Ludlow Research Upgrades ELRA Based on Asian Bitcoin Exchange Venture

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NEW YORK, Nov. 12, 2013 (GLOBE NEWSWIRE) -- Elray Resources, Inc (OTCBB:ELRA), through its online gaming and turnkey solution subsidiary Elray Gaming, announced research upgraded based on recently announced Bitcoin Joint Venture with one of Asia's leading Social Game Developers.

Report Highlights

- Joint Venture with one of Asia's Largest Gaming Developers
- Developing Bitcoin and Universal Credit Exchange
- 80 Million Players in the Network
- 2 Management Contracts for Online Casino Operators
- 29 Million Shares Outstanding
- Valuation Target $0.30 to $0.40 ($10 to $12 million market cap)

On Nov. 07, 2013, the Company announced a joint venture with one of Asia's leading social gaming developers to created Global CXC, which will allow players to exchange credits from various social gaming networks, and also interchange credits for Bitcoins. Global CXC will initially provide the exchange for the one Social Gaming Network of over 80 Million players, an online casino network, and online merchandise store.

Users will be able to freely exchange credits for the social gaming platform, the online casino, and variety of merchandise utilizing Bitcoins to acquire credits, hereby creating a virtual exchange for the 80 million existing users. Global CXC will add additional Social Gaming Networks, Merchandise Stores and Casinos over time and capitalize on the rapidly growing social networks as well as Virtual Currency opportunities.

Based on their planned development of one of Asia's largest Bitcoin credit exchanges, access to nearly 80 million players for their current and upcoming casino gaming platforms, and with only 29 million shares outstanding, Elray Gaming may offer a unique valuation opportunity at these levels.

To view the full report, and access risks, disclosures, and potential outlook visit

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.

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:

Source:Elray Resources, Inc.