Elray Resources Inc (ELRA)

[OCMillionaire]

Based on the value estimates of other publicly traded Macau gaming companies, a conservative PE of 10 to 15 would still give ELRA a post merger estimate of $0.10 to $0.15 per share, or a conservative $300 million post-merger market capitalization, which would reflect a sharp % return from its current $0.004 share price.

From all indications, movement on this merger continues to move forward with talks showing possible institutional interest, which could help turn this letter of intent into a full blown major merger.

Cali currently has agreements in place are with MGM Grand Macao, a division of MGM Resorts International (NYSE:MGM), the Venetian, Wynn Resorts, Limited (NASDAQ:WYNN), Galaxy Entertainment Group Limited (HKG: 0027), and City of Dreams.