NEW YORK, Jan. 12, 2011 (GLOBE NEWSWIRE) -- El Maniel International Inc. (Pink Sheets:EMLL) announces today that its subsidiary EMLL Mining Limited is launching a new division functioning as a trading arm to facilitate its gold trading activities in Ghana, West Africa. "This initiative is supported by increased demand outlook for the high value product and overall industry climate and we are expecting to have the Gold Buyer's License granted to us before the end of January 2011," states Jamie Khoo, CEO of El Maniel.
"In addition to the sale of gold we expect to generate from our mining efforts, the Gold Buyer's License will allow us to purchase gold from other small scale miners as part of our Gold Trading Program and this will be our first step downstream in what we consider to be a high-growth/high-value business," adds Jamie Khoo "Ultimately, our goal here over and above the direct sales of gold will be to acquire gold at a sought out discount to market, turning immediate profit upon sale, which is highly conducive to our existing circumstances toward an exponential increase in revenue potential."
The Company expects that the price of gold will continue its upswing and will sustain above $1,400 per Oz in the short term and will make the trading division a long-term fixture with near term expectations to contribute significantly to its bottom-line and facilitates El Maniel's growth and expansion initiatives with a full-on solution in the gold market to include exploration, production as well as purchase and sale of the mineral to the world market.
On a separate note, in regards to the company stock, EMLL's board confirms that, contrary to rumors or speculation on internet message boards, the company has no plans to undergo any restructure or reverse split of its stock in the near future and that its capital structure, as-is, will sufficiently provide for its current needs. "Our goal is to build the company's stock and structure along with our company's operational achievements," states Khoo. "We will keep shareholders duly apprised of any forthcoming actions well before any need for a restructure or otherwise. Our primary focus now is the exciting developments we are harvesting in West Africa as its gold boom continues to increase."
El Maniel is currently focused on prospecting, developing and expanding the economic potential of world class mining claims located in Ghana, West Africa and the company is committed to shareholder's value creation by ensuring constant development of current and new resources. For further information and updates on El Maniel, stay tuned to
"SAFE HARBOR " STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: The statements contained in this release which are not historical facts are forward-looking statements that are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the Company's entry into new commercial businesses, the risk of obtaining financing, recruiting and retaining qualified personnel, and other risks described in the Company's Securities and Exchange Commission filings. The forward-looking statements in this press release speak only as of the date hereof, and the Company disclaims any obligation to provide updates, revisions or amendments to any forward-looking statement to reflect changes in the Company's expectations or future events.
CONTACT: El Maniel International, Inc. Investor Relations Contact: Gerrard Hollister (310) 909-7988 EMLL@GerrardHollister.com
