El Maniel International, Inc Establishes Subsidiary in Papua New Guinea
08 Setembro 2011 - 10:03AM
El Maniel International Inc (Pink Sheets:EMLL) has successfully
established a local subsidiary in Papua New Guinea (PNG) known as
PNG Gold Resources Limited to focus on developing our gold business
domain in PNG. "We are very excited about the establishment of this
subsidiary in PNG and the first project undertaken by PNG Gold
Resources Limited will be the alluvial gold mining project situated
in Enga Province of PNG which has a projected gold reserve of
270,000 ounces with potential value of about $500 million based on
current gold prices" according to Jamie Khoo, CEO of El Maniel
International, Inc "In addition, PNG Gold Resources Limited is also
exploring possibilities of initiating gold trading in PNG to
complement and contribute synergistically to our current operations
in the West Africa in effort to generate additional revenue streams
to enhance shareholder's value," said Jamie Khoo.
The Bank of Papua New Guinea has the sole authority to grant
gold export licenses and currently, there are only about 7 export
license holders. "We have initiated efforts to secure the gold
export license from the Bank of Papua New Guinea and in view that
gold trading is a very lucrative multimillion dollar business in
PNG, if we can secure the gold export license, we can generate
tremendous revenues to increase our bottom-line profits," added
Jamie Khoo.
"All our activities in PNG will be consolidated under PNG Gold
Resources Limited which will be managed by experienced management
team supported by a team of geologists, engineers as well as
skilled and semi-skilled workers" said Jamie Khoo "We are also in
discussion to acquire more alluvial gold mining projects in PNG
under this Company and in view of the abundant gold resources in
the Country we believe that there is strong potential for us to
become a dominant player in the Australasian Region under this
domain which we expect to eventually contribute at least 50% of our
total revenues".
About El Maniel International, Inc:
El Maniel International Inc is a publicly traded company
currently focusing in the gold business domain including but not
limited to trading, prospecting, developing and expanding the
economic potential of its world class mining claims and the company
is committed in creating shareholder's value by ensuring constant
development of current and new resources in its global gold
business domain. For further information and updates, visit
www.elmaniel.com
"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 risk 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: Investor Relations
El Maniel International, Inc
(212) 726-2179
ir@elmaniel.com
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