gaming operators from all parts of the world. While our US office is in New York, we are a global company with offices in London, Sydney and Curacao, homes of the largest online operators on the net, which helps us actively manage and serve our clients. Our sophisticated patented software automatically declines any gaming requests from within the United States, in strict compliance with current US law. Our Sydney office allows us to tap into skilled resources and some of the world's largest client base, for regular, personal interaction. As our active operations are in a jurisdiction that is friendly to online gaming, our clients can rest assured that we are here to stay. www.elraygaming.com

This press release may contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, such as statements relating to financial results and plans for future development activities, and are thus prospective. Forward-looking statements include all statements that are not statements of historical fact regarding intent, belief or current expectations of the Company, its directors or its officers. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control. Actual results may differ materially from those projected in the forward-looking statements. Among the factors that could cause actual results to differ materially from those indicated in the forward-looking statements are risks and uncertainties associated with the Company's business and finances in general, including the ability to continue and manage its growth, competition, global economic conditions and other factors discussed in detail in the Company's periodic filings with the Security and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements.

CONTACT: Melissa Diaz, South Street Media, Inc Phone: (917) 937-8968 Email: info@southstreetmedia.comSource:Elray Resources, Inc.

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