NEW YORK, Aug. 31, 2011 (GLOBE NEWSWIRE) -- Further to our press releases on August 22, 2011 and August 24, 2011, El Maniel International Inc (Pink Sheets:EMLL) is pleased to announce significant progress in our 100 acres alluvial gold mining project site situated at the Timun River of Enga Province, Papua New Guinea (PNG) which has a conservative estimated gold reserve of 270,000 ounces with purity of 76.97% as confirmed by the assay report issued by an ISO certified assaying office. This assay report was recently released through our webcast via our website www.elmaniel.com
Our mining team reported that they had identified a suitable location for our base camp and earmarked the best location to erect the alluvial gold processing plant by September 2011 for the acceleration of pilot alluvial mining operations and once the installation of these facilities and infrastructures are completed, alluvial gold production will immediately commence. Our engineer reiterated that it is possible to achieve alluvial gold production rate of 300 to 350 ounces per month during the initial months of pilot operations.
"During this visit, major equipments such as excavators, bulldozers, tipper trucks, and generators were secured by the Company through a combination of purchase as well as rental arrangements in effort to accelerate our pilot operation plans to produce high quality gold" according to Jamie Khoo, CEO of El Maniel International, Inc "We are very excited with the progress of this project and in view of the projected gold reserves of 270,000 ounces, the Company is sitting on a gold asset with a potential value of about $500 million based on current gold prices".
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.